What is Bitcoin? Is Bitcoin virtual currency? Should invest in Bitcoin? Individuals believe that these will be questions that you (or anyone else) should begin to learn about Bitcoin are also looking for answers.
So in this first article I want to help you understand bitcoin well, surely after this article you will fully answer the following questions:
What is Bitcoin? What kind of Bitcoin?
Who? Which organization creates co-bitcoin?
Is Bitcoin the virtual currency?
What are the disadvantages of Bitcoin?
Should invest in Bitcoin and Bitcoin investment methods
What is the future of Bitcoin?
....
Let's start!
What is Bitcoin?
First we need to confirm Bitcoin is a currency is circulating in the internet environment.
This is precisely the kind of digital money generated by computer algorithms through open source software. Bitcoin can only trade and exchange on the internet, and it does not need to go through any intermediary financial institution, state or country, so all transactions are peer-to-peer. (per-to-per) and absolutely free of charge.
That means without the internet you will have no way to create Bitcoin and there is no way to trade (transfer / receive) Bitcoin.
If you want to transfer a specific amount (VND, USD, JPY ... a particular state currency), then you will have to go to the bank, or transfer online. via Visa card, account ... or even you can transfer through PayPal, Payoneer ... in the end you still need through a certain intermediary credit institution. And to receive money it takes time to wait and transaction costs.
Also with Bitcoin, all are eliminated. You can transfer a specific amount of Bitcoin to anyone in the world in less than 5 minutes where the transaction fee is considered zero.
This is the world revolution in currency trading and the core issue that Bitcoin solves is that it is not controlled by any government or government organization.
How does Bitcoin work?
Basically Bitcoin is still a currency like VND, USD ... but the biggest point is that it is not under the control of any central government, country or central bank. No country prints it, Bitcoin is made up of internet-based encryption algorithms.
The amount of Bitcoin is also given in a limited amount (totaling only 21 million Bitcoins) and on a scheduled schedule (10 minutes a Bitcoin amount is generated). So by 2040 there will be 21 million Bitcoins, and no more Bitcoins will be created by then.
One bitcoin can split up to 100 million times. The smallest unit that can not be further subdivided is called Satoshi, on behalf of the creator of Bitcoin. So a bitcoin = 100,000. 000 (one hundred million) Satoshis. Or the opposite Satoshi = 0.000 000 01 Bitcoin.
At the current time (August 2017) 1 Bitcoin has a rate equivalent to 3200 USD, so many people think that they can not afford to buy. Actually if you can not buy a bitcoin then you can still buy 0.5, 0.1, 0.01 bitcoin ...
So you can exchange rates and buy Bitcoin for a specific amount, for example if a bitcoin is equal to $ 3000, then for $ 100 you can totally buy 0.03 bitcoin.
In short: Bitcoin is an electronic currency, created by algorithms and operates on a peer-to-peer basis and is not under the control of any government.
Who created Bitcoin?
Bitcoin officially debuted in November 2008, when Satoshi Nakamoto introduced an article, a design, a Bitcoin presentation to the world.
So who is Satoshi Nakamoto?
Up to now, Satoshi Nakamoto is still unknown, just a nickname. This may be an individual or an organization, but nobody knows for sure. Many questions, conjecture about Satoshi Nakamoto but all "suspected" have denied.
Basically Satoshi Nakamoto wants to create a coin by deciphering computer algorithms, and the idea behind Bitcoin is a coin that is not subject to the control of any government or intermediary organization. . So this is the first currency to be traded through a system where members do not need to trust one another.
Satoshi Nakamoto solves a kasus that has long been thought impossible - it is a question of trust in currency trading.
Who delivered the first Bitcoin transaction?
Surely you will be surprised that the first item traded with Bitcoin is a pizza ...!
On May 21, 2010, the first real transaction in Bitcoin's history occurred when Laszlo Hanyecz, a programmer living in Florida, sent 10,000 BTCs (Bitcoins). for a volunteer to order a pizza.
At that time 10000 Bitcoin just bought a pizza, now (at the time of this writing) Bitcoin has a rate of about $ 3,199 🙄 It is interesting not !!!
Below you can see Bitcoin price fluctuation charts from 2013 up to now on CoinMarketCap.com.
Like gold, dollars and other currencies, bitcoins are updated and updated in real time. Even in developed countries like the United States, Japan ... they also have their own financial news and magazines for electronic money.
Prior to 2015, bitcoin was very little accepted by businesses. However, and so far, a large number of large companies, even countries such as the United States, have begun allowing and fully accepting Bitcoin payments.
Typically as:
In May 2014, DISH Network satellite TV operators announced that they would begin accepting bitcoin as payment for their content services.
Japan's Peach Aviation has officially accepted the use of Bitcoin to pay for airfare in May 2017.
Companies like Paypal, Reddit, Microsoft, Dell, Gyft .. have used Bitcoin middleware to accept payments, even with certain percentages of discount when customers use bitcoin.
So Bitcoin is a "virtual currency"?
Now if you talk to 10 people about Bitcoin, Ngoc is confident that 9 people will say it is a "virtual currency". Those 9 people are sure that 9 people have never thoroughly studied Bitcoin and they certainly have not had a chance to read this article. 😉
The nature of the word "virtual" is something that is not real, not valuable, so with this call Ngoc find it easy to mislead and make people misunderstand the value of Bitcoin.
So if not real, is "virtual" so why now there are people buying cars with Bitcoin, buying a Bitcoin house ...? In summary, value is a very subjective concept and it may be valuable to Ngoc but not worth to you, the value may change over time.
The value of anything is produced by the law of supply and demand. For example, if you spend a certain amount of money on an item, you will always consider it more valuable. In contrast, salespeople consider the amount of money they receive new value.
With Bitcoin, too, it's worth depending on the understanding of each and every time. By 2013, a Bitcoin is only equivalent to about $ 117 because nobody cares about it, so few people use and own the money. However, more and more people are interested, the more they learn and realize the benefits of it, the demand for Bitcoin will increase, so the price of it will increase and now if you want to own a Bitcoin then you need buy it for $ 3,200.
So if somebody does not understand Bitcoin and they see you bring around $ 3200 to buy a coin on the internet then they probably say ... this guy is crazy. But for you, maybe the next day, or next week you can sell a bitcoin to get $ 3700. 😎
In a nutshell: By now, if someone calls Bitcoin a "virtual currency", then it's because they are used to it or they do not really understand Bitcoin. Individual Ngoc likes to call Bitcoin an electronic currency!
But what is the actual value of Bitcoin?
The above description and comparison Bitcoin with dollars to let you really understand the word value. However, in fact, Bitcoin's value is not entirely attributed to the USD, Yen, Euro, Vietnam Dong ... Actually, that is not the true value of Bitcoin, it's just a price, a consequence. Obtained from the law of supply and demand.
Where is the real value of Bitcoin? Its true value lies in the network, where when you want to get involved you must own the Bitcoins. Imagine these Bitcoins are like the stock of a company (the only thing is that there are no companies here), when more and more people want to buy that stock, of course the stock price must increase.
So its value lies in the usefulness, convenience, safety, security in the payment, purchase. No bank, state or company intervenes, it's a genius idea, a monetary revolution that Satoshi Nakamoto has launched. Thank you, not knowing who you are or who you are. Hì hì ..
What is the Bitcoin Hard Fork Event on 1/8/2017?
On August 1, 1977 Bitcoin has officially split two dong (this is called hard fork). Bitcoin (another extra coin is called Bitcoin Cash (BCH).) After this date, anyone who owns Bitcoin (BTC) will be rewarded with a Bitcoin Cash (BCH)
Bitcoin Cash was created to limit Bitcoin's weaknesses by increasing the size from 1MB / block to 8MB / block.
After breaking up, Bitcoin Cash also rose very fast and the Bitcoin copper itself also surged. So if you are interested then you can refer to Bitcoin Cash.
Advantages and disadvantages of Bitcoin
Like most currencies and other service products in the world, Bitcoin has its own pros and cons. Let's find out what the advantages and disadvantages of this electronic money is!
Advantage
Bitcoin completely removes the kasus of counterfeiting: Other currencies can be imprinted but Bitcoin is not because it does not exist in the form of matter, it is generated by pre-programmed algorithms.
There is no limit on the transaction: If you want to transfer $ 100,000 to someone else, you probably need the caption of your bank branch deputy, or if you want to transfer $ 10,000 through PayPal for example, you need the conditions and Definitely take a specific fee and time. But with Bitcoin, no, you can transfer unlimited Bitcoin to anyone, anytime and almost no charge. Simply have an internet connection.
No transaction fees: This is a fact, since Bitcoin trading is not required through any intermediaries, so no one charges you any fees. If there is, then it is a very small fee, called transaction processing fee of the Bitcoin trading platform.
Extremely Secure & Safe: Bitcoin Trading Information does not represent any personal information about you, so the Bitcoin Trader's identity is unknown to anyone.
Ecommerce Potential: All bitcoin transactions are completely anonymous and irreversible, so for salespeople, they can be assured of fraud.
Saving and protecting the environment: To print paper money or coins, people need to use raw materials, chemicals, etc. Bitcoin is not because it is generated by computer systems through algorithms. Much of the information that trades and creates Bitcoin is very costly. The calculations are certainly much more economical than paper money types.
Disadvantages
The speed of authentication is slow: Bitcoin transactions are very secure and require quite a lot of authentication steps to complete the transaction (there are 6 transactions required for authentication and up to 10 minutes) so if transferred or paid A small amount of money equivalent to a few dollars is probably a little time consuming.
Very few users: Bitcoin information is becoming more and more popular, but the number of people who understand, believe and use bitcoin is too small. Especially in Vietnam, a country that is so accustomed to using cash, preferring to store gold, Bitcoin takes a lot of time to become popular.
Difficult to use than other currencies: Because 100% of the transaction is rotated in the internet environment, so people who are less knowledgeable about technology will find it difficult and time consuming to get used to and start using. Bitcoin.
Crime, money laundering and hackers: Because Bitcoin is a currency that is not subject to any management and anonymity, it can be exploited for illegal transactions such as trading prohibited goods, trading money laundering. In addition, Bitcoin is stored in electronic wallets on transaction floors so hackers can steal.
There is no clear legal guideline: Most countries do not forbid, but do not support, Bitcoin, so many people fear and dare not participate in it. The media information is not consistent, many false information made the community misunderstand about Bitcoin in particular and other electronic coins in general.
What is the Bitcoin wallet?
Bitcoin is essentially a personal bank account, which is where you store your Bitcoin number, to other people (to their wallet address). Other people can also send Bitcoin to you at your bitocin address.
There are two types of Bitcoin wallets:
Software wallet: With this type of wallet you can install it on your personal computer or on your smartphone. You will have complete control over your bitcoin, but sometimes it is difficult to install and maintain (few people use this type of wallet).
Website: That is, you need to create a Bitcoin wallet at a website (the two most popular sites in Bitcoin purse is Blockchain.info & Coinbase.com).
Bitcoin is very secure, after registration of the wallet you will be issued a very long number. This is called ID and also is your wallet address, usually to log wallet you will need to authenticate from 2 to 3 steps such as: Confirm by email -> Phone number
When you create a wallet, you are provided with a sequence of characters or a QR code, you can also write this sequence of numbers and store them somewhere to restore the information. This message if you do not want to lose all the Bitcoin number in the wallet.
The legality of Bitcoin in the world
According to the California-Irvine Institute for Technology and Financial Studies, there is now much controversy over how much Bitcoins, especially in terms of names and how they are called, are now well known. There are no real names, such as: digital currency, digital currency, virtual currency, electronic currency, or cryptocurrency.
With the inventor of this kind of money, Satoshi Nakamoto, he calls this money electronic cash, cash is understood in English as conventional money, it is like some kind of cash in casino that conveys its value through color Sharp, in Satoshi's mind, it is a conventional electronic money.
Many countries now also accept Bitcoin as a currency to trade. Below is the latest Bitcoin Legality Boards from around the world, as you can see:
Green: Legitimate, support Bitcoin
Gold: The law does not forbid it but does not support it
Red: The law discourages bitcoin
Blue Black: Unknown
Acceptance of commercial transactions in the world
As mentioned above from the very beginning of 2013 many large companies have accepted to allow customers to trade in Bitcoin goods.
Even in countries like the United States, Japan and the European region, they soon realized the potential of bitcoin to legitimate transactions. Bitcoin ATMs were also popular with the public.
In addition, many donor organizations have started receiving Bitcoin support, even some US lawmakers and candidates have accepted bitcoin. Specifically, Democrat Jeff Kurzon announced his acceptance of Bitcoin during his campaign.
It's the world ...
Why most people think Bitcoin is a scam? How does this story spoil?
Probably not less than once you heard of headlines like "lost after a night of Bitcoin" or "tens of billions of fraud because Bitcoin multi-level virtual currency" ... so bad behind the stories what is it like
Actually you need to understand that Bitcoin is just an electronic currency so it does not fool you or anyone. If there is fraud or loss, the fault is our own, human trick people!
Personally, I find that some of the circumstances that led to such information are:
Some people because of too much interest to sell the house, poured all the money to buy bitcoin, but then due to market fluctuations bitcoin discount led to losses -> information appeared "lost home, lost door. With this investment, buying gold, buying dollars, buying land ... can happen, not just Bitcoin
The Bitcoin Ownership is specific, but by failing to understand security techniques it is advisable to disclose the information and lose bitcoin -> the "lost" information appears.
Buy Bitcoin then transfer to the floor in a multi-level, high interest to receive (but this is the kind of money from the former pay to the former). When the floor falls (possibly due to fraud or hacker attacks) -> Appearing as "Thousands of debtors cheated on virtual bitcoin"
In short, it is due to a lack of information or a lack of profitability, as well as market fluctuations that make Bitcoin prices go down dramatically. And all such information is often over-exploited by the press, making the community misunderstand the nature of the problem.
Positive information about Bitcoin, such as buying a car with Bitcoin, earning tens of billions with Bitcoin a night or so, is bad news, and vice versa.
What are the current forms of Bitcoin investment?
There are several forms of investing in Bitcoin today:
Digging Bitcoin (Miner): As mentioned above, the amount of Bitcoin is limited (only 21 million), and every 10 minutes there is a specific amount of Bitcoin created by deciphering complex algorithms. via internet and computer systems (by 2014, Bitcoin will be out of stock and can not be exploited). So those who want to earn Bitcoin they can invest in dedicated computer networks and "dig a bitcoin" to hoard or sell interest.
Investing (Buy Bitcoin and Holder Holders): In this way, you realize that the potential value of Bitcoin should be to use cash to buy a specific amount of Bitcoin then wait for the opportunity to increase prices. make a profit.
100sts/1 h https://goo.gl/aYdQq3 i take bitcoin from here !
Investing in "surfing": Bitcoin prices fluctuate continuously, prices can rise to 100USD overnight, so many people take advantage of this feature to buy into profit (ie buy low high)
. Buy Bitcoin to invest in other coin: Currently, besides Bitcoin there are many other electronic coins called Altcoin and its price is very low. So many people use Bitcoin to change into other Altcoin coins to wait when it raises the price they make a profit.
Join the multi-level floor, receive: In this form, you will buy Bitcoin on a floor with a specific investment package to receive interest (usually from 20 to 40%). This is a form of highest risk because of the risk of a floor or floor that is deceptive. Usually these floors need to invite a lot of members and take the money of the former pay the previous one and if at some time the number of members too little is not enough to maintain the model for receiving (transfer money between men tablet) will automatically collapse.
So before deciding to invest in Bitcoin you need to find out clearly what kind of preparation you are or prepare for. Where investment, transaction is safe or not? Do you personally believe and feel fit for that form?
Finally, if you are new Ngoc think that to invest Bitcoin you should not steep your entire property but should use the idle amount to invest. In this way, even in the worst case, it will not affect your finances and your life.
Of course, if you have a bit of knowledge of Bitcoin, have a long history of analyzing and monitoring this currency, please ignore this advice!
Why is Bitcoin rising so fast? In the future Bitcoin increase or decrease?
Up to now, Bitcoin is the highest denomination in monetary history ($ 3,200 / Bitcoin - August 2017).
So the question is: Why does an electronic currency (not hold) have such high prices?
Individual Ngoc has been watching and learning about Bitcoin for some time and feel that Bitcoin's price increase is mainly due to the following reasons:
This is the first electronic currency and not subject to any management of any country or organization
It is created by an anonymous (or an anonymous) organization -> Increasing curiosity
It's convenient to trade and re-timing internet and e-commerce boom -> so it's potential
It is limited (only 21 million Bitcoins) want more and not -> So create scarcity, and the more the supply and demand difference, the higher the value will be.
These are the factors that make Bitcoin terrible price as today
So what's the future ...?
It will definitely increase the price more (personal Ngoc believe like). Of course there will also be periods of decline, possibly due to fluctuations in the world market or even possibly due to theft (by hackers) in large quantities then they sell out for cash so the price at that will decrease.
But in the end it will eventually rise again because the number is limited and it still exists and the need for transaction, ownership still exists (as long as the hackers still sell it).
In addition, as the Internet grows, e-commerce boomes, an electronic currency such as Bitcoin is a very convenient solution and has many advantages over the payment methods of other currencies. . This is also the reason for Bitcoin price increase in the near future.
Currently, there are many predictions from investors, finance and the world's prestigious magazines, such as Business Insider, that Bitcoin could increase to $ 13,000 by 2019 and potentially reach $ 500,000 a year. 2030 !!!
We wait and see how it ???? !!!
Does Bitcoin ever "disappear" or "die"?
Bitcoin will "disappear" and "die" if the global internet system also "disappears", do you see that?
Since its appearance Bitcoin has been repeatedly criticized by magazines such as:
Forbes announced Bitcoin "died" in June 2011
Reuters announced a for Bitcoin will "disappear" in January 2014
Even in early 2015, the Telegraph newspaper stated, "Bitcoin is just one experiment & experiment has ended."
Bitcoin is still on the market today and its value has increased by 700 times in the past seven years!
Recently, you have seen positive moves like more and more interest in Bitcoins, and the US Congress has also held separate sessions for electronic money. Japan was the first country to fully accept and encourage people to use, pay by Bitcoin in March 2017.
So Bitcoin will definitely have its own place, and it's going to be "lost" or "dead" is an EXACTLY coincidental case!
Epilogue
So with this article I hope I have provided you with the exact knowledge to answer the Bitcoin question. Also through the content on Ngoc also believe that you have the answer to the question: Should own and invest in Bitcoin or not?
In conclusion before the end:
Bitcoin is an electronic currency, which has real value and is not a virtual currency
Bitcoin is not under any state management, nor organization
Bitcoin was created by Satoshi Nakamoto (an anonymous individual / organization) in 2008 for the purpose of revolutionizing transactions and "solving the kasus of trust" in currency trading.
Bitcoin is limited, only 21 million and 1 Bitcoin 100 million units Satoshi
Like other currencies, Bitcoin has its own strengths and weaknesses, but nowadays it has more advantages than disadvantages
Vietnam does not encourage the use of Bitcoin, nor does it prohibit it. Countries such as the United States, Japan, and Europe are increasingly encouraging the use of Bitcoin.
There are many forms of Bitcoin investment but it is important to understand and understand how to participate.
No one knows for sure how much Bitcoin will increase, but basically this money will increasingly attract people's attention and when more and more people want to own it, the value of it will increase.
Have you learned about Bitcoin? What is your personal view on this electronic currency? Ngoc would like to hear more of your comments in the comment section below! Sumber https://makemoneyonline3010.blogspot.com
So in this first article I want to help you understand bitcoin well, surely after this article you will fully answer the following questions:
What is Bitcoin? What kind of Bitcoin?
Who? Which organization creates co-bitcoin?
Is Bitcoin the virtual currency?
What are the disadvantages of Bitcoin?
Should invest in Bitcoin and Bitcoin investment methods
What is the future of Bitcoin?
....
Let's start!
What is Bitcoin?
First we need to confirm Bitcoin is a currency is circulating in the internet environment.
This is precisely the kind of digital money generated by computer algorithms through open source software. Bitcoin can only trade and exchange on the internet, and it does not need to go through any intermediary financial institution, state or country, so all transactions are peer-to-peer. (per-to-per) and absolutely free of charge.
That means without the internet you will have no way to create Bitcoin and there is no way to trade (transfer / receive) Bitcoin.
If you want to transfer a specific amount (VND, USD, JPY ... a particular state currency), then you will have to go to the bank, or transfer online. via Visa card, account ... or even you can transfer through PayPal, Payoneer ... in the end you still need through a certain intermediary credit institution. And to receive money it takes time to wait and transaction costs.
Also with Bitcoin, all are eliminated. You can transfer a specific amount of Bitcoin to anyone in the world in less than 5 minutes where the transaction fee is considered zero.
This is the world revolution in currency trading and the core issue that Bitcoin solves is that it is not controlled by any government or government organization.
How does Bitcoin work?
Basically Bitcoin is still a currency like VND, USD ... but the biggest point is that it is not under the control of any central government, country or central bank. No country prints it, Bitcoin is made up of internet-based encryption algorithms.
The amount of Bitcoin is also given in a limited amount (totaling only 21 million Bitcoins) and on a scheduled schedule (10 minutes a Bitcoin amount is generated). So by 2040 there will be 21 million Bitcoins, and no more Bitcoins will be created by then.
One bitcoin can split up to 100 million times. The smallest unit that can not be further subdivided is called Satoshi, on behalf of the creator of Bitcoin. So a bitcoin = 100,000. 000 (one hundred million) Satoshis. Or the opposite Satoshi = 0.000 000 01 Bitcoin.
At the current time (August 2017) 1 Bitcoin has a rate equivalent to 3200 USD, so many people think that they can not afford to buy. Actually if you can not buy a bitcoin then you can still buy 0.5, 0.1, 0.01 bitcoin ...
So you can exchange rates and buy Bitcoin for a specific amount, for example if a bitcoin is equal to $ 3000, then for $ 100 you can totally buy 0.03 bitcoin.
In short: Bitcoin is an electronic currency, created by algorithms and operates on a peer-to-peer basis and is not under the control of any government.
Who created Bitcoin?
Bitcoin officially debuted in November 2008, when Satoshi Nakamoto introduced an article, a design, a Bitcoin presentation to the world.
So who is Satoshi Nakamoto?
Up to now, Satoshi Nakamoto is still unknown, just a nickname. This may be an individual or an organization, but nobody knows for sure. Many questions, conjecture about Satoshi Nakamoto but all "suspected" have denied.
Basically Satoshi Nakamoto wants to create a coin by deciphering computer algorithms, and the idea behind Bitcoin is a coin that is not subject to the control of any government or intermediary organization. . So this is the first currency to be traded through a system where members do not need to trust one another.
Who delivered the first Bitcoin transaction?
Surely you will be surprised that the first item traded with Bitcoin is a pizza ...!
On May 21, 2010, the first real transaction in Bitcoin's history occurred when Laszlo Hanyecz, a programmer living in Florida, sent 10,000 BTCs (Bitcoins). for a volunteer to order a pizza.
At that time 10000 Bitcoin just bought a pizza, now (at the time of this writing) Bitcoin has a rate of about $ 3,199 🙄 It is interesting not !!!
Like gold, dollars and other currencies, bitcoins are updated and updated in real time. Even in developed countries like the United States, Japan ... they also have their own financial news and magazines for electronic money.
Prior to 2015, bitcoin was very little accepted by businesses. However, and so far, a large number of large companies, even countries such as the United States, have begun allowing and fully accepting Bitcoin payments.
Typically as:
In May 2014, DISH Network satellite TV operators announced that they would begin accepting bitcoin as payment for their content services.
Japan's Peach Aviation has officially accepted the use of Bitcoin to pay for airfare in May 2017.
Companies like Paypal, Reddit, Microsoft, Dell, Gyft .. have used Bitcoin middleware to accept payments, even with certain percentages of discount when customers use bitcoin.
So Bitcoin is a "virtual currency"?
Now if you talk to 10 people about Bitcoin, Ngoc is confident that 9 people will say it is a "virtual currency". Those 9 people are sure that 9 people have never thoroughly studied Bitcoin and they certainly have not had a chance to read this article. 😉
The nature of the word "virtual" is something that is not real, not valuable, so with this call Ngoc find it easy to mislead and make people misunderstand the value of Bitcoin.
So if not real, is "virtual" so why now there are people buying cars with Bitcoin, buying a Bitcoin house ...? In summary, value is a very subjective concept and it may be valuable to Ngoc but not worth to you, the value may change over time.
The value of anything is produced by the law of supply and demand. For example, if you spend a certain amount of money on an item, you will always consider it more valuable. In contrast, salespeople consider the amount of money they receive new value.
With Bitcoin, too, it's worth depending on the understanding of each and every time. By 2013, a Bitcoin is only equivalent to about $ 117 because nobody cares about it, so few people use and own the money. However, more and more people are interested, the more they learn and realize the benefits of it, the demand for Bitcoin will increase, so the price of it will increase and now if you want to own a Bitcoin then you need buy it for $ 3,200.
So if somebody does not understand Bitcoin and they see you bring around $ 3200 to buy a coin on the internet then they probably say ... this guy is crazy. But for you, maybe the next day, or next week you can sell a bitcoin to get $ 3700. 😎
In a nutshell: By now, if someone calls Bitcoin a "virtual currency", then it's because they are used to it or they do not really understand Bitcoin. Individual Ngoc likes to call Bitcoin an electronic currency!
But what is the actual value of Bitcoin?
The above description and comparison Bitcoin with dollars to let you really understand the word value. However, in fact, Bitcoin's value is not entirely attributed to the USD, Yen, Euro, Vietnam Dong ... Actually, that is not the true value of Bitcoin, it's just a price, a consequence. Obtained from the law of supply and demand.
Where is the real value of Bitcoin? Its true value lies in the network, where when you want to get involved you must own the Bitcoins. Imagine these Bitcoins are like the stock of a company (the only thing is that there are no companies here), when more and more people want to buy that stock, of course the stock price must increase.
So its value lies in the usefulness, convenience, safety, security in the payment, purchase. No bank, state or company intervenes, it's a genius idea, a monetary revolution that Satoshi Nakamoto has launched. Thank you, not knowing who you are or who you are. Hì hì ..
What is the Bitcoin Hard Fork Event on 1/8/2017?
On August 1, 1977 Bitcoin has officially split two dong (this is called hard fork). Bitcoin (another extra coin is called Bitcoin Cash (BCH).) After this date, anyone who owns Bitcoin (BTC) will be rewarded with a Bitcoin Cash (BCH)
Bitcoin Cash was created to limit Bitcoin's weaknesses by increasing the size from 1MB / block to 8MB / block.
After breaking up, Bitcoin Cash also rose very fast and the Bitcoin copper itself also surged. So if you are interested then you can refer to Bitcoin Cash.
Advantages and disadvantages of Bitcoin
Like most currencies and other service products in the world, Bitcoin has its own pros and cons. Let's find out what the advantages and disadvantages of this electronic money is!
Advantage
Bitcoin completely removes the kasus of counterfeiting: Other currencies can be imprinted but Bitcoin is not because it does not exist in the form of matter, it is generated by pre-programmed algorithms.
There is no limit on the transaction: If you want to transfer $ 100,000 to someone else, you probably need the caption of your bank branch deputy, or if you want to transfer $ 10,000 through PayPal for example, you need the conditions and Definitely take a specific fee and time. But with Bitcoin, no, you can transfer unlimited Bitcoin to anyone, anytime and almost no charge. Simply have an internet connection.
No transaction fees: This is a fact, since Bitcoin trading is not required through any intermediaries, so no one charges you any fees. If there is, then it is a very small fee, called transaction processing fee of the Bitcoin trading platform.
Extremely Secure & Safe: Bitcoin Trading Information does not represent any personal information about you, so the Bitcoin Trader's identity is unknown to anyone.
Ecommerce Potential: All bitcoin transactions are completely anonymous and irreversible, so for salespeople, they can be assured of fraud.
Saving and protecting the environment: To print paper money or coins, people need to use raw materials, chemicals, etc. Bitcoin is not because it is generated by computer systems through algorithms. Much of the information that trades and creates Bitcoin is very costly. The calculations are certainly much more economical than paper money types.
Disadvantages
The speed of authentication is slow: Bitcoin transactions are very secure and require quite a lot of authentication steps to complete the transaction (there are 6 transactions required for authentication and up to 10 minutes) so if transferred or paid A small amount of money equivalent to a few dollars is probably a little time consuming.
Very few users: Bitcoin information is becoming more and more popular, but the number of people who understand, believe and use bitcoin is too small. Especially in Vietnam, a country that is so accustomed to using cash, preferring to store gold, Bitcoin takes a lot of time to become popular.
Difficult to use than other currencies: Because 100% of the transaction is rotated in the internet environment, so people who are less knowledgeable about technology will find it difficult and time consuming to get used to and start using. Bitcoin.
Crime, money laundering and hackers: Because Bitcoin is a currency that is not subject to any management and anonymity, it can be exploited for illegal transactions such as trading prohibited goods, trading money laundering. In addition, Bitcoin is stored in electronic wallets on transaction floors so hackers can steal.
There is no clear legal guideline: Most countries do not forbid, but do not support, Bitcoin, so many people fear and dare not participate in it. The media information is not consistent, many false information made the community misunderstand about Bitcoin in particular and other electronic coins in general.
What is the Bitcoin wallet?
Bitcoin is essentially a personal bank account, which is where you store your Bitcoin number, to other people (to their wallet address). Other people can also send Bitcoin to you at your bitocin address.
There are two types of Bitcoin wallets:
Software wallet: With this type of wallet you can install it on your personal computer or on your smartphone. You will have complete control over your bitcoin, but sometimes it is difficult to install and maintain (few people use this type of wallet).
Website: That is, you need to create a Bitcoin wallet at a website (the two most popular sites in Bitcoin purse is Blockchain.info & Coinbase.com).
Bitcoin is very secure, after registration of the wallet you will be issued a very long number. This is called ID and also is your wallet address, usually to log wallet you will need to authenticate from 2 to 3 steps such as: Confirm by email -> Phone number
When you create a wallet, you are provided with a sequence of characters or a QR code, you can also write this sequence of numbers and store them somewhere to restore the information. This message if you do not want to lose all the Bitcoin number in the wallet.
The legality of Bitcoin in the world
According to the California-Irvine Institute for Technology and Financial Studies, there is now much controversy over how much Bitcoins, especially in terms of names and how they are called, are now well known. There are no real names, such as: digital currency, digital currency, virtual currency, electronic currency, or cryptocurrency.
With the inventor of this kind of money, Satoshi Nakamoto, he calls this money electronic cash, cash is understood in English as conventional money, it is like some kind of cash in casino that conveys its value through color Sharp, in Satoshi's mind, it is a conventional electronic money.
Many countries now also accept Bitcoin as a currency to trade. Below is the latest Bitcoin Legality Boards from around the world, as you can see:
Green: Legitimate, support Bitcoin
Gold: The law does not forbid it but does not support it
Red: The law discourages bitcoin
Acceptance of commercial transactions in the world
As mentioned above from the very beginning of 2013 many large companies have accepted to allow customers to trade in Bitcoin goods.
Even in countries like the United States, Japan and the European region, they soon realized the potential of bitcoin to legitimate transactions. Bitcoin ATMs were also popular with the public.
In addition, many donor organizations have started receiving Bitcoin support, even some US lawmakers and candidates have accepted bitcoin. Specifically, Democrat Jeff Kurzon announced his acceptance of Bitcoin during his campaign.
It's the world ...
Why most people think Bitcoin is a scam? How does this story spoil?
Probably not less than once you heard of headlines like "lost after a night of Bitcoin" or "tens of billions of fraud because Bitcoin multi-level virtual currency" ... so bad behind the stories what is it like
Actually you need to understand that Bitcoin is just an electronic currency so it does not fool you or anyone. If there is fraud or loss, the fault is our own, human trick people!
Personally, I find that some of the circumstances that led to such information are:
Some people because of too much interest to sell the house, poured all the money to buy bitcoin, but then due to market fluctuations bitcoin discount led to losses -> information appeared "lost home, lost door. With this investment, buying gold, buying dollars, buying land ... can happen, not just Bitcoin
The Bitcoin Ownership is specific, but by failing to understand security techniques it is advisable to disclose the information and lose bitcoin -> the "lost" information appears.
Buy Bitcoin then transfer to the floor in a multi-level, high interest to receive (but this is the kind of money from the former pay to the former). When the floor falls (possibly due to fraud or hacker attacks) -> Appearing as "Thousands of debtors cheated on virtual bitcoin"
In short, it is due to a lack of information or a lack of profitability, as well as market fluctuations that make Bitcoin prices go down dramatically. And all such information is often over-exploited by the press, making the community misunderstand the nature of the problem.
Positive information about Bitcoin, such as buying a car with Bitcoin, earning tens of billions with Bitcoin a night or so, is bad news, and vice versa.
What are the current forms of Bitcoin investment?
There are several forms of investing in Bitcoin today:
Digging Bitcoin (Miner): As mentioned above, the amount of Bitcoin is limited (only 21 million), and every 10 minutes there is a specific amount of Bitcoin created by deciphering complex algorithms. via internet and computer systems (by 2014, Bitcoin will be out of stock and can not be exploited). So those who want to earn Bitcoin they can invest in dedicated computer networks and "dig a bitcoin" to hoard or sell interest.
Investing (Buy Bitcoin and Holder Holders): In this way, you realize that the potential value of Bitcoin should be to use cash to buy a specific amount of Bitcoin then wait for the opportunity to increase prices. make a profit.
100sts/1 h https://goo.gl/aYdQq3 i take bitcoin from here !
Investing in "surfing": Bitcoin prices fluctuate continuously, prices can rise to 100USD overnight, so many people take advantage of this feature to buy into profit (ie buy low high)
. Buy Bitcoin to invest in other coin: Currently, besides Bitcoin there are many other electronic coins called Altcoin and its price is very low. So many people use Bitcoin to change into other Altcoin coins to wait when it raises the price they make a profit.
Join the multi-level floor, receive: In this form, you will buy Bitcoin on a floor with a specific investment package to receive interest (usually from 20 to 40%). This is a form of highest risk because of the risk of a floor or floor that is deceptive. Usually these floors need to invite a lot of members and take the money of the former pay the previous one and if at some time the number of members too little is not enough to maintain the model for receiving (transfer money between men tablet) will automatically collapse.
So before deciding to invest in Bitcoin you need to find out clearly what kind of preparation you are or prepare for. Where investment, transaction is safe or not? Do you personally believe and feel fit for that form?
Finally, if you are new Ngoc think that to invest Bitcoin you should not steep your entire property but should use the idle amount to invest. In this way, even in the worst case, it will not affect your finances and your life.
Of course, if you have a bit of knowledge of Bitcoin, have a long history of analyzing and monitoring this currency, please ignore this advice!
Why is Bitcoin rising so fast? In the future Bitcoin increase or decrease?
Up to now, Bitcoin is the highest denomination in monetary history ($ 3,200 / Bitcoin - August 2017).
So the question is: Why does an electronic currency (not hold) have such high prices?
Individual Ngoc has been watching and learning about Bitcoin for some time and feel that Bitcoin's price increase is mainly due to the following reasons:
This is the first electronic currency and not subject to any management of any country or organization
It is created by an anonymous (or an anonymous) organization -> Increasing curiosity
It's convenient to trade and re-timing internet and e-commerce boom -> so it's potential
It is limited (only 21 million Bitcoins) want more and not -> So create scarcity, and the more the supply and demand difference, the higher the value will be.
These are the factors that make Bitcoin terrible price as today
So what's the future ...?
It will definitely increase the price more (personal Ngoc believe like). Of course there will also be periods of decline, possibly due to fluctuations in the world market or even possibly due to theft (by hackers) in large quantities then they sell out for cash so the price at that will decrease.
But in the end it will eventually rise again because the number is limited and it still exists and the need for transaction, ownership still exists (as long as the hackers still sell it).
In addition, as the Internet grows, e-commerce boomes, an electronic currency such as Bitcoin is a very convenient solution and has many advantages over the payment methods of other currencies. . This is also the reason for Bitcoin price increase in the near future.
Currently, there are many predictions from investors, finance and the world's prestigious magazines, such as Business Insider, that Bitcoin could increase to $ 13,000 by 2019 and potentially reach $ 500,000 a year. 2030 !!!
We wait and see how it ???? !!!
Does Bitcoin ever "disappear" or "die"?
Bitcoin will "disappear" and "die" if the global internet system also "disappears", do you see that?
Since its appearance Bitcoin has been repeatedly criticized by magazines such as:
Forbes announced Bitcoin "died" in June 2011
Reuters announced a for Bitcoin will "disappear" in January 2014
Even in early 2015, the Telegraph newspaper stated, "Bitcoin is just one experiment & experiment has ended."
Bitcoin is still on the market today and its value has increased by 700 times in the past seven years!
Recently, you have seen positive moves like more and more interest in Bitcoins, and the US Congress has also held separate sessions for electronic money. Japan was the first country to fully accept and encourage people to use, pay by Bitcoin in March 2017.
So Bitcoin will definitely have its own place, and it's going to be "lost" or "dead" is an EXACTLY coincidental case!
Epilogue
So with this article I hope I have provided you with the exact knowledge to answer the Bitcoin question. Also through the content on Ngoc also believe that you have the answer to the question: Should own and invest in Bitcoin or not?
In conclusion before the end:
Bitcoin is an electronic currency, which has real value and is not a virtual currency
Bitcoin is not under any state management, nor organization
Bitcoin was created by Satoshi Nakamoto (an anonymous individual / organization) in 2008 for the purpose of revolutionizing transactions and "solving the kasus of trust" in currency trading.
Bitcoin is limited, only 21 million and 1 Bitcoin 100 million units Satoshi
Like other currencies, Bitcoin has its own strengths and weaknesses, but nowadays it has more advantages than disadvantages
Vietnam does not encourage the use of Bitcoin, nor does it prohibit it. Countries such as the United States, Japan, and Europe are increasingly encouraging the use of Bitcoin.
There are many forms of Bitcoin investment but it is important to understand and understand how to participate.
No one knows for sure how much Bitcoin will increase, but basically this money will increasingly attract people's attention and when more and more people want to own it, the value of it will increase.
Have you learned about Bitcoin? What is your personal view on this electronic currency? Ngoc would like to hear more of your comments in the comment section below! Sumber https://makemoneyonline3010.blogspot.com