So what is this Bitcoin thing everyone is talking about?
First released in 2009, Bitcoin , the fastest price increasing asset the world has ever seen. It is a digitalized currency and/or store of value (digital gold), that is made of computer code that can never be changed (immutable).It has a fixed supply (21,000,000 Bitcoin) meaning there is no inflation, and its network is run by no single entity. As of today, it boasts over 10,000 different servers nodes or (digital book keepers) and growing, thus "decentralized" meaning no one entity owns or controls it.
A bank is "centralized" because you hand your money over to a bank (one establishment) and you are trusting their system to hold it safely. With Bitcoin, you are using a network of different servers all around the world that all keep the same record and update together (called Blockchain). Don't worry if this doesn't make much sense yet. This is where you store your funds in your digital bank account that only you can access and cannot be tampered and allows you to be the boss of what happens with your funds.
A bank is "centralized" because you hand your money over to a bank (one establishment) and you are trusting their system to hold it safely. With Bitcoin, you are using a network of different servers all around the world that all keep the same record and update together (called Blockchain). Don't worry if this doesn't make much sense yet. This is where you store your funds in your digital bank account that only you can access and cannot be tampered and allows you to be the boss of what happens with your funds.
History of Bitcoin in a nutshell...
Statue of "Satoshi Nakamoto"
In 2008, an anonymous computer programmer known on Satoshi Nakamoto, came up with the idea of the Bitcoin white paper (you can read it here if you like). He designed the currency out of immutable computer code (which means it can't be changed) to be virtually free to use, have no middle man, which means no one can stop you from sending money anywhere globally, and its held in your own custody instead of trusting an establishment with your money. It allows you to be your own banker, and answer to no one about whether or not you are allowed to move your money. You have no daily spend or deposit limits, no delay times, and the currency while volatile, over the years vastly outperforms the standard fiat currency in buying power (how many goods and services you can afford).
For example: The U.S. dollar has lost 94% of its value since 1922. That means in the year 1922, if you had $70000 USD, it had the buying power of $1,234,045 today.
In 2022, what does $70,000 get you, a nice car instead of a big house? If someone in 1922 saved their life savings and left it in a bank account for their grand kids for 100 years, it has lost 94% of its buying power and in another 100 years will likely be almost worthless.
In contrast, $1 USD in 2008 could have bought 1630 Bitcoin; which at the peak of the 2021 bull market was worth $64,818 USD per Bitcoin. Your $1 USD invested back then would be worth $105,674,000 which is a (ten billion five hundred sixty-seven million five hundred thousand) percent (%) return in only 13 years.
Click on this reference to see a record of Bitcoin's price in 2009.
The photo below shows a blog from 2010 where a man gave away 5 free Bitcoin per customer to spread awareness of it .
For example: The U.S. dollar has lost 94% of its value since 1922. That means in the year 1922, if you had $70000 USD, it had the buying power of $1,234,045 today.
In 2022, what does $70,000 get you, a nice car instead of a big house? If someone in 1922 saved their life savings and left it in a bank account for their grand kids for 100 years, it has lost 94% of its buying power and in another 100 years will likely be almost worthless.
In contrast, $1 USD in 2008 could have bought 1630 Bitcoin; which at the peak of the 2021 bull market was worth $64,818 USD per Bitcoin. Your $1 USD invested back then would be worth $105,674,000 which is a (ten billion five hundred sixty-seven million five hundred thousand) percent (%) return in only 13 years.
Click on this reference to see a record of Bitcoin's price in 2009.
The photo below shows a blog from 2010 where a man gave away 5 free Bitcoin per customer to spread awareness of it .
This is his website below. Sadly, he is no longer offering this service.
Problem is, almost no one knew about it back then, most people that did thought it was an internet scam just for the black market and thought when it went to $100, that it hit its peak forever and will go to $0! So don't feel bad for missing out; 99.9% of the world did too and were left behind on it's biggest gains.