Goals of Living
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Bitcoin is a relatively new phenomenon that has gained enormous traction and value in recent years. But what is Bitcoin and how do you invest in it? Follow along and we’ll cover it in detail.
Bitcoin is a digital currency that was created in January 2009 by Satoshi Nakamoto. It is popular because it has no central bank or administrator, meaning that nobody has control over it. Anyone can start using it because of that reason. Bitcoin is also fully anonymous, there is no personal identity tied to your address.
Bitcoin is useful because it’s trusted and the payments are irreversible. A common form of fraud is buying a product and then contacting the bank and reversing the payment. This is not possible with Bitcoin, all transactions are final. All Bitcoin purchases are also public for everyone to see, but they only see which wallet sent bitcoin to another wallet.
As with most things, there is a dark side to Bitcoin. It is notoriously used by criminals. A rising phenomenon is ransomware, which is where a computer virus makes your files inaccessible until you pay a ransom which is typically paid through Bitcoin.
Besides ransomware, there are also illegal marketplaces that use Bitcoin for transactions. One of the biggest examples of this is the Silkroad which was used to purchase narcotics. Typically the merchandise is narcotics, hacking tools, or illegally obtained information.
There are numerous ways to invest in Bitcoin, but the easiest is purchasing it on Coinbase. The first step is to register, then you need to add a payment method so you can purchase Bitcoin. You will be prompted to add a bank account or a debit/credit card.
Now you click on the blue “Buy / Sell” button in the menu, now you will be prompted with a popup where you can enter how much you want to buy Bitcoin for with your desired currency. Now you click on “Buy Bitcoin” and you will get redirected to confirm your purchase. After waiting for a while you should now have Bitcoins in your wallet. You can check this by going to https://www.coinbase.com/accounts
Disclaimer: As with all information online you should verify the information yourself before making any decisions, for further information about Coinbase check out their Wikipedia page https://en.wikipedia.org/wiki/Coinbase
Bitcoin solves many of the modern problems that are related to online purchases, it’s integrity friendly, secure, and trustworthy. There is however a dark side because it’s used when purchasing narcotics and other illegal goods. Investing in Bitcoin is easy and can be done through Coinbase,