In the beginning, there was Bitcoin and next came a cryptocurrency revolution. The future of Bitcoin is bright.
What is Bitcoin, you ask?
It was launched in 2009 and has become the world’s largest cryptocurrency by market capitalization.
Bitcoin is created, distributed, traded, and stored via blockchain, also known as a decentralized ledger system. Bitcoin’s system is a collection of computers that runs its code and store its blockchain.
Think of a blockchain as a collection of blocks with another collection of transactions inside. No one can cheat the system because all the computers running the blockchain have the same list of blocks and transactions.
Read on to find out why you should get in on the action.
What Is Bitcoin Mining?
During the Bitcoin mining process, the cryptocurrency is released into circulation. Difficult computational puzzles must be solved to discover a new block and add it to the blockchain.
Application-Specific Integrated Circuits (ASIC) and Graphic Processing Units (GPUs) are two hardware options.
Bitcoin uses peer-to-peer technology to facilitate instant payments. Miners are in charge of processing blockchain transactions and have rewards in new Bitcoin and transaction fees paid in the cryptocurrency to look forward to.
Bitcoin mining adds and verifies transaction records across the network.
The Future of Bitcoin
New York Giants Running Back Saquon Barkley is converting his endorsement money to Bitcoin in partnership with Strike. Strike uses the Lightning Network payments platform to convert direct deposits for checking accounts into Bitcoin.
He announced it on The Best Business Show with Joe Pompliano, and Barkley currently makes $10 million from deals with Nike, Pepsi, Visa, and Dunkin’, among other companies.
He cited high inflation rates as a reason why he’s making the move. He’s not the only football player to make the shift.
Free-agent offensive tackle Russell Okung was the first NFL player to do so when he requested that Carolina Panthers split his 2020 salary in Bitcoin and the US Dollar.
Earlier this offseason, free-agent tight end Sean Culkin announced that he wanted to convert his entire 2021 salary into Bitcoin.
Buying Bitcoin and Selling Bitcoin: What You Need to Know
Should I invest in Bitcoin? The answer is yes. Click to see what Bitcoin ATMs have to offer.
There are four things you must do before buying Bitcoin:
Choose an Exchange
Choose an exchange. Coinbase, Kraken, Kraken, Gemini, and Binance U.S. are a few you can check out.
Pair Your Exchange with a Payment Method
You will have to provide proof of your identity (driver’s license, social security number, employer information, funding source).
Check to make sure your bank allows deposits with the exchange of choice.
Place an Order
Crypto exchanges offer users the ability to place market and limit orders, stop-loss orders, stop-limit orders, and more.
Get a Bitcoin wallet to secure your cryptocurrency. Having a personal wallet gives you control over the private key to your funds.
Selling Bitcoin can be done with a few clicks of the mouse, and it’s a wise decision if you want to do the following:
- Buy goods and services online
- Capture gains and avoid losses when the market is volatile
- Cash in on previews Bitcoin purchases
- Transfer funds into another cryptocurrency
- Sell Bitcoin in exchange for fiat money
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Bitcoin and other cryptocurrencies are here to stay.
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