What is Bitcoin?
Have you heard about Bitcoin, but you’re not quite sure what it is? I totally understand! I thought I was the last one to really know what this is. I’ve heard about it in the past, but didn’t really pay much attention to it until lately. Boy, do I wish I would have looked into it back then!
Bitcoin is a currency that you can buy and sell. It’s basically digital money. It was created on a free market that isn’t based on one computer. It’s not tied to any central bank. It’s also not regulated by the government. It’s actually considered much more secure than money kept in a bank.
Bitcoin is also an easy way to move money globally without paying huge fees that places like Western Union, etc. charge their customers.
When Bitcoin started?
Bitcoin was implemented in 2009. Back then Years ago you could buy a Bitcoin for less than $1. Now it’s over $4,000 for 1 Bitcoin!
This is crazy!
Many are now estimating the price of Bitcoin might go to 1 Million
Is it risky to invest in Bitcoin?
No one can say for sure how well Bitcoin will do in the future. Like most other investments- Bitcoin value could keep rising and anyone who owns Bitcoin could end up making huge amounts of money. Or it could totally fail and anyone involved loses their money.
I personally think it’s something worth considering, but wouldn’t recommend spending money you don’t have. If you do decide to buy Bitcoin, only spend what you can afford to lose.
How do I buy Bitcoin?
To store Bitcoin, you would go through a company that creates a wallet to basically hold your Bitcoin. You will want to look into different companies and decide which one you will trust and use.
You buy Bitcoin in dollar increments. For example, even if 1 Bitcoin is worth over $4,000, you don’t have to buy a whole Bitcoin. You can buy a portion of a Bitcoin. You can buy $5, $10, or more of Bitcoin. You decide how much you want to spend.
Which app is the best?
This is the company that I have used:
I have been using Coinbase to puchase Bitcoin. I really like how user-friendly it is. It was so quick and easy! I tried another company and found it very confusing. I decided to stick with Coinbase for now, but if I try anything else out, I’ll add to this post.
Want to know the best part?
Where can I spend Bitcoin?
Currently, thousands of merchants are accepting Bitcoin. Here are a few popular sites that are currently accepting Bitcoin:
You can also easily transfer Bitcoin to friends, family, or even many charities.
More information on Bitcoin
Basic information at Bitcoin.org
Right now, you can also watch Banking on Bitcoin on Netflix
You may also be interested in budgeting hacks for single parents
It’s worth having a small part of your portfolio in bitcoin, and it’s definitely worth understanding the currency revolution. What do you think about Bitcoin? Do you own any Bitcoin?