Thursday, November 30, 2017

Bitcoin For Newbies

I don't think a lot of people really understand what Bitcoin is. So if you're interested, here's a little breakdown. Bitcoin is digital money. You have physical money, and then you have digital money. (Currency) "Piggy Bank" can be one use for your Bitcoin. Example: Inflation is somewhere between 2 to 3 percent a year, while the interest in your bank's saving account is like .003 percent. So if you save money using a bank, you're actually losing money. (It would be better to spend it right away) Bitcoin on the other hand tends to increase in value over time like artwork. The more people that believe in it (Like the U.S. dollar) the more valuable it becomes. If none of the "powers that be" can successfully stop or manipulate it, digital currency may free many people and cause a massive change to how the world currently operates. It might even stop a huge percentage of violence, slavery, corruption, control, and hatred that is both seen and unseen today... Anyone can buy Bitcoin right now. If you can only afford to spend 5 dollars, then you can buy 5 dollars worth of Bitcoin. You don't have to buy an entire Bitcoin at once. If you want to or can afford it for example, you can buy .000003 Bitcoin. (Currently 3 cents) You can download a free wallet to your computer to store your Bitcoin or go to an established website and get many wallets for many different types of digital currency. (Like Coinbase) Once you own a wallet, you are essentially operating as your own bank with no middle man. -You will be able to receive from and send money to anyone in the world that has a wallet and internet connection. Hope my post helps at least 1 person. That 1 person might actually get rich. ^__O