Everyone Needs Bitcoin – Not Just Jews, Gypsies And Gays

On 3 January 2009, the bitcoin network was created when Satoshi Nakamoto mined the first block of the chain, known as the genesis block.

Economists define money as a store of value, a medium of exchange, and a unit of account. Bitcoin is peer-to-peer electronic “money” that is valuable because of the monetary autonomy it brings to its users.

Advantages Of Bitcoin

– Transactions are permissionless and borderless. Storage on a distributed ledger permits anyone to verify a transaction securely. – Does not need any identification to use. As long as you control your private keys, you own the funds.

Several institutional players from Fidelity to Intercontinental Exchange have now started building platforms related to cryptocurrencies.

The Current State Of Bitcoin

Endowments and hedge funds have invested either in the companies building platforms or in tokens directly.

In spite of all these progressive steps, Bitcoin is still considered to be in its infancy. The epic bull market of 2017 got everyone interested and then folks interested in speculative gains left.

Bitcoin has had volatility seven times greater than gold, eight times greater than the S&P 500, so it is not for the faint of heart.

Can Bitcoin be hacked?

The network is secured based on POW (Proof of Work). Bitcoin has now reached escape velocity such that even NSA can throw all its computing power and be unable to break the network.

What you hear about in the news are exchange hacks. Remember, bitcoin exchanges are not FDIC insured banks. When you store your coins in any location besides your private wallet, it is akin to leaving your money on the front porch.

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