Everything You Need To Know About Bitcoin

Daily News Egypt
5 Min Read

Bitcoin is probably one of the best inventions in the modern era. It completely revolutionized the financial sector by providing them with a new payment method; one that is not focused on the banks and governments making money with each transaction, but the complete opposite. Bitcoin is a user-orientated currency and thanks to the fact that it cuts the banks (which act as middlemen) in the transaction, it allows people to save money by escaping hidden or added fees.

Additionally, this currency is fully optimized for online use. After all, it is a digital currency. One of the things that makes it superior for online payments to other methods is the fact that every single transaction made with Bitcoin is instant. When using credit/debit cards, for example, it can take up to a few days for a transaction to be verified and for the funds to be successfully transferred.

It also provides users with a certain level of anonymity, which is a fantastic feature since it increases their online security. Because we live in an era where online scams are happening every day and thousands of people fall victim to them, having increased online security is a massive gain.

These are some of the advantages that Bitcoin has and that is why it has become so popular in so short. But, there are plenty of other things to know about it and that is exactly the topic that we wanted to dive in.

How Do People Make Money?

The one thing that interests people the most is how do traders make money with Bitcoin. Well, Bitcoins are earned through mining. Bitcoin mining is a process in which the miners are logging various Bitcoin transactions and verify them. After they are verified, the transactions are recorded into Bitcoin’s log which is called a blockchain. Each transaction is part of the blockchain and it is called a block.

Miners earn Bitcoins by filling out the blockchain. After they earn their Bitcoins, the hard part comes – trading/selling them. Also you can exchange you currencies by  yuanpay  and make money.

The Creator

One of the coolest and mysterious facts about Bitcoin is that to this day, no one knows the true identity of its creator. We do know that this individual created it in 2008 and that the first official transaction was made in 2009, but no one knows who the person is.

The only thing that we know is that the individual goes by the pseudonym Satoshi Nakamoto. Although some sources have stated that he is probably an Asian male in his mid-40s, no one has confirmed this information yet. As for his nationality, some believe that he is Japanese.

The Record-Breaking Value

Bitcoin was the centre of attention in 2017 after it recorded its highest-ever value. After spending most of that year under the radar, Bitcoin’s price started to surge in December. On December 27, history was made after the value for 1 Bitcoin exceeded $19,000. But the price plunged after 2 days and Bitcoin spent the whole of 2018 and most of 2019 trying to stabilize itself.

2020 was the year in which it finally reached a stable state and it is now valued at little above $10,000. But, recently some factors have appeared and they lead experts to believe that Bitcoin has the chance to spike again in a very similar way as it did in 2017.

The recent low volatility which had its second-lowest rate since 2017, when Bitcoin peaked, the institutional interest, stable state, and the fact that Bitcoin is the most popular cryptocurrency are some of the factors which lead experts to believe that this cryptocurrency can cross over $20,000 in value very soon.

Brands That Accept Bitcoin Payments

Some of the most popular global brands that accept payments with Bitcoin are Microsoft, Starbucks, Expedia, Overstock, Namecheap, as well as numerous online businesses like online casinos.

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