Bitcoin : Is this the future of currency?

By Anonymous

A while ago we made a post about Bitcoin. That was way back in 2013 when Bitcoin wasn't very popular.
In the mid of 2013, about exactly a year ago the value of 1 Bitcoin was around a $120. As of today, while you are reading this post, the value of 1 Bitcoin is close to a $600!!

So whats changed, that has caused this currency to become 5 times it's value in a year? Well, let's find out.



If you're not familiar with what Bitcoin is, well let's recap. In 2009 a computer programmer by the name Satoshi Nakamoto developed an algorithm that generates these little currency every time the computer cracks an program. It was considered a prize for each solution given by the computer. So when it was made public it got a lot of attention back then. So Bitcoin is an online currency that is generated in a peer to peer network. But you may ask this, since it was made public why can't the algorithm be overwritten and generate many bitcoins. Well this is possible as a matter of fact. But since the bitcoin network is completely an online database, any faulty bitcoins generated or obtained are immediately recovered. So the algorithm is 99% foolproof.

So the question almost everbody has is, How do I get these bitcoins? Well the answer is Bitcoin mining.
Bitcoin mining is similar to gold mining. A mining software exists which makes use of the computer processor to solve these mathematical equations or problems and the user is intern gifted with bitcoin. So why is it similar to gold mining? That's because bitcoin is no unlimited like gold. In fact it has a certain limit which can be mined after which this production of bitcoin stops. Well luckily that number is no where close to where we are now. I will give a detailed procedure on how you can mine bitcoin and it's requirement step by step in the next post so stay tuned for that.

One more frequently asked question is, how safe is this currently? or Is it legal?
Well the answer to these questions is YES the currency is quite safe but again nothing is 100% guaranteed.
And to aswer if it is legal, yes it is legal. In fact the largest Bitcoin reserve is rumored to be held by the FBI which is estimated to be close to a staggering 1,400,000 Bitcoin. LOL.

So at this point I will be talking a lot about bitcoin in the next few posts and I will be giving step by step instructions on how you too can mine bitcoin and make money sitting at home. So if any of you have any questions please do leave them in the comments and I'll be sure to answer each and everything :)

That's all for now.
Cheers!
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