As a beginner in bitcoin, you need to first understand what bitcoin is before you can make any money from it. Maybe you are just coming across bitcoin in 2019, but the truth is that bitcoin had been around ten years earlier than now. Yes, bitcoin came to being in 2009. Over the years, it has gained popularity and has now become the most expensive cryptocurrency in the world.Bitcoin price has risen over the years and has become the most sought after cryptocurrency. The price had been fluctuating over the years, however, and its price skyrocketed in 2017, selling for as much as $20,000. The price before this boom was a little less than $1000.
Bitcoin was practically on the lips of everyone interested in the cryptocurrency and the rise in its value compelled many people to invest in bitcoin, including those who have never been involved in bitcoin investment before now.
What exactly is bitcoin?
Bitcoin was invented by Satoshi Nakamoto. It can be defined as a peer-to-peer electronic cash system. It is also a decentralized digital currency and has no central administration, which is one of the factors that make it very difficult to trace bitcoin transactions. There is no controlling authority or bank in charge of its transactions and exchanges. You can send or receive bitcoin from anyone in the world and without ever requiring the service of an intermediary or a middleman.
The symbol of bitcoin is BTC. As stated earlier, the bitcoin price is the highest among other cryptocurrencies in the world today. Bitcoin should not be seen as just another form of currency. It is more of a payment system that permits the end users to forward a verifiable payment system from one person to another and the payment is sent electronically. The method of sending and receiving bitcoin payment is also very easy and secure. The fact that it is sent electronically is the exact factor that makes it one of the most secure and easiest ways to make payments. The absence of a central authority removes the bottleneck from bitcoin-related transactions. Bitcoin is an open-source software and some are even making payments via bitcoin.