Saturday, October 28, 2017

#Bitcoin

[VIDEO] I've been keenly interesting in learning more about bitcoin. Bitcoin is a crytpocurrency created in 2009 by "Satoshi Nakamoto" - the name is placed in quotes because the world doesn't know the identity of this person or persons. All we know is that there was a paper in their name, a computer program for bitcoins, and several forum posts and then a few years after developing botcoin this alias vanished. That's the story you see above from CNBC.

Back in 2009 I was on the verge of graduating from Morehouse College. Upon achieving my degree it was time to look for job which would happen by that fall. It was also safe to say, my finances were in the red with not a lot of income back then and student loans. Perhaps I was a long way from being able to take advantages of bitcoin with the low prices back in the early part of this decade. A small investment back then would provide nothing but significant returns now. You can check current bitcoin prices here.

While it seems one could make money from bitcoin, I have been advised that it's still considered make believe money. Since it mainly exists in cyberspace it's not real thus it's better to invest in something that exists in the real world such as a precious metal. And also the possibility that if something goes wrong with hardware or software the crytocurrenty can go up in smoke.

On the other hand, one good use for bitcoin I have seen is that if you need to sent money somewhere for example sending money to relatives in an unfriendly nation. No need for banks or a Western Union to be the middle man. Use the peer-to-peer network to send the bitcoins to where they need to go and those on the receiving end will get their cold hard cash from the crytocurrency.

You can read more about advantages & disadvantages here. Meanwhile through a variety of sources online and offline my goal is to continue gaining more knowledge of this.

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