You probably heard about Bitcoin and Cryptocurrencies maybe in a newspaper or while having a little chat with a friend. However most of the people very little about Bitcoin, although it does speak for its name. While some did not even find it to worth speaking, others believed that what they heard were narrations. Recently it became even better understood that Bitcoin has an incredible earning potential. Nowadays, we can see the power of crypto money and Bitcoin more clearly. Everyone started to explore and wonder what is crypto money and how Bitcoin can be bought and sold. Let’s take a look at all the details about Bitcoin together.
Are You Ready to Increase Your Money?
It is not possible to describe Bitcoin like the currencies you have followed up to now. Because Bitcoin’s logic works in the opposite direction. Unlike the currencies we know Bitcoin’s number is fixed and and always will remain constant in the market. The value can money change do to lots of factors such as countries can print money . However, this is not possible for Bitcoin, because BTC is limited and has a certain number. There will always be a total of 21 million Bitcoin in the market. Therefore, the change in the value of Bitcoin varies depending on different parameters from other currencies. Also it is effected by stocks as well. If an event effects stocks and the market loses value, Bitcoin starts to appreciate.
Golden might be an great example for Bitcoin due to its rareness and mining process. If you want to secure your investment and earn from it you would have purchase gold but it was a long time ago. Nowadays bitcoin is the Digital Gold for an investment.
How to Purchase Bitcoin and How can we use it?
Actually purchasing Bitcoin is a lot easier than you think. You can easily purchase Bitcoin over internet platforms. You can transfer your money from any credit card/debit card to your Bitcoin account.
While comparing Gold to Bitcoin there is some major points such as you do not need to trade or cash anything . When you purchase Bitcoin, you can use your Bitcoin debit card as would as like the other cards you own. Basically, Bitcoin is an incredible investment model that combines the positive features of all investment models you have tried so far and reject the negative feature. That is why Bitcoin is the futures currency.
How is Bitcoin Produced?
There are some people that produces their own Bitcoin who is called miners. This is of course a very confusing issue for most of us. Let’s talk about how BTC is produced/mined at home. The process od generating Bitcoin is also called Bitcoin mining. We can explain this mining process based on our analogy with gold. Just like the miners who digs the ground for a gold which has a limited supply on the earth, we call BTC searchers miners as well because they are looking for BTC codes which is highly limited. “Proof of Work“, shortly known as PoW, means proof of work. While trying to mine Bitcoin, miners tries to find Bitcoin which is made from algorithm. It is an mechanism that will complement the blockchain and tries to find the numbers that suitable for the mathematical algorithm by trying the series continuously. This mechanism which constantly ties combination of number indexes, means that when it brings the correct numbers together, the miner has caught a Bitcoin. What we need for this mechanism to work is a computer. However, unlike ordinary computers that comes to your mind, it is much more reinforced and equipped. This computer is called Node. By working together, Pow and Node constantly tries new number combinations and it creates a new combination which gives you a Bitcoin every single time they caught the right combination. As the number of Bitcoins found on the market increases, it becomes harder to discover Bitcoin for miners. In order to be profitable in this increasingly difficult system, you can start mining as soon as possible and increase your money by thousand percent.
