What is Bitcoin?
Bitcoin is a new currency that was created in 2009 by an unknown person, or group using the name Satoshi Nakamoto. It is a cryptocurrency and worldwide payment system. Bitcoin is the first decentralized digital currency, as the system works without a central bank or single administrator. In simpler words – no banks! Today you can purchase with bitcoin Xbox games, furniture and even hotels on Expedia.
Many people invest in bitcoin mostly because of the hype that surrounds it. The price of bitcoin has skyrocketed in the end of 2017 to almost $20,000.
Should I buy bitcoins?
Today bitcoin can be used to buy merchandise almost completely anonymously. In addition, overseas payments are easy and cheap because bitcoin is not tied to any central regulator or even banks. It is likable by business because there are no credit card fees or commissions.
“When you buy bitcoin you need ask yourself if you are buying it as an investment, or because you believe it will change the current financial market.“
There are many exchange platforms you can use in order to buy bitcoin. In some of those platforms you can buy or sell bitcoins using different currencies or even other cryptocurrencies. Those are the places I recommend for buying bitcoin:
For more information see my blog post – “Buying Bitcoin seems like an undoable task” (לתת פה קישור לכתבה)
“I would not put my life investments in it, but I might buy bitcoin for the chance it will take off and skyrocket like it did in the past year. “
How do I keep my bitcoins?
To store bitcoins you need a “digital wallet”, which exists either in the cloud or on a user’s computer. The wallet is a kind of virtual bank account that allows users to send or receive bitcoins. You can send you bitcoins to a different wallet as a transfer or either for payment. The bitcoin wallet or other cryptocurrency wallets are not insured. There are ways to recover them if you lose them, or change your computer, but they are not as easy as restore as your credit card.
Will the future hold bitcoins in it?
There is no precise answer what will withhold the future of the bitcoin. It is mostly unregulated, but some countries like Japan, China and Australia have begun weigh in regulations. Today even the experts very different opinions about the future of the bitcoin. If you ask me, I would not put my life investments in it, but I might buy bitcoin for the chance it will take off and skyrocket like it did in the past year.