Bitcoin ignorance is becoming stupid: Here is all you need to know

 

You can make money off Bitcoin but let’s give you a bit of background history first.

In 2014, Bill Gates, who is now the second richest man in the world after Jeff Bezos was quoted to have said that Bitcoin is better than any other currency, and later on in 2017, he said nothing can stop bitcoin! Bitcoin has become a global phenomenon, a disruptive technology that has further made the world a smaller village.

It’s Nigeria, 2016, December; the period MMM undid everyone who put their hopes on Ponzi schemes. It was crazy, the thing we warned them about had happened. Everyone had recoiled to their respective holes licking their wounds, some too ashamed to tell friends how much they lost.

That was the mood when I was finally introduced to Bitcoin by a friend. Before I listened to whatever he had to say, I told him emphatically, I’m not the least interested. He just told me to go make my own findings. Out of curiosity, I started a campaign through youtube videos watching everything that has bitcoin on it, burning large amounts of data bundles in the process and what I found shocked me. Why haven’t I heard about bitcoin before?

So what is this bitcoin?

 A bitcoin is a kind of money. It’s a digital money; a form electronic cash also known as cryptocurrency.

What is all that about? In the 1990s when internet was gaining grounds and people started going crazy about internet and dot com businesses, the idea of digital currency, a kind of money that can be used all over the world, without a physical cash, or bank to regulate it was birthed. But it didn’t fully take off till 1999 when bitcoin was invented and introduced by an anonymous scientist or group of scientists known as Satoshi Nakamoto.

What he did was complex work of genius. He/they found a way to solve the problem of double-spending in the cryptocurrency world, they also created the application for bitcoin to work, created the blockchain and launched the first ever bitcoin mining operations. No wonder, today he/they have about 980,000 bitcoins which is worth about 6.1 billion dollars.

By December 2010, Satoshi Nakamoto left the entire program, transferring everything in his control, (after perfecting the blockchain technology and source codes so that no one can rewrite it) to other early members of the bitcoin community. Eight years later, bitcoin has become a worldwide currency, without a central bank or government intrusion. Today, rich people around the world are converting their wealth into bitcoin by buying large amounts of it.

The interesting thing about bitcoins is that it has a specific overall amount of bitcoins that exists. And that’s what makes it so valuable. There are only about 21,000,000 bitcoins, out of that up to 17 million are in existence. The rest are still being mined, every day.

In this series, I will tell you everything you need to know about bitcoin, how it is created, how it works, what cryptocurrencies are, what blockchains are, how safe bitcoin is and the best way to invest in it. So follow me as we delve into the world of cryptocurrencies!

Let’s go!

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