Differences between Bitcoin and regular money
The first thing you need to understand about Bitcoin is that it is a virtual currency. In other words, there is no physical representation for a Bitcoin. You will never hold them in your hands, stuck them in your socks cabinet, or worry about your children eating them.In simple words, Bitcoins are purely digital money. However, that does not mean Bitcoins are unsafe. You do not have to worry about someone “digitally printing” more Bitcoins and diminishing their value.
Unlike regular money, each Bitcoin stands protected by state of the art cryptography and triple entry accounting[1]. This makes Bitcoin one of the safest currencies in the modern world.
The second important thing to know about Bitcoin is that the system’s value relies on the users’ consensus. This means that the monetary power behind a Bitcoin varies according to how much the users decide together.
This means that, while unstable at the beginning, the value of Bitcoin in 2020 has the backing of millions of users.
Bitcoin history
The origin of Bitcoin comes from 2009 when Satoshi Nakamoto implemented a protocol to make cryptocurrency possible.The purpose of the code was to make it possible for users around the world trade using digital money as the base for each exchange.Nakamoto would leave the project by the end of 2010 but the software would last on its own because it was freely available and modifiable to anyone who wanted to use it. This means that as long as the code respected certain rules to keep it consistent and compatible with other users’ code, any improvement was possible.
The currency would start slowly with a bit of a bump in value around 2013 but would fall again and remain stable for years. Until 2017, when it reached its highest historical value up to date rounding the 17,000 US$ for each Bitcoin in the called bubble.
While now in 2020 the value of Bitcoin stands a lot lower than in 2017, a price circling the 8,000-9,000 US$ for Bitcoin is nothing to laugh of.
Bitcoin today
This 2020 has been an eventful year. However, the digital currency stands strong with a current price above the 9,000 US$ for each Bitcoin. Additionally, the current amount of unique users of Bitcoin around the world stands above 5 million.This means that the Bitcoin as cryptocurrency still stays viable even among the current popularization of multiple alternatives. Moreover, the amount of transactions involving Bitcoin keeps rising constantly as more and more reputable exchange wallets appear.
Overall, while far from the boom of 2017, we can see Bitcoin as a strong currency in 2020 that still has a reliable backing in both users and cryptography.
There is, however, one more fact to remember this 2020 regarding Bitcoin. This May 11 happened third halving of the reward for producing the currency. This means that for approximately the next four years, the reward for production will stay at its current value.
How people trade Bitcoin
Now that you know how strong Bitcoins are this 2020, you may be wondering where to get them.Truthfully speaking, you could get your Bitcoins by directly mining them. However, unless you are planning to take Bitcoin mining as a business and are looking only to invest a little or simply use them, there are better options.
The easiest and more convenient way to get Bitcoins in 2020 is to exchange them for other currencies. Just as you can exchange dollars and euros, there are specialized platforms that allow you to exchange your dollars to Bitcoins online.
Naturally, these platforms charge a small amount for each transaction they mediate to keep their operational costs and make a profit. However, this is good news because it means they are as interested as you are on each Bitcoin being legal, traceable, and safe.
Bitcoin Conversion online
That is where our platform comes into play. We are a specialized company that thrives in the exchange of both digital and tangible currencies. So if you are looking into Bitcoin for a quick investment, small shopping, or long term saving, feel free to check up our exchange rates. I guarantee you will not be disappointed.If you are curious about the safety of our exchanges or any step involved in the process, please contact us! We want to make sure you understand perfectly our services and that you get the attention you need.
Bitcoin exachange rates can be found here:BitCoin
Reference
[1] financialcryptography
