Simple overview of #Bitcoin

In the beginning, there was the barter system, then after a while, humans did get tired of that system of giving me that 12 eggs and I will give you my cow... Who did get the most out of the deal? It's hard to say!

After that humans started trading in gold and silver then we did have the paper saying we own you "X" gold or silver... Then back in the 1970s, the USA did go off the gold standard... We have a lot more inflation "Don't forget it compounds over time" since the gold standard...

Now since 2008 to 2009 financial crisis

 

Since the financial crisis, people did start to use something that is called Bitcoin and blockchain technology did come about... But Bitcoin is not the only game in town that does use blockchain they are called altcoins. But for this article, we will stay with Bitcoin... Bitcoin is not perfect but it's a different way to get control over your money... Because with the blockchain it's in the public space and people can see who did give money to who... Don't worry it just accounts names that are just a line of letters and numbers... With the system people can see if you try to use more money from what you have at the time... So the inflation is known, there is only going to be 21 million bitcoins in existence will be reached sometime in the year 2140... With that knowledge, we know how much it is already and how much will be available yesterday, today and tomorrow... We have people who are called "miners" that make sure all of the blocks in the chain is true... They do get paid for their work, they get Bitcoins if they win the block and they also get the fees from people moving their money around. Bitcoin is a smaller amount require to buy from gold... What I mean you can buy $1 USD or $1 CAD and you will get something like for $1 USD at the time as this writing you will get about 0.000934919 Bitcoins... With gold you have to buy one unit which is $1249.20 USD... with that being said it's more available for the common person to get into Bitcoin...

This is meant to be a simple overview of Bitcoin and why it may be a good idea to take a look in to it... If you have any questions or comments you can leave it on this page or you can send me a note to me...

You can connect via this email address just.residual@gmail.com

 

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If you want to discuss this post you can leave a comment or you can email me at just.residual@gmail.com I'm up to chat... You can read about me hear

Note: This is for educational purposes only and no information on this blog/site is a recommendation for you to BUY OR SELL any securitys on any stock exchange or a private security at anytime for any reason... Please do your own research and based your opinion on your own, I'm just showing you what maybe you should look in to and for me to take a look at my past experiences...


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