Bitcoin History and Prensence
If anyone was to tell me that a time will exist when gold would have a successor I would definitely offer my manhood for it. Interestingly enough, I started this year on a clear conscience as far as investments were concerned. On the last day of December, I told myself I would promise to pay attention to every asset and commodity I had looked down upon or hadn’t discovered. This mentality is what has led to the compilation of this post.
Bitcoin. For a lot of you, you have heard the term or have tried to check out its price, and the majority have spoken bluntly of it in pubs trying to be wit-heads. Bitcoin however is the current state of modern currency. It all started in 2009, when some nerd, Satoshi Nakamoto offered his revolutionary invention to the world. Well I must say the smartest thing about bitcoin is its decentralization, in that all transactions are held in the public eye so to say. Miners, who have specialized computers the back-end transactions (glorified accountants) get bitcoins in return. The good thing is the blockchain technology is it’s ever changing as the transactions grow, hence to get similar bitcoins miners have to get more powerful mining hardware (specialized computers). This is how the ecosystem balances off.
Fast forwarding into 2017, 1BTC started the year just shy of 1000USD and as of today 23 May 2017, the same bitcoin is selling at 2 183USD. That’s an increase of 100% in half a year. Analyst predict that by year end, the price is most likely to be north of 4000USD.
Some bitcoin 101 lecture. Bitcoin is the largest cryptocurrency right now. It is so because it was the first, and also it market cap. It’s market cap is currently valued at $16Billion, hence it is becoming stable by the day. Bitcoin allows transactions to be done fast and easily without any intermediate banks. For example, if you want to send a payment of 1Million to someone in Hong Kong on a Saturday afternoon. Conventionally you would have to wait till it was Monday 8am your side get to bank and do the transaction, and wait for 3-7 working days before you can have it. On the other hand, with bitcoin it is a 15minute errand, and with companies like Cryptopay, it has never become any easier to buy, sell and spend your bitcoins anywhere.
If you are still hesitating, well wait till year end and you will agree with me, if you are a risk taker, get onboard the bandwagon, and earn a few cents on the dollar. Just know if you thought gold was king, Bitcoin is the son, who learnt everything about his father, and improved on it. The finite nature of bitcoins is what makes it valuable, as we know precisely when it will run out, according to the algorithm.
Always, a satisfied client is the best marketer.