Current Bitcoin Rate and News
What is Bitcoin
Bitcoin is the most widely known and used cryptocurrency. Essentially, Bitcoin, like most other cryptocurrencies are digital ledgers of accounts and the amount of “money” in the accounts. Bitcoin is decentralized, meaning that if everyone except 1 person were to stop using it, the network would stall and be unable to process transactions. This is because the Bitcoin network is ran by it’s users. Miners are paid to find new blocks and confirm transactions. The miners are paid to do this. If you head over to blockchain.info, you’ll see a massive amount of transactions being made every minute. These transactions are confirmed by the miners.
What’s the value of Bitcoin?
Bitcoin’s value fluctuates wildly. The first transaction made with Bitcoin was for two pizzas. The total price paid for the two pizzas was 10,000 Bitcoins. Today that is worth over $200,000,000. I hope that was the best pizza the guy ever had! Bitcoin’s value has been as high as $20,000 USD in early 2018 and as low as $8000.
How to get Bitcoin
With Bitcoin recently hitting 1,100 USD, Bitcoin is once again catching the attention of people in the tech world as well as the financial world.
With the price of Bitcoin spiking again after remaining fairly stable (as far as cryptocurrencies go,) Bitcoin is starting to look really lucrative to your average person again. Here’s a quick guide on how you can get a piece of the digital pie.
The first thing you’ll need is a wallet. A quick Google search will show you hundreds on options. You can choose an online wallet (hosted on someone’s website) or an “offline” wallet. I much prefer the second option as I feel it’s much more secure. Once you have your wallet installed, you should see your Bitcoin address. This will start with either a 1 or a 3. Example: 1GMmavE6XzWwUSwcSiTf2PVx4vnEyK43ra
The address your wallet generates for you will be the address you send and receive coins from.
I’m going to start by saying that this option is only going to be for a very small number of readers, as it requires a very power computer or something called an ASIC miner. Let’s start with the computer option. This is an option, if you want to lose money… You could drop several thousand dollars building a computer to mine coins and only get a few cents back per month. Moral of the story, don’t bother… The second option is buying an ASIC miner. Currently, the most powerful ASIC miner on the market is the Antminer S9 From Bitmain. For $2,100 USD, you can have a bitcoin miner powerful enough to make you a couple hundred dollars a month in coin. If you’re interested, you can check it out HERE
This option isn’t really ideal simply because it’s a very slow way to generate yourself some coin. If you don’t want to spend any money on hardware to mine, and you’re alright with tons of spam and slow returns, this method is for you.
Sites will offer you free bitcoin (usually totalling less than a cent) for visiting their site. They do this because they get paid for the advertising on their sites.