the basics of bitcoin

start simple and check our the granddaddy of crypto, bitcoin.

In case you haven't heard,

there is one digital asset that is currently being talked about all over the internet. This is, of course, Bitcoin. Bitcoin is important because for the first time since gold we the people finally have a currency that we can put our trust in once again. The last time we gave value to our money through a medium exchange was with the gold standard. Over time we began to put our trust when it comes to our finances in someone rather than something. Now ever since 1933 when the U.S. went off the gold standard we put our faith into centralized banks and in doing so gave even more power our government. This has allowed for our government to print money like crazy without any commodity to back it up leading to absurd amounts of inflation. This is all very bad for economy, but Bitcoin can come along and solve this issue thanks to its finite amount of 21 million coins in circulation. This means that no one point of power can manipulate or inflate its worth.

but why should you care?

Well, Bitcoin is a certain kind of virtual cryptocurrency that has value the same way gold once did, but its value is all digital. There are a lot of super complex reasons why a Bitcoin has the value that it does even though it is all digital, but what is important to keep in mind is that Bitcoin is destined to go up. Now yes, anything can happen in crypto, but from the way Bitcoin is being adopted as a mutual form of currency all around the world and on the internet, it is very likely that in the next 5-10 years Bitcoin could absolutely skyrocket to anywhere from $250,000-$500,000. For reference, Bitcoin currently is sitting at around $61,000 at the time of writing this blog. To see it's history take a look at the chart below.

we can assume

that Bitcoin will reach these incredible numbers because of how perfectly it was made and set up for success. Bitcoin was created in 2009 and the man said to be behind it is Satoshi Nakamoto, but due to the fact that no one by that name has come forth to say that they are the creators of Bitcoin, some people speculate that a group of people created Bitcoin. They also say this because of its perfectly thought out and complex infrastructure.

A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution

This little blurb from Bitcoin's white pages sums up Bitcoin pretty well. You may read that and think, "wElL wHaTs So DiFfErReNt AbOuT tHaT aNd VeNmO??" and if you are asking yourself that then let me explain. The biggest thing that makes Bitcoin inevitable to being everywhere in our future is that it is decentralized. This is what makes it different than Venmo. For the first time ever because of Bitcoin we can send money to each other digitally without having to go through a bank to confirm or deny the transaction. This means a whole lot and the fact that financial institutions have no control over it make it pretty damn desirable to a lot of people and that is precisely why millions of individuals along with huge companies and institutions are buying into Bitcoin. One of the bigger names in the world of finance that has recently gotten into the crpyto space is Mr. Wonderful himself, Kevin O'Leary, from the famous television show Shark Tank. Other names that have bought in include Mike Tyson, Snoop Dogg, Elon Musk and many more. Through Tesla, Elon Musk invested $1.5 billion into Bitcoin earlier this year and since then has seen growth upwards of another $1 billion.

so how can you make gains from this?

Well, my expert financial technical super analytical sources along with my stock bro intuition say that Bitcoin is about to see a big bull run from now until the end of the year. In just the last month alone Bitcoin has gone from around $40,000 to $60,000 and in all seriousness, there are a lot of great reasons to invest in Bitcoin that I cannot wait to delve further into on more blog posts to come. Until then, if you wish to invest into Bitcoin and take advantage of the boom that is heading our way and especially the inevitable financial stability that comes with it 5-10 years from now, check out Coinbase. Coinbase is my personal favorite cryptocurrency exchange. There are many others, but Coinbase has always been my daily crypto driver because of how easy it is to use and how many more cryptocurrencies they have to offer.

Click this icon to join Coinbase and in doing so receive $10 worth of Bitcoin for FREE

For a more official reference of what #Bitcoin is then checkout the Bitcoin White Pages or look our for more content on this blog having to do with the intricacies of what makes Bitcoin and #decentralized #finance the future. I'll be taking a deeper dive into all kinds of stuff in my deeper dive into DeFi column. Check out other cryptocurrencies to #invest in on my other post about alt-coins.

*this is not financial advise and i am not a financial advisor.