What Is Bitcoin?

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I’m in awe of the comparison some folks are
making between investing in cryptocurrencies like Bitcoin and the
Gold Rush of the mid-1800s. Even more, some are comparing the
digital currency craze to the Dutch’s obsession with tulips in the
1700s. Is it possible that Bitcoin and its digital counterparts
could become the new gold standard or will it be remembered as the
market that lead to a collapse like the Dutch tulip mania? I’m
curious to find out.

Digital Currency

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I use digital currencies, or cryptocurrencies,
as my primary form of payment. These tokens are generated by
computers and networks instead of the traditional currencies like
the U.S. dollar or British pound. Paying with a cryptocurrency is
different from using a credit card, debit card, PayPal or ApplePay,
which all access traditional currencies electronically.

I have some electronic tokens in digital
currency that I can exchange for “real” money, like dollars or
euros. The way I do this is through special internet exchanges like
BitPay, which kind of work like PayPal but aren’t actually
affiliated. These tokens have a value based on the same standards
as conventional currencies and commodities like gold – national and
international banking regulations.

Creating Digital Currency

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I create cryptocurrency through a decentralized
network of computers in a secure virtual environment. This network
uses complex cryptography to power specialized programs, which
output digital tokens that represent cryptocurrency. These tokens
are only accepted as payment within the digital community, and
anyone can open an account, which is referred to as a ‘wallet’,
within the crypto-space.

I’m one of the founders of the communities that
limits the number of tokens generated by the computers underpinning
the transactions. To fund the community, we set up an Initial Coin
Offering (ICO). It’s a type of crowdsourcing effort, and it’s been
a great success. I’m proud of what my team and I have accomplished.
We’ve managed to generate enough tokens to power the transactions
in the community and fund our operations. We’ve also increased the
value of the tokens and given the community a solid platform for
growth. I’m proud to be part of such a vibrant and innovative
project.

I’m the one who started it all. That’s right,
I’m the one who created the most popular cryptocurrency, Bitcoin.
Back in 2008, when I went by the pseudonym Satoshi Nakamoto, I
developed both the crypto and the technology that manages it. To
make sure it had value, I decided to limit the amount of Bitcoin
generated by the computers in my network to a maximum of 21
million. Limiting the supply has made sure that demand for the
tokens has stayed high, and that their value continues to rise.

The Value of Bitcoin

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I invested in Bitcoin in mid-August of 2017,
when its value was soaring, nearly reaching $5,000 per coin. This
was more than three times the value of gold at the time. Sadly, I
didn’t get out before the price dropped drastically, and within two
weeks, I was looking at a loss of 40% of my investment. It was a
tough lesson to learn, but at least I’m wiser for it now.

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As the most popular digital currency on the
planet, I’m part of the Bitcoin community – like a Wall Street,
London, or Japan stock exchange. When other digital currency
markets dip, so does the value of Bitcoin. For example, in August
2017, Bitcoin dropped after China’s government lost support for
other cryptocurrencies that had taken off during the year.

The Chinese government feared the growth of huge
and convoluted pyramid schemes revolving around cryptocurrency
exchanges that had their own Bitcoin-like digital tokens. As a
result, the government ordered exchangesI felt a wave of panic when
it was announced that exchanges like BTCC, OKcoin, and Huobi would
be shutting down by the end of September 2017. This news sent
shockwaves all around the world, and people’s fear caused Bitcoin’s
value to drop drastically. This was a worrying time for the
cryptocurrency industry, and it was clear that people had a lot to
be anxious about. Thankfully, the markets have stabilized since
then, but it’s still a reminder of how quickly things can change in
this volatile industry.

I’m sure that Bitcoin has its benefits, but its
wild price swings make it hard for me to imagine it becoming the
global currency standard. After all, the gold standard and
traditional currencies don’t experience this kind of volatility. So
it looks like Bitcoin won’t be taking over that space any time
soon.

Bitcoin Safety

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For the past 10 years, I’ve seen cybercriminals
steal hundreds of millions of dollars from cryptocurrency
exchanges. That’s a ton of money, but it’s nothing compared to the
billions of dollars they’ve swiped from traditional banking and
financial institutions. To prevent future hacks, crypto programmers
and communities are doing their best to identify and fix security
flaws in their blockchains. If bitcoin ever becomes a mainstream
currency, governments may have to step aside and let computer
algorithms take the lead.

On a personal level, anyone who invests in
Bitcoin should have the proper internet securityI must take certain
precautionary measures before I can view my financial information
and carry out transactions. This includes ensuring that my security
measures, such as passwords and two-factor authentication, are
active and up-to-date. Additionally, I should also be aware of the
potential risks that come with using online financial services,
such as identity theft or fraud. I must be diligent and take care
to protect my personal information from those who may seek to
exploit it.

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