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What is Bitcoin?

Bitcoin is very comparable to virtual cash. It falls under the name of cryptocurrency. Since currency is a system of money, cryptocurrency represents a digital system of money. What’s attracted people most to this type of electronic cash is that their funds are not owned by any third party or higher power.

They are able to keep full control over their own assets. Nowadays Bitcoin is far from the only type of cryptocurrency, but it is to thank for the start of this digital market. This is because Bitcoin is the first, and most known, form of cryptocurrency in the world.

You do not have to figure out how to use Bitcoin because It’s very simple. This cryptocurrency is used just as traditional spending money is used. The significant contrast between Bitcoin and hard cash is that the Bitcoin value is no stranger to change. This doesn’t mean it inflates slowly like how money does. It has many increases and decreases in terms of values, and they can often, sometimes even within days.

Returning to the topic of Bitcoin usage, owners can use this cryptocurrency to trade, invest, or purchase a variety of things from almost anywhere in the world. With all transactions being virtual, international affairs are easy. They are not limited to spending on certain places, and they never have to worry about differences in international exchange rates. Bitcoin values are identical worldwide!

Decentralized currency is the reason why so many people move towards Bitcoin. When a currency is decentralized, it allows individuals to have complete control of their own funds. Lots of Bitcoin users sleep better at night, knowing that they have full control over their money. This is one of the biggest highlights of investing in this specific cryptocurrency, but there is still a lot more to it than that. There is a reason why Bitcoin has yet to cease growing in size and popularity. Before getting into how Bitcoin works in the present, it's important to know how it got to this point.


The History of Bitcoin

If you know even a bit of the history behind Bitcoin, you probably know that it began in 2009. This is accurate, it was actually October of 2008 when the idea of Bitcoin found its way into the world. The creator behind the start of this cryptocurrency is anonymous but they went by the fake alias, Satoshi Nakamoto.

The Bitcoin idea was sent in an email to a cartography messaging platform. It was a white paper titled ¨Bitcoin: A Peer-to-Peer Electronic Cash System.¨ The content in that email would go on to create one of the world’s top digital currencies. No one knew it then, but they definitely know it now.

The document's priority above all was that Bitcoin would be a digital, decentralized currency. Decentralized meaning the currency was not owned by any authoritative or third party. This meant that individuals were completely in control of their own wallets, as long as there were Bitcoins in them. This simplified sending and buying cryptocurrency from others because they evaded passing through a bank or other third party.

Now, to the part that you most likely know, in January of 2009, the Bitcoin blockchain began. The first block was titled the genesis block. As the cryptocurrency first started to be dealt out, it had close to no value. In fact, no one considered it a valid currency type and most of the time people only traded them for non-serious purposes. But a year later all of this changed when someone decided to receive Bitcoin as a form of payment instead of traditional money. This is when Bitcoin established a value, which stood at a quarter of a penny.

It is surprising that the Bitcoin value was so low right? Especially in the present, where at times Bitcoin has been worth tens of thousands of dollars. Once Bitcoin began its upward climb, other cryptocurrencies started popping up. Currently, there are over 4000 types of digital currencies. To handle all of this crypto trading, trading platforms were created. From a single email, a whole franchise was produced. Not just any franchise, because it is one of the largest in the world.


How Does Bitcoin Work?

As said previously, everything Bitcoin is strictly virtual. With this cryptocurrency, you can spend, send and trade online. It's very comparable to online banking but with very specific differences. Instead of using your bank to send your money, you can send and receive directly from your peers. That is the point of peer-to-peer transactions. With Bitcoin, you're more in control, and deals are done directly and easily. Keep in mind there are specific stores that don’t accept Bitcoin as a currency. Some countries don’t even allow bitcoin to be used at all.

Every Bitcoin you earn is kept in a sort of online wallet. This can be kept on your phone, computer, or other devices. A common concern people have is about the lack of banks involved. They wonder what sort of risks are involved with trading currencies without an authoritative person making sure everything is going correctly. There is no need to worry about this because Bitcoin creators understood the concern and created ways to make spending and receiving cryptocurrency safely.

They created a platform called a blockchain. It is a public platform where every transaction and deal is recorded and able to be seen by everyone. You are able to track and trace the spending history of all Bitcoins, not just your own. With everything out in the open like this, it is very hard for hackers to commit fraud or intercept transactions, making it a relatively safe platform. Now you understand the basics of how the popular Bitcoin currency works, But now how do you get involved with Bitcoin and get started?

How Do People Get Bitcoins?

Getting Bitcoins is not very hard. Just like anything else, you can buy Bitcoins with your traditional currency. If you are not willing to take money out of your pocket for it, no problem. You can sell things or complete services and get others to pay you in Bitcoins.

The last option is you can create Bitcoins. This option is a lot more complicated and time-consuming. Technically Bitcoins can be created from a computer. If you decide to do Bitcoin transactions for other people, after a while, you may be rewarded in Bitcoin. Again, this is not a popular option and there is no guarantee you get rewarded for your work.

Is It Difficult to Get Bitcoins?

With how much Bitcoin has grown, it would only make sense that it is getting more and more available every day. This is true, but even with that in mind, Bitcoins are still pretty hard to get because of a few things.

As mentioned above, the value of Bitcoins nowadays can cost more than 15,000$ per coin . If you wanted to buy one, it would most definitely be very expensive. It makes sense that a lot of people are deterred by the price of Bitcoin. The thing is that Bitcoin is an investment; research and thought need to go into buying even one. In learning more about the possible benefits of Bitcoin, an individual would realize that it might be worth the investment. Bitcoin seems to keep growing and getting more popular.

Then there is also the possibility that no one wants to sell to you. If Bitcoin is projecting a jump in value, no one would want to give it away for a cheap price if they can wait and sell it for more.

To answer the question, no, getting Bitcoin isn't difficult. But getting them for a cheap price is more of an obstacle.

Is Bitcoin Safe?

A lot of people wonder about the safety of Bitcoin and other cryptocurrencies. Because it isn't controlled by a reliable bank or third party, many think that it's easier for their funds to get stolen or get lost. This is actually not true at all. Because every single transaction is shown on public servers, and misuse of Bitcoins is not common.

Using Bitcoin may even be safer than using traditional money. With fraud becoming more of a risk, especially online, having public platforms may lower the chance of cyberattacks. This is because it is very easy to spot if there is a problem with transactions. Keep in mind there is always a risk with whatever type of currency you own. You can lose the Bitcoins in your wallet or accidentally delete them, just as you can lose your regular money. A bigger thing people are worried about is the rise and fall of Bitcoin value. It is true that Bitcoin can drop to very low values after being valued high, very quickly.

Although, being an owner of Bitcoin is a lot like owning a stock. As long as you are well-versed on how to use the currency and track patterns in the rise and fall, everything may be fine.

Why Bitcoin?

There are many reasons for that question. The first and most mentioned reason is that when you invest in Bitcoin, that currency belongs to you and only you. No bank is going to touch it or retain any of it. Every single Bitcoin you earn goes right into your own pocket. This is probably a big reason why some individuals switch to using Bitcoin as a currency. If you want full control over your assets, Bitcoin may be a great thing to invest in.

But what makes Bitcoin better than any other currency? Don’t they all do the same thing? They do. They are all decentralized and serve as a form of virtual cash. So, what makes Bitcoin different? Well, Bitcoin is considered by some as way safer than another cryptocurrency you can use. It has been around the longest and therefore has to be adjusted to make Bitcoin users' experience as safe as possible. Meaning that some would say it's safer to use than any other cryptocurrency. Its infrastructure is outstanding, and this just adds even more to the stability of the network. Bitcoin users are the owners of what is considered by some as the best and safest cryptocurrency on the market.

What Can Immediate Smarter Offer

Using a trading platform might make for a better experience. Using Immediate Smarter might make that experience even more relaxed and simple. As an expert trader, it’s understandable to get tired of analyzing data and trying to determine the best times to place buy or sell positions and when to close them.

With Immediate Smarter you can take a break. Use your new free time for hobbies or family bonding. The platform offers features that can help you to minimize the time spent on trading.

For users just starting, don’t get stressed about learning all of the trading and strategy that goes into Bitcoin trading. Instead, with Immediate Smarter you can learn through experience. By trying to utilize all the information the platforms offer, you can hopefully become an expert yourself.

How Long Does it Take to Get Better at Bitcoin Trading?

How do you get better at anything? Practicing with precision. This is the fastest way to hopefully become an expert in anything. With Immediate Smarter, the process might be even faster. Of course, how fast you learn is up to you. You can go slowly or quickly. No matter what, Immediate Smarter is always going to be ready to hopefully help you out. If you take the fast start route you could start to understand trading platforms yourself in as little as a few months.

The Future of Bitcoin

What’s next for Bitcoin? It started up in 2009 and has been growing ever since. As time progresses, online spending seems to be getting more and more popular, and with that, so does Bitcoin, the original cryptocurrency. Bitcoin isn’t a valid cryptocurrency everywhere, but proponents believe that cryptocurrency could eventually dominate the currency market.

Some even see the potential of Bitcoin taking over as the main form of currency. As mentioned above, the world and people's assets are slowly transitioning online. Solid money isn’t used so much anymore, now it’s cards or e-transfers and online shopping. Bitcoin is a new form of virtual banking, but the bank is your own pocket.

There’s always an opposite view to a topic and in the case of the future of Bitcoin, many critics see risk. They see Bitcoin as a very unstable form of currency. While it is true that the values of Bitcoin are always fluctuating, the market is ever-growing. As the popularity gets higher, it’s hard not to believe that Bitcoin may be a big part of the world in terms of currency in the future.

Learn More About Bitcoin Trading!

If you want to join the platform and start trading on Bitcoin, you can sign up easily to the platform. Don’t worry if you just started or have been trading for years, Immediate Smarter has a place for you and is ready to hopefully make your experience great.