You might have heard of Bitcoin by name, but how much do you truly know about it? For those not in the know, this is a digital payment system that allows people to make transactions between one another directly. In other words, Bitcoin doesn't require a middleman. With this information in mind, here are 4 more intriguing facts about the payment system in question, courtesy of financial authorities such as Bob Jain.
Bitcoin was created in 2008 by Satoshi Nakamoto, though the actual identity of the individual is unknown. This name is used to describe a person or even a group of people responsible for the development of the aforementioned payment system. There are certain "facts" floating around about Nakamoto, such as that he was born in 1975. However, information like this is largely unsubstantiated and cannot be verified.
Also, if you tried to figure out how much a single bitcoin is worth in US dollars, you might come up with a solid answer. The reason for this - and names like Robert Jain will say the same - is that bitcoins don't have a set value. Instead, their value increases or decreases over the course of time. For instance, if it's largely accepted that this digital currency can be used to make purchases like with traditional currency, its worth will rise.
What are some of the ways that one can get their hands on bitcoins, you may wonder? Believe it or not, there are different websites that allow people to trade the money they have for the digital currency in question. Bitcoins will be provided at the exchange rate at the time. You might also be able to gain bitcoins in other ways, but this seems to be the easiest method, especially for those that are unfamiliar with said currency to begin with.
To wrap things up, you should know that it's entirely possible for bitcoins to become lost. It's important to note that this form of digital currency is held in wallets, which should be looked after with care. The reason for this is that they can become lost, along with the currency they hold. A specific code is given to each bitcoin, meaning that a replacement cannot be easily formed. For those that are looking to invest in said currency, it's worth keeping this information in mind.
Bitcoin was created in 2008 by Satoshi Nakamoto, though the actual identity of the individual is unknown. This name is used to describe a person or even a group of people responsible for the development of the aforementioned payment system. There are certain "facts" floating around about Nakamoto, such as that he was born in 1975. However, information like this is largely unsubstantiated and cannot be verified.
Also, if you tried to figure out how much a single bitcoin is worth in US dollars, you might come up with a solid answer. The reason for this - and names like Robert Jain will say the same - is that bitcoins don't have a set value. Instead, their value increases or decreases over the course of time. For instance, if it's largely accepted that this digital currency can be used to make purchases like with traditional currency, its worth will rise.
What are some of the ways that one can get their hands on bitcoins, you may wonder? Believe it or not, there are different websites that allow people to trade the money they have for the digital currency in question. Bitcoins will be provided at the exchange rate at the time. You might also be able to gain bitcoins in other ways, but this seems to be the easiest method, especially for those that are unfamiliar with said currency to begin with.
To wrap things up, you should know that it's entirely possible for bitcoins to become lost. It's important to note that this form of digital currency is held in wallets, which should be looked after with care. The reason for this is that they can become lost, along with the currency they hold. A specific code is given to each bitcoin, meaning that a replacement cannot be easily formed. For those that are looking to invest in said currency, it's worth keeping this information in mind.