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bitcoinbuddy · 4 years ago

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A Look At Cryptocurrency and Bitcoin’s Colourful Past...

Cryptocurrencies are digital currencies which are electronic in nature. They do not have a physical form like paper money or coins which you probably have in your wallet right now. You can’t hold them physically, but you can buy things with them.

Depending on the merchant you’re doing business with, they may accept more than one cryptocurrency as payment.

According to CoinMarketCap (coinmarketcap.com), there are more than 1,000 active cryptocurrencies right now. If you’re looking to invest your hard-earned cash but can’t afford Bitcoin prices right now, there are plenty of alternative cryptocurrencies to choose from such as Ethereum, Litecoin, Ripple, Dash, Monero, Zcash, and more.

We would, of course, advise you to do some in-depth research on the cryptocurrency you want to invest in as not all cryptocurrencies are equal. Some are more stable than others and would, therefore, make for better investments.

Bitcoin is not the world’s first cryptocurrency, but it is the most successful.

Many have come before it but all have failed. And the reason for failure?

Virtual currency had an inherent problem — it was easy to double spend.

You could pay $100 to one merchant and use the same amount of money to pay a second merchant! Scammers and fraudsters simply loved this loophole.

Fortunately, in 2007, Satoshi Nakamoto started working on the Bitcoin concept. On October 31st the following year, he released his white paper entitled “Bitcoin: A Peer-to-Peer Electronic Cash System” which outlined a payment system that addressed the double spending problem of digital currencies.

It was a brilliant concept that drew the attention of the cryptographic community. The Bitcoin Project software was registered in SourceForge just a little over a week after the white paper was published.

In January 2009, the first ever Bitcoin block called the ‘Genesis block’ was mined. Days later, block 170 recorded the first ever bitcoin transaction between Hal Finney and Satoshi Nakamoto.

The very next year, in November 2010, Bitcoin’s market cap exceeded

$1,000,000! This was a very pivotal moment in the development of Bitcoin as this lead to more people getting interested and investing in bitcoins. The price at this point was $0.50/BTC.

However, in June 2011, Bitcoin experienced the so-called “Great Bubble of 2011” after reaching an all-time high of $31.91/BTC. Just 4 days after reaching its highest price, the exchange rate plummeted to just $10/BTC.

Many investors panicked at losing so much money and sold at a loss. It took almost 2 years for the exchange rate to recover and surpass the previous all-time high. Those who kept their bitcoins made the right decision as the price has continued to climb and surpass everyone’s expectations.

What’s really interesting about Bitcoin is that while all transactions are public and nothing is hidden from anyone, no one actually knows anything about Satoshi Nakamoto.

Many have speculated that he is not just one person but rather a collective pseudonym for a group of cryptographic developers. Some have come forward claiming to be Satoshi, but to date, his real identity remains a secret.

A cryptocurrency video course for beginners from an ex-Agora guru now publishing independently.

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#bitcoin #cryptocoin #crypto #trading #makemoney

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bitcoinbuddy · 4 years ago

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The incredible story of how I missed the boat on Bitcoin, still got rich, and how you can do the same...

The year is 2009.

I am sitting in my office in Asunción, Paraguay.

An intriguing document has just crossed my desk.

It was talking about a new kind of digital money called “Bitcoin”. As I read it, I immediately realized what a potential breakthrough this new technology could be.

But of course I was skeptical. Unsure if it would really work in practice.

I decided to buy a few bitcoins just in case it was for real and would go on to become successful.

After all, one bitcoin was worth just a few cents...

So I went online to see where I could buy some.

But there was a problem.

There was no marketplace to buy or sell bitcoin. Bitcoin was too new. Such exchanges simply didn’t exist yet.

I knew there was a process for “mining” bitcoin.

But I didn’t want to spend days setting up an extra computer. And then install the software, figure out how it actually worked and keep watching over my mining computer.

It was too much of a hassle just to get my hands on some bitcoin that were worth almost nothing at the time.

So I decided to keep an eye on Bitcoin and monitor its progress.

Fast forward to February 2011.

I had gotten busy with other projects and suddenly remembered to check on Bitcoin.

I was shocked to see that the price was over $1.

Bitcoin had sykrocketed up well over 1,000%.

I instantly regretted that I didn’t take it more seriously right away and didn’t go through the effort to acquire some coins when I first heard about the technology.

Then I had an epiphany.

The new Bitcoin technology was keeping its promise. Unless it got hacked or someone would find a fatal vulnerability in its software code it would probably continue to do well.

So I took the plunge and bought a small amount of bitcoin at around $2-3.

Bitcoin kept rising higher and by March 2013 I decided to take some first profits and sold 180 bitcoin at $37.

It seemed like a prudent move at the time.

After all, the price of bitcoin was up over 1,000% from where I bought it and had risen a crazy amount from its early days in 2009/2010.

I was also still worried that the Bitcoin network might get hacked.

So I pocketed a few thousand dollars only to watch Bitcoin shoot up to $181.

Meanwhile, the average person hearing about Bitcoin thought they had missed the boat too!

They looked at Bitcoin and saw a strange new form of money that went from mere pennies to well over a hundred dollars.

Clearly the big money had already been made. It’s too late to get in now... or so they thought.

That same year Bitcoin continued its relentless rise breaking $1,000.

In those early days I always thought of a thousand dollars per bitcoin as a magic round number and probably a good time to take some more profits of the table.

That’s why I sold another 148 bitcoin from my stash for close to one thousand dollars each.

And that was... CONTINUE READING

#bitcoin #make money today #cryto #cryptocoin #cryptotrading #get motivated #getting rich #cryptoexchanges #courses

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