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If you’re new to the world of cryptocurrency, then the first question that comes to your mind is most likely “What is Bitcoin?” The short answer is: Bitcoin is a digital asset that allows you to keep your money secure and private by cryptography. Also, Bitcoin and most other cryptocurrencies use the technology of blockchain.

What is it Bitcoin?

Many different cryptocurrencies are out there for various purposes. Bitcoin is the first and most famous member of the family. However, as in every family, not all members necessarily share similarities with Bitcoin.

At its most primary level, a cryptocurrency is a peer-to-peer digital money transfer system, which means there isn’t any middleman, specifically banks or financial institutions that manage transactions between peers.

Where did it come from?

There are many questions regarding Bitcoin, and one of the most common questions to be asked is, “Who created it?” The answer to this question is not unequivocal, because the identity of the creator keeps being a mystery almost for a decade. All we have is a pseudo-anonymous name – Satoshi Nakamoto. After years, his accounts are not active anymore, and the bitcoins he has in his wallet stay intact without being spent. Satoshi Nakamoto was last heard from way back in 2011. Many people have tried to find him since, and no one has been successful. He has disappeared from the world, or so it would seem.

What is the technology behind it?

The technology behind of Bitcoin which involves massive amounts of financial knowledge, cryptography, and basics of contract law.Even if Bitcoin is never widely used as money, there are hundreds and thousands of uses for Bitcoin that have nothing to do with the fundamental money usage.

Bitcoin and the technology behind it called XLK, or blockchain, are exciting concepts that have caught the attention of millions of people all around the world. DLT, which stands for “distributed ledger technology” is the first ground-breaking innovation after the innovation of computerization, which merely converted paper records into digital form. Although DLT is still very new and at its stage of development, it is being used in many industries to store and share their financial data.

Who is buying it?

Various works of research show that Millennials had an 18% ownership rate, Gen X, which is about ages between 37 and 55, were at slightly less than 8% and Baby Boomers are around 2%. Given that Bitcoin is still a new term for many, and technology aspect to digital currencies, this is in-line with what most of us would expect.

Who is benefiting from it?

All governments have a full control on their currencies. This regularly leads to fluctuation in the currency values since governments keep printing more money every day. If a country’s currency loses some of its value, then the purchasing power of this currency drops down and leads to paying more money to buy the same products.

With Bitcoin, the system is endless and therefore no need to worry of the money getting finished somehow by any authority or government. Clearly, savvy investors who saw the potential of Bitcoin and some who just happened to get onboard, are benefiting from the Bitcoin the most. However, it doesn’t mean that you’re too late to benefit from Bitcoin, and probably you’ll never be.

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