According to financial authorities along the lines of Bob Jain, few methods of payment are as overlooked as Bitcoin. For those that don't know, or may have only heard the name in passing, this is an entirely digital method of payment that allows peer-to-peer interaction. What this means is that payments are made directly without the need for a middleman. The following 4 tidbits should provide you with a better understanding of Bitcoin in general.
Bitcoin was created in 2008 by Satoshi Nakamoto, though the actual identity of the individual is unknown. This name is used to describe a person or even a group of people responsible for the development of the aforementioned payment system. There are certain "facts" floating around about Nakamoto, such as that he was born in 1975. However, information like this is largely unsubstantiated and cannot be verified.
Unlike the dollar bill, for instance, bitcoins do not have a set value. According to Robert Jain, the more popular bitcoins become, the more value that they'll accumulate over the course of time. If the general public feels like this digital currency can be used to purchase food, electronics, and what have you, the worth it has will increase. This is an interesting tidbit that many people don't know about Bitcoin in general.
There are different ways to gain bitcoins, with some methods proving to be easier than others. For example, if you know where to look, there are numerous websites that allow people to gain bitcoins in exchange for dollars and other traditional currencies. Considering that bitcoins are finite - roughly 12.5 million, in fact - it may not be as easy as going to an ATM in your neighborhood. Nonetheless, the possibility of being a bitcoin holder exists.
Lastly, bitcoins can be easily found. You might not think that a digital form of currency can be lost like a physical dollar bill, but there's truth to this matter that should be addressed. Bitcoins are held in digital wallets, which can become lost if holders aren't careful. With the unique codes that bitcoins have, they cannot be recovered. Once they are gone, they are gone forever, so a level of care is required for this purpose.
Bitcoin was created in 2008 by Satoshi Nakamoto, though the actual identity of the individual is unknown. This name is used to describe a person or even a group of people responsible for the development of the aforementioned payment system. There are certain "facts" floating around about Nakamoto, such as that he was born in 1975. However, information like this is largely unsubstantiated and cannot be verified.
Unlike the dollar bill, for instance, bitcoins do not have a set value. According to Robert Jain, the more popular bitcoins become, the more value that they'll accumulate over the course of time. If the general public feels like this digital currency can be used to purchase food, electronics, and what have you, the worth it has will increase. This is an interesting tidbit that many people don't know about Bitcoin in general.
There are different ways to gain bitcoins, with some methods proving to be easier than others. For example, if you know where to look, there are numerous websites that allow people to gain bitcoins in exchange for dollars and other traditional currencies. Considering that bitcoins are finite - roughly 12.5 million, in fact - it may not be as easy as going to an ATM in your neighborhood. Nonetheless, the possibility of being a bitcoin holder exists.
Lastly, bitcoins can be easily found. You might not think that a digital form of currency can be lost like a physical dollar bill, but there's truth to this matter that should be addressed. Bitcoins are held in digital wallets, which can become lost if holders aren't careful. With the unique codes that bitcoins have, they cannot be recovered. Once they are gone, they are gone forever, so a level of care is required for this purpose.
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