What is Bitcoin?
The simple answer is a cryptocurrency that trades at around $1200 per bitcoin. However, complex journey the currency has gone which has allowed me to write the original sentence is much more interesting. In this article I will summarise what I believe most people greatest questions on the currency may be.
Who created Bitcoin?
I don’t know, and neither does anyone else. Bitcoin original creator (or creators) used the name Satoshi Nakamoto in 2008 mailing a group of cryptographers about a new currency. Satoshi would currently be valued north of$400 million however no person has validly proven to be the inventor as of2017. Many have claimed to be Satoshi but none have been able to provide evidence they are the founder or founders of the software.
How does it work?
Bitcoin is a cryptocurrency which means it exists solely online (non-tangible). The system uses blockchain encryption to ensure all users have sole access to their supply. The system releases a certain amount of bitcoin blocks into circulation every 10 minutes (currently 12.5), this will have in 2020 and furthermore until 2105 when there are 21 million bitcoins in circulation. This is not the only limitations as you buy part of a bitcoin fora more affordable price like in the case of a stock split.
What’s Blockchain?
Here’s one for the geeks! Blockchain is a software which has users solve mathematical equations which become progressively harder, as a reward the user receives a block of bitcoin. The more equations which are solved the harder they become which adds to the complexity of the software making it virtually un-hackable as it changes every minute. Currently the biggest companies in Blockchain are mostly still in the startup stage of development, with the industry having raised over $1 billion in funds.
Why you should care?
The potential future of bitcoin in Africa is unprecedented.Currently most tangible currencies lead to widespread uncertainty due toradical market price shifts. There is currently a vast economy of unbanked wealth filled with individuals needing to keep money safely but can’t afford the luxury of conventional banking systems. Bitcoin offers a potentially prosperous future as the value of bitcoin often depends on the demand, with more Africans investing the overall value may skyrocket. Once you own a bitcoin there is no one who can take that from you without your specific permission,thus the overall trust will be increased encouraging more middle-lower class Africans to begin saving. I am greatly of the opinion that increased use of cryptocurrency will force any nation jump into the tech revolution the world is currently undergoing. Therefore on which basis I plead my case for the usage of the cryptocurrency.
Why you should invest?
Childish Gambino, a famous artist, has called bitcoin revolutionary software and regarded it a must buy. This is opinion of an amassing amount of investors as cryptocurrency increasingly becomes integrated into the economy. It would be best to enter early before the price becomes ridiculous! So as of my honest opinion, this is currency the average investor should see as a golden opportunity.