Reviewing Bitcoin: Legit or Not?

Reviewing Bitcoin: Legit or Not? With the increase in value of Bitcoin, many of you are still wondering whether it is Legit or Not. Certainly, Bitcoin is the granddaddy of all the cryptos. The name Bitcoin has become almost synonymous with the word blockchain. Many would call Bitcoin Blockchain 1.0. Satoshi Nakamoto is the original creator of Bitcoin. But who is he?

Reviewing Bitcoin origins

The truth is that we do not know, but many have continued to guess. In fact there is an interesting London court case that may reveal all. He coded Bitcoin in a computer language called C++. He created a security protocol called Blockchain, and wrote about 80,000 words that are etched in internet lore. Subsequently, he went dark.

How Bitcoin Got its value

Bitcoin became monetized as a store of value in legendary transaction where someone spent 100,000 Bitcoin to buy a pizza. The next time we hear about Bitcoin is is the Infamous Silk Road, in Internet Marketplace for buying illicit drugs. Since those early days Bitcoin has grown quite extensively into legitimate uses. Today we can see Bitcoin ATMs, Bitcoin Debit Card, and a 100,000 businesses including Tesla Motors are now willing to accept Bitcoin as payment.

Bitcoin’s Design

Bitcoin is designed to be a peer to peer currency or asset that can be traded back and forth between people. It is still very anonymous for those that transact in this crypto currency. The heart of it all is something called the Blockchain which secures each transaction. Once a transaction has gone through, you cannot change it. So no mulligans here.

Where to buy Bitcoin

In the early days, it could be quite difficult to buy crypto unless you new someone who could trade it with you. Today we have large exchanges like Coinbase, Binance, and even Robinhood to transact your trades. We even have payment platforms like lightening network that are speeding up the rate in which transactions occur.

So despite its detractors, Bitcoin continues to grow, and has a limited quantity thanks to our friend Satoshi. To invest or not, that is your question. Bitcoin seems Legit seems and is here to stay.

By the way, just so you know, another way to buy money harnessing the internet is to build your own online business. Read Jeff Lerner’s E-book The Millionaire Shortcut

Crypto Blogs

Please read my previous Crypto Blogs on Litecoin, Stellar Lumen, & Ethereum