Bitcoin 101
My name is Thelma Drexel and I am a bitcoin newbie and aspiring writer. In my search to learn more and become crypto currency educated, I found www.CMGCryto and asked Mr. Calvert if I could write a basic Crypto 101 article for his website designed for newbies like me, that are still trying to wrap our minds around this who blockchain, cryptocurrency world, and he said yes. I have so much respect for that man, and have followed his entrepreneurial journey for many years.
In this short introductory article we are going to discuss what Bitcoin is why it is so revolutionary a bit how it works and how you can use it. Ever since the internet was invented people have tried to create digital money but they have had little success that’s because digital files are easy to copy and paste if you could just copy and paste money it wouldn’t worth anything at all.
This double spending problem stumped computer scientist for decades but everything changed with the invention to Bitcoin in 2009. Bitcoin is simple money you can’t just copy and paste the code was designed by an anonymous person or maybe a group of people. Never the less the name of the person credited for designing the bitcoin protocol is Satoshi Nakamoto and nobody knows actually who Satoshi Nakamoto is.
Bitcoin it is not run by a corporation or one group of people instead its run by a collection of people all over the world working as a community you could say it’s run by the people, the visionary investors.
So what makes Bitcoin so useful? We already have credit cards and you probably use paper money so what’s new about this, it turns out quite a few things.
First it’s scarce there are only twenty million Bitcoin that will ever exist giving them durable value. Second Bitcoin is truly global monetary system what does that mean?
Sending Bitcoin to your neighbour is just as easy as sending to your aunt in New Zealand or even to an astronaut in an international space station. If you have internet connection you can use Bitcoin regardless of international borders.
Third it’s cheap to use Bitcoin transaction only cost a few cents no matter how much you are sending. You may not know it but credit card companies charge 3% for every transaction.
Fourth it is fast Bitcoin transaction takes ten minutes to process no matter where you send your money making it quicker than any bank wire transfer.
Bitcoin is pier to pier that means Bitcoin transaction don’t pass through any kind of third party like a bank instead transaction goes directly between people. Finally, its safe cutting-edge tech shields Bitcoin from any tampering. It kind of sounds like whacky magic internet money right?
Not so fast! Bitcoin is built upon a trifecta of high-level mathematics, technology and computer science let’s check it out. For any financial systems to work we need to keep tract of transactions and account balances with cryptocurrencies, these are recorded in something called a ledger.
Today banks and companies like PayPal use private internal ledgers to detail the account holdings of each customer. Important point Bitcoin ledger is the exact opposite instead of having one top secret copy that only a few executives can see the Bitcoin ledger is maintained by people all over the world who use their own computers to check it for fraudulent activity.
These people are called miners but alternately called sages of the night owl. Anyway, the concept of minors and the public ledger might sound weird you obviously don’t want a bunch of random strangers having your account balance or what you choose to spend money on.
So how do we let all these strangers monitor thousands of transactions without the risk of losing your privacy? Good question, in order to keep your information private no names are used instead your account is identified by a long random string of numbers and letters.
There is a lot of complex sciences stuff going on under the hood but actually using Bitcoin is really easy there are tools and apps that buy & send Bitcoin and even from your phone, you can learn more about those at Coinbase.
We are rapidly approaching the time where you can buy almost anything when using Bitcoin you can buy houses, cars everything on Amazon. You can even buy this floating shark. Really you can. Check out www.TooCoolNotToOwn.com to learn more.
I know I threw a lot at you so let’s recap the important points.
Bitcoin is entirely digital, globally accessible, limited in supply, safe to use and finally peer-peer meaning not controlled by any bank or government seems pretty sweet but I would like to point out that Bitcoin is still not perfect there are still many barriers to overcome before Bitcoin become a seamless payment system.
For example it still can’t match the transaction speed of credit cards but to bridge this gap developers are working on codes & apps everyday to make Bitcoin even better.
Actually, the fact that Bitcoin is still evolving is part of the reason why it is so exciting and why the bitcoin and the entire cryptocurrency community is growing so rapidly. Bitcoin has already inspired the creation of thousands of other digital currencies known as crypto currencies or kryptos that can be used for a wide variety of applications including the trending Metaverse.
Many focus on particular features like transaction speed or privacy protection and the technology that underlines it all, block chain is being explored for a tons of other applications you will be hearing more and more about in the coming months and years.
If it is time to learn how you can invest and profit from bitcoin?
If it is this book by Mr. Calvert is a great place to start. Following this instructions outlined in this book is how I opened up my coinbase account and bought my first bitcoin. It was much, only $100 worth, but I am now a proud owner of bitcoin, and you can be to. Owning some bitcoin has made my learning and education into this world more exciting. So if you don’t own bitcoin, what are you waiting for? Download the book and get started today.
Thank you for reading this article, and if you received any value from it, let Mr. Calvert or somebody at www.cmgcrypto.com know and maybe they will allow me to share more about my cryptocurrency journey with you guys in the future.
