Bitcoin For Beginners
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Helpfull Resources
Eleven Free Courses To Learn Bitcoin, Blockchain And Cryptocurrencies. Article by Roger Huang Contributor, Forbes.com - Read Full Article Here
Bitcoin isn't' magical internet money.
An easy way to think of Bitcoin is to think of it as a fancy way of keeping track of transactions, kind of like a check register.
Bitcoin is a system for keeping track of transactions electronically on the internet. In many ways it's similar to the online banking we use every day however with Bitcoin you are your own bank.
Where does Bitcoin come from and why does Bitcoin have value? To help us understand where Bitcoin comes from let's first take a look at where our money comes from. The money that we use every day called Fiat is issued by the government.
In the United States, Article 1 Section 8 of The Constitution specifically gives Congress power to borrow money and also the power to coin money and regulate its value.
However with Bitcoin no government can issue new Bitcoin. Instead new Bitcoins are created as a means of payment for the work required to maintain the system.
The process of maintaining the Bitcoin system is also known as mining. Just like gold or diamonds require machinery, energy, real estate, and manpower, to mine from the ground, Bitcoin also requires these things to make. Hence "Bitcoin Mining". The process of mining Bitcoin is also what gives it value but there is a little more to it.
In the year 2020 Bitcoin's price hovered at just under $10,000 but when Bitcoin was first invented its value was at approximately 1 US cent. Bitcoin's value is also derived by its popularity. The reason why Bitcoin is becoming increasingly popular over time is because Bitcoin is in short supply.
Bitcoin is a computer program invented in 2008. Its creator designed it in a way so that only 21 million Bitcoin's could ever be created. That's 21 million Bitcoin to be shared by 7 billion people globally.
Some people believe that Bitcoin's value could be over 1 million each in as little as 10 years.