The best way to find out is to try it out
Your friends might have told you about the bitcoin investing buzz and how its value went up to P850,000 in December 2017 from just P50,000 in January 2017. Before you put all your life savings on bitcoin, it is best to know the basics and learn what sets it apart from traditional financial instruments.
WHAT IS BITCOIN?
Bitcoin (BTC) is a digital currency that was designed and implemented in 2009. It was proposed by a person, or a group of persons, who went by the name Satoshi Nakamoto. There were many speculations about Mr. Nakamoto’s identity after he published a paper describing Bitcoin on the P2P (Peerto-Peer) Foundation’s website. However, the true identity of Mr. Nakamoto remains unknown to this day.
Bitcoin is also a cryptocurrency. Cryptocurrencies rely solely on computer power to process transactions, secure transactions, and control the supply of currency in the market. Bitcoin is the first decentralized cryptocurrency. The decentralized system of bitcoin is called the blockchain.
Since then, there have been more than a hundred new cryptocurrencies created. The most popular alternatives are ethereum (ETH) and litecoin (LTC). The website coinmarketcap.com has a list of all known cryptocurrencies and their current values against the US Dollar.
HOW DO BITCOINS COMPARE WITH MY PESOS?
Bitcoin is a form of digital cash. It has no physical form and exists only in computers connected to a peer-to-peer network. If you have used BitTorrent technology to download big files from different sources, you have used a P2P network.
This story is from the January 2018 edition of Speed Philippines.
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This story is from the January 2018 edition of Speed Philippines.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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