What is Bitcoin

Bitcoin was the first cryptocurrency of its kind. It started it all. Originally conceived of by unknown programmer, or a group of programmers, under the name Satoshi Nakamoto in a white paper. This set out the purpose, development roadmap, and spirit of the digital currency.  Bitcoin was published to Github as open source software in 2009.

Bitcoin has become increasingly popular as an investment with its price increasing by thousands of percent over the last eight years. It has spawned hundreds of duplicates, variations and hopeful successors. The popularity of Cryptocurrency as an investment has become increasingly more popular.

How to acquire Bitcoin

There are three ways to acquire them. By purchasing them, in exchange for goods or currency like Australian dollars, exchanging them for other coins, or mining them. Mining is how you coins are generated. Essentially, your computer is rewarded for solving highly complicated mathematical problems.  In order to mine, you need to create a node or copy of the ledger. When you do this, you can opt in to provide gas in order to facilitate transactions. Which provides you with a small amount of Bitcoin for facilitating this.

Bitcoin’s original purpose

Bitcoin’s original purpose was to remove the necessity for a third party system like a bank. Therefore removing the fees and barriers to transactions. The other issue that users of a financial system have is the need for trust. Bitcoin’s proof of work process allows for each coin to be accounted for and removes the issue of double spending.  

For a complete understanding of what Bitcoin is, we highly recommend reading the Bitcoin white paper.

It all has to start somewhere.

Mr M