Skip to main content

19 THINGS NO ONE WILL EVER TELL YOU ABOUT BITCOINS

Bitcoin is a cryptocurrency, i.e a form of electronic cash. It is the world's first decentralized digital currency, meaning it is designed to work without a central bank or any regulation and it can be transfered from person to person.
Here are things to know about Bitcoins: .
1. First Bitcoin was first issued in 2009 by someone with a pseudo name Satoshi Nakamoto. Who is also believed to be the founder.
.
2. In 2009 when it was established, a bitcoin is worth $0.0009. I.e
$1 = 1111 Btc
.
3. As at the time of writing this article (24th of July 2018) a bitcoin equals 8164.88 dollars i.e
1 Btc = $8164.88
.
4. The first real-world transaction on Bitcoin was carried out on 22 May 2010 when Laszlo Hanyecz bought two pizzas in Jacksonville, Florida for 10,000 Bitcoins. In five days, the price grew 900%, rising from$0.008 to $0.08 for 1 bitcoin.
.
5. As dollar and other currency are to 2 decimal places, bitcoins is to 8 decimal places i.e
$1 = 0.01 cent
1 btc= 0.00000001 Satoshi
.
6. How do individuals get bitcoins?
i. Buy from person or visit websites that sell bitcoins and pay them. E.g Coinbase
.
ii. Sell product or offer services in exchange for bitcoins or to be paid using bitcoins.
.
iii. Mining (i.e running a software to find bitcoin) just like mining gold.
.
7. How do people profit from bitcoin?
i. Invest or trade i.e you can buy and hold to sell at a later time for profit or do short term trading.
.
ii. Offer discounts to people who are willing to pay using bitcoins. E.g if my phone cost #10,000 in the market, I can decide to sell it for #5000 (worth in bitcoins) if you are willing to pay me in bitcoins. So just convert the #5k to bitcoins and transfer it to me.
.
iii. Mine (mining is free) then sell at the market value
.
8. Certain amount of Bitcoins will be released every ten minutes and total bitcoins that will ever be issued is 21,000,000 which will last till year 2140.
.
9. Just like Fiat currency e.g Dollar and Naira, Bitcoin is not backed by anything tangible. It increases in value by the trust people place on it. The more people try to invest on it, the more it value soar.
.
10. Individual bitcoins are stored in app called Wallets. Examples are Coinbase, My Ether Wallet, Paxful, Mycellium etc.
.
11. Every Bitcoin wallet issues you a
i. Public key -
27 to 32 Alphanumeric (alphabet and number) character. So u give this key to anyone who wish to send you coins.
.
ii. Private key- Password to access ur bitcoin account.
.
12. As at 18/07/2018, Mastercard has won the patent to link cryptocurrency with fiat accounts meaning as a user, you would have two linked accounts with your bank — one for your fiat wealth, and one for cryptocurrency.
.
13. All the bitcoins transactions are stored in a public ledger called Block Chain where everyone has access to it since 2009.
.
14. Apart from Bitcoins, other crypto - currencies has emerged such as Etherium, Litecoins, Dash, Doshcoin, Nubit etc.
.
15. The 3 people with the highest number of bitcoins are:
i. Barry Silbert (cryptocurrency maven)
.
ii. Tim Draper (billionaire venture capitalist)
.
iii. Charlie Shrem (Bitcoin early adopter)
.
16. Examples of big companies that accept Bitcoins are Microsoft, Paypal, Shopify, Wordpress, Reddit, Namecheap, Wikipedia, Badoo and so on.
.
17. On Oct. 2013. The first Bitcoin Atm was made in Canada by Robocoin Mchine in a local coffee shop and since then there have being more than 3150 active bitcoin ATMs around the world,
.
18. The truth is that you dont have to spend money before making bitcoin, you can spend your time and get it converted to money, infact there is a forum for Bitcoin participants i.e Bitcointalk.org with over 2 million users where people join various bounties and earn token for their services.
.
19. Risks of bitcoin
i. political or government intervention. For example China has many times banned bitcoins because of the threat it poses to thier currency.
.
ii. Bugs or software hack. There have been many recorded cases of some wallets apps been hacked thereby leading to consumers losing all their monies. So I will advice you only use Coinbase or My Ether Wallet.
.
iii. Protocols that can lead to panick or lack of trust.
.
Though Bitcoin is still an experiment,  but the biggest question is - "will it be widely accepted as a means of payment and store of value like Gold?"
Well I will advice you not to wait until its too late.
.
You can message me personally and I will expose you on how you can make #45,000 to #90,000 per month without spending. Whats in it for me? Well apart from the traffic I drive to my blog and the fact that I can't mine all the bitcoins that ever exist, I believe my post will be a source of inspiration to others who never knew of Bitcoins.
.
Note
- If you want to purchase bitcoins, I will advice you invest with money you can afford to lose. Cause value of bitcoins continually rise but no one can tell if it will fall.
.
Telegram Channel: @Bitcointalker ( T.me/bitcointalker)
.
Earn your first bitcoin in the wallet: https://bit.ly/2mE4u0X
.
Bitcoin Forum: www.bitcointalk.org


Comments

Related Posts Plugin for WordPress, Blogger...

Popular posts from this blog

7 Ultimate Exercises That Will Transform Your Body

Looking for some effective ways to transform your body? There are a few great exercises that will help you to reach your fitness goal. These exercises are easy but effective in strengthening your body along with burning unwanted calories. However, sticking to these exercises is not enough to transform your body, you should also eat healthy and get enough sleep regularly. Don’t waste your precious time doing other workouts, here are seven exercises that will help you transform your body in no time. 1. Jumping rope When was the last time you jumped rope? Perhaps in your childhood. Jumping rope is a cheap and easily portable exercise that you can do almost anywhere. This workout burns more calories per minute than any other workout. Get jumping for a perfect exercise and plenty of fun. One of the best things about jumping rope is that you can do it with your kids. Moreover, jumping rope is a fantastic way to fit in a highly effective cardio session when you are on the go. Simply toss you…

DO YOU SEE THESE STRANGE LINES ON YOUR NAILS? DON'T JOKE WITH IT, THIS IS WHAT IT SAYS OF YOUR HEALTH

As I’ve gotten older, those vertical ridges on my nails seem to be getting more and more prominent.

That’s when I decided to do some research to see if those ridges meant anything about my health, and if there was anything I could do to get rid of them.
What They Mean About Your Health After a lot of research, I did find that there is a small, rare possibility that those ridges can mean an underlying medical condition or possibly even nail trauma.
But for most of us, it’s completely normal as we age to see them getting more noticeable, especially if you have dry skin or skin conditions such as eczema.
I’m 36, and they’ve only recently started bothering me, but I’m relieved to find that they are most likely harmless. I’m just getting old.
But Why Are They There? They’re basically like wrinkles of the nails! As we age, the nail matrix gradually starts to lose it’s effectiveness in some areas, causing your nails to grow out uneven, resulting in what we see as lines or ridges that run from the c…

NUMERATION AND NUMBER NOTATION LESSON PLAN AND LESSON NOTE FOR PRIMARY, SECONDARY AND HIGH SCHOOLS

Guide Days Content  Starter  Plenary Class Activities Homework 

Monday Counting and writing whole numbers up to 1000. 
Counting and writing numbers in units of thousands. 
Writing Numbers in Units of thousands in words. 

Resources Beads, Beans, Number chart, match box  Introduction to numeration and notation  Numeration is defined as the act of counting numbers in words or numerals. Example 1 is one, 2 is two, 10 is ten, 100 is one hundred and 1000 is one thousand while notation is the act or system of using symbols to represent numbers. Example 0,1,2,3,4,5,6,7,8,9 and 10
Counting and writing whole numbers up to 1000 Counting and writing whole numbers up to 1000 will be a lot easier if we classify the numbers into three groups: a. 0 - 9 (these are numbers in units)  b. 10 - 99 (these are numbers in tens)  c. 100 - 999 (these are numbers in hundreds)  Example 1 1. Write 5 consecutive numbers after each of these numbers a. 489 b. 334 Solution  a. 489, 490, 491, 492, 493, 494 b. 334, 335, 336, 337, 338, 339
Examp…