Just Thinking About Bitcoin and Blockchain.
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Just in case your new to this space; in 2008 Satasi Nakamoto created a white paper to tell the world about this invention Bitcoin. To keep this simple Bitcoin is digital money;
DEFINITION of 'Digital Money'
"Any means of payment that exists purely in electronic form. Digital money is not tangible like a dollar bill or a coin. It is accounted for and transferred using computers. Digital money is exchanged using technologies such as smartphones, credit cards and the internet. It can be turned into physical money by, for example, withdrawing cash at an ATM.you may see photos of what a Bitcoin may look like, but they are not real. Bitcoin may only be bought, sold or traded, digitally." InvestopediaBitcoin is designed as store of value;
"Any form of commodity, asset, or money that has value and can be stored and retrieved over time. Possessing a store of value is an underlying basis for any economic system, as some medium is necessary for a store of value in order for individuals to engage in the exchange of goods and services."
Only 21 million coins will ever be produced.
Unlike other currencies ( called fiat currencies ), as in the dollar, as supplies get low or value goes down, they just print more, thus decreasing the value. This only created a false belief that the dollar is strong
Bitcoin should only go up in value because there will only be 21 million ever produced.
Bitcoin is very fluid in movement, it reacts to news and trading just like the stock market does every day.
Personally I would do extensive reading about cryptocurrencies before investing. I have found some excellent reading materials: Coindesk, Coinlist, and Medium, also Cold Fusion on Youtube.
I always remember 'Jack' my poker playing buddy from our young wild years, he said: " never gamble with money you can't afford to lose".
Bitcoin
is the granddaddy of all cryptocurrencies and as the Internet had big highs and lows so will Bitcoin and it's followers, but the train has barely left the station. Buyer beware!The Blockchain is
a collection of nodes (computers) anywhere in the world. Before a transaction is approved a certain percentage of nodes must approve the transaction. Large groups (called miners ) race to see who will approve the transaction first; earning some percentage of Bitcoin. The business world is finding out the advantages of the Blockchain, the savings and efficiency and millions of uses, are yet to be discovered, so just hang on!
Please let me recommend the writing and videos of Ray Dialo:
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