If you have a lot of nerdy friends who frequent trading forums on the internet then you should have some idea about what Bitcoin is and what it can be used for. Each time you try going online to learn about Bitcoin, they start preaching the whole book to you. If you’re looking for the gist of what Bitcoin is and how it could be beneficial to own some, then you’ve come to the right place.
Bitcoin is basically what you would call Cryptocurrency. Basically, it’s like digital money that can’t be minted onto notes or coins but you can carry it around on your hard drive or online Bitcoin ‘wallet’. Bitcoin is basically a line of code and a very unique one at that. People use powerful computers to ‘mine’ blocks of information until they arrive at Bitcoins. The mining process can take a very long time and you need a very powerful set up as well.
Once you’ve arrived at a Bitcoin, you can store it as long as you like. It’s safer to keep it in a wallet than your hard drive since a busted hard drive means you lost your Bitcoin. It’s impossible to steal or counterfeit the Bitcoin. There are alternative cryptocurrencies in use too now. Once you have a Bitcoin, you can hold on to it and trade it when you feel like you’re earning the most you can from it.
You can now buy Bitcoins in bits and pieces as well since the entire thing is way too expensive now. O learn more about trading bitcoins and how it works, visit https://8bitsumo.com/bitcoin/. Since Bitcoin is untraceable, you can use it to do illegal activities such as buying drugs and weapons from the dark web as well but we sincerely hope that’s not why Bitcoin has piqued your interest!