Bitcoin surges past $10,000?

Will it won't it that is the question?

At the moment it is sitting at around $9,532 and getting closer to that 10k mark. I think it will smash it but hey I am all for bitcoin so I will say that of course but shit I am not wrong it has blown past the 10k mark ( wooohoooo party time) lights candle on bitcoin cake let the good times roll. From here on in the rise will be just massive it will require such a small amount of movement to get us up to 15k. I read something somewhere giving a breakdown of how this will work but for some reason I cant find it (must get more organised).

Why will it move faster you may ask? Well I have to idea ha ha but one reason I think it will is it is getting more coverage in all types of media outlets and you will notice this more and in doing so more people will get involved in buying it and in turn will push the price up faster. Here comes the moon I say or maybe miss the moon and hit mars with the growth. Just make sure you  get on it as fast as you can cause we wont be coming back to get you.

As I always say get on the train and don't miss the boat, just realized train and boat shit lets just get the shuttle skip the train and the boat. Lift of is starting soon!!!!!!!!!!!!!!!

Is crypto dead again?

We are at that time again where everyone is saying that's it bitcoin and alt coins are all dead there is no money in it the bubble has burst and so on. Well STOP thinking that crap its not dead or nearly dead its just resting, when something makes massive gains in such a short period of time it is vital to stop and refuel. This is the refueling stage so take my word and always get a bit more if you can afford it (I have anyway)

In my short time in this environment I have noticed it over the last number of months that something like this always happens and always takes a jump back up. I wont be surprised if in another week or so that it will jump again to all time new highs.

This is just a short blog as I think people need some information and not be panicking about it. As I say just stock up what you can afford and keep building on it, it will be worth your while down the line when you have a healthy returns on your investment or a few extra pound for something nice you need in the future.

Key part to take form this post is ;

1. Get more if you can
2. KEEP CALM
3. Repeat 1 and 2

Its as easy as that

Thanks for reading and good luck   

Bitcoin accepted in Amazon??

With the growth of bitcoin over the last 3-4 years we have to wonder is their a chance that it will become more main stream soon. Will it be accepted in big stores such as Amazon, for me I think that this would be of great use and also show the world even more that bitcoin is here to stay. Imagine not having to pay those stupid credit card fees when buying something and maybe give you even more money to spend on the things that you want.  News has been spreading around lately online of course that Amazon is in the process of accepting these payment but how true these are are yet to be known.

Imagine black Friday sales and paying with bitcoin Swooshhhh. 

But the big question who will it help?

If bitcoin gets accepted by Amazon I believe that this will be great for public adoption of bitcoin by making it more mainstream. However, I do not see the same benefit for Amazon because bitcoin is still not mainstream enough. They will not be many people that are in a position to use bitcoin for purchases so for that reason it may not be of great advantage to Amazon.

As stated in crypto coin news.

Amazon has long been considered the “white whale” of bitcoin acceptance. As one of the world’s foremost retailers, their decision to accept bitcoin would provide bitcoin with a tremendous credibility boost and would likely increase the rate of mainstream cryptocurrency adoption.

However, Amazon has made no public statements suggesting they will implement bitcoin payments, and frankly there is currently little incentive for them to do so. The company is so ubiquitous that is unlikely they would see a noticeable increase in sales. Amazon’s valuation is nearly four times the size of the combined market caps of all cryptocurrencies, and despite the bitcoin price’s year-to-date surge, its market cap is still more than $15 billion less than the net worth of Amazon founder Jeff Bezos.

Those who are long on bitcoin expect that retail giants such as Amazon will eventually join forward-thinking companies such as Overstock in accepting cryptocurrency payments, but investors should remain skeptical of unverified reports that this will occur in the near future–especially when the person making the claim is trying to sell you something.

MasterCard Looking at Bitcoin

New patent filings from Mastercard show how the credit card giant is looking at blockchain as a possible means for easing payment settlement times.

In a patent application released last week by the U.S. Patent and Trademark Office, the company describes a blockchain-based database capable of instantaneously processing payments, guaranteeing that merchants don't need to wait days before receiving funds for their products.Source

Further, the filings indicate that the tech would help the firm keep an ongoing record of these transactions, verifying that a vendor was actually paid after a particular sale.

The data being stored would include the transaction amount, a guarantee of payment, confirmation of the payment and account profiles for the parties involved. These account profiles will also store each users's balance information, according to the application.

This is a snippet of their approach;

“There is a need for a technical solution where a payment transaction can be guaranteed in a manner that is readily verifiable by an acquiring financial institution and/or merchant, and where the guarantee can be used in conjunction with multiple types of payment instruments as well as multiple transaction types, including e-commerce transactions.”

A lot of the above information was collected here as it is very hard to get reliable information from anywhere else.

Can you still mine Bitcoin in China?

As the rise of Bitcoin progresses I was wondering when I listen to all the talk online about banning bitcoin in china it got me thinking can you still mine it over there or is that to illegal to do. Below is an article that I found on cryptonews and I will leave a full the full website at the bottom of the post, I just think I could not explain it any better than it is explained here.

Throughout this week, false reports regarding the legality of bitcoin and cryptocurrency mining have emerged. Local sources have revealed that bitcoin mining is not banned as of yet.

Unconfirmed Reports and Rumors

Initially, Sichuan Electric Power Company, released an unconfirmed circular which claimed that the use of electricity to produce and mine bitcoin is illegal. Caijing, an independent news publication based in Beijing, first reported on the circular released by Sichuan Electric Power Company, and more media outlets followed.

CnLedger, a trusted news source of the Chinese cryptocurrency market, quickly debunked the report, after Sichuan Electric Power Company admitted that it had made several mistakes and included unverified claims on its circular.

“The head of that company has clarified that they made mistakes on the statement, as they are not a government administrative department, and have no rights to determine whether bitcoin mining is illegal,” wrote CnLedger.

According to the county electric power company in Sichuan, the firm did release a notice which explicitly described bitcoin mining as an illicit operation. But, an executive of the company stated that the circular was released in a hurry and that the company is not in a position to ban or restrict bitcoin mining.

“However, head of the company clarified to Caixin today that the notice was made in a hurry; it is not their role to determine whether bitcoin mining is against the law. Actually the company is not yet connected to national grid, and relies on local stations to get electricity,” added CnLedger.

Government and State-Owned News Publication Clarify

More importantly, state-owned business and finance news publication Caixin, revealed that the government has no intent of banning bitcoin mining or any activity surrounding cryptocurrency mining in the region as of yet.

Caixin’s report was particularly important and notable to the controversy surrounding a potential bitcoin mining ban in China as it has operated as the official press of the Chinese government. CnLedger explained that Caixin has communicated with the government, which announced that bitcoin is not illegal as of current. CnLedger revealed:

“Caixin also mentioned that technically these 6 stations are not qualified grid power supplier. So they are not allowed to the grid anyway. The electricity they produced is considered “wasted” power. Previously Caixin has also contacted those who are close to the regulators, and was told that currently there is no plan to forbid bitcoin mining.”

Conclusively, a premature and unverified circular of a country grid operator led to a series of false reports around the legality of bitcoin mining. So far, the government and state-owned press have evidently demonstrated that the country has no intentions to ban bitcoin mining.

In the upcoming months, several analysts predict the Chinese government to provide necessary regulatory frameworks around cryptocurrency trading and bitcoin mining. Businesses have not ruled out the possibility of cryptocurrency trading resumption, given that the Chinese government has emphasized the need for strict Know Your Customer (KYC) and Anti-Money Laundering (AML) policies for cryptocurrency exchanges.

Source

European Banks

Long active in evaluating blockchain technology broadly, a European Central Bank (ECB) official took steps this week to stress the institution is closely watching cryptocurrency.

In an interview published on Oct. 29, Benoît Cœuré, one of the central bank's executive board members, elaborated briefly on the bank’s views on the subject, telling Le Journal du Dimanche it is following their development and spread.

The ECB is not "ignoring" the spread of cryptocurrencies, he said. Yet, at present, he does not consider them a risk to the bank or the euro.

Cœuré told the organization:

"At the moment cryptocurrencies don't pose any monetary risk because the amounts involved are marginal. They are speculative financial instruments which create risks of a financial or even criminal nature."

Some nations are moving away from physical bills and coins to their own cryptocurrencies, so central banks, in general, are monitoring them closely, he continued.

In September, the ECB's president, Mario Draghi, said nations in the eurozone could not use their own cryptocurrencies, but instead every member state had to use the euro.

Draghi later said the ECB could not regulate cryptocurrencies.

The above article was taken from here and I believe is very relevant to this blog

Bitcoin how High can it go

As I am sitting here writing this I keep thinking the same thing how high can bitcoin go? Could it ever get to $3000, $4000, $5000, $6000, $7000. Well by god it can all these figures have been reached in the last 6 months the time it has been since I decided to try and write something about the highs of bitcoin. The goal posts just keep on moving with bitcoin which is amazing as of today's date bitcoin is currently valued at $7389. I wonder how silly that number may look when someone reads this blog in maybe 5 years time. So what do you folks think it may rise to? I believe that it will go up to almost £50000 in the next 5 years which would be outstanding for anyone that has any amount of bitcoin.

What's your reasoning behind that number you may ask did you just pull it out of thin air or is there somewhere you got it. Well to be honest I just pulled it out of thin air :) but from everything I have read over the last year I firmly believe that it will reach those highs. When you have major bitcoin enthusiasts saying bitcoin will go up to over $100,000 in 10 years time its hard not to listen to them.

Hell they were the ones that said it would break all them numbers that I have at the top of the post so why not listen to them when they say where it is going. I think hell if it gets half way of their target there will be quite a few happy people out there me included. All you have to do is just check out YouTube and see for yourself what the gurus are saying about bitcoin and you will start to piece the bits together yourself and believe me my target is definitely reachable in the near future.       

China Banning Bitcoin

With the rise of bitcoin happening so fast in the last 12 months and when I say rise I mean the price of bitcoin. With such a rise there will always be people out there that try and make a quick buck trying to scam people and that was starting to happen with all the ICO's which is short for initial coin offerings. Things were starting to get out of hand as they were large amounts of money being sent and spent for these new coins and some companies not been even real or having no actual product. Which meant that they got their money and vanished. 

This is where China jumped in and decided to really mess things up for everyone out there. China first banned all exchanges that dealt with crypto currency's and then decided to ban bitcoin in a way that no one can trade it at all now I have heard small talk that they want to ban it entirely and that it may be illegal to hold how true this is I don't know but maybe not far out of the reach of what China can do.

"I see the crackdown on bitcoin as part of this larger multi-agency program to reduce financial sector risk, which will unfold over months and probably years," said Jim Stent, author of "China's Banking Transformation." "I do not see risk reduction as something temporary prior to the [Communist Party Congress], nor do I see the bitcoin crackdown as temporary."

My understanding of this is China have done this before in 2013 I believe they did the same and that time they just drove the price down on bitcoin before buying it really cheap and letting the price go back up. I think something like this is incline to happen again in the near future and will make plenty of rich people more money.

  

Bitcoin on Netflix

This is a short post I just had the urge to write after watching a recent movie I will try not to spoil it for you by writing to much about it!!!

I recently watched a movie on Netflix called "Banking on Bitcoin", I thought how the hell can they make a movie on this but to my surprise it turned out to be a very good movie. Don't read any further as I will talk a little about the movie.

The movie starts at the beginning of where Bitcoin came from and who created it, it kind of gave me the idea about doing some blog post on the way they structured the movie. It covers both the good and the bad side of bitcoin (Silk Road). The movie has plenty of interviews with powerful people involved in bitcoin around the beginning and shows the troubles they got into when bitcoin was not fully understood. A prime example of this was when Charlie Shrem one of the founders of the bitcoin foundation.

The movie can give a better understanding of what is involved in bitcoin and who is involved in it. People that I have told to watch it have all had mixed feelings about with some saying its just a faze and will pass while others wanting to find out more such as ways to buy bitcoin. One thing I can say is it is really worth the watch and judge for yourself what you think of it.  Below is a short trailer of the movie and remember you can watch it on Netflix (or some dodgy site) not condoning that method do.

  

Bitcoin and the weather :)

This is may be slightly off topic but this past week it has got me thinking a bit more about it, let me first explain how.

This last week in Ireland we have been hit with very bad weather, now some might say this type of weather was small compared to say the USA but for us in Ireland it was huge the worst in almost 60 years I think. It was called hurricane Ophelia and by god it cause a fair bit of damage around. I caused quite a bit of damage in my house and also I had to go on a quest to find my kids trampoline to my surprise was not damaged to much in the garden of my neighbors garden 5 doors down. We also lost all electricity for 3 days which got me thinking how much we rely on it for so much of our living. I was wondering how would bitcoin be of any use to me in these type of circumstances compared to cash.

With most bitcoin in order for you to spend it you need some type of access to a device that requires power which is all good if you have power. So for my example I was sitting at home in the dark knowing that I will have to make a trip to a shop to buy some things like food and batteries. (TIP, buy the good ones) and decided if all I had was bitcoin I would have not been able to make the transaction and would have properly been ok in the long term :) but just imagine if this was to drag on for a few weeks and our only method of payment was bitcoin we would have been in trouble.

Now I understand that this may be very far fetch and someone out there will tell me you can still use bitcoin by using the paper wallets but just for this purpose lets just say you cant. With all my talk of how good bitcoin is I never thought of it from this point of view.

Although bitcoin is good it is always worth while to have a saving of cash that you can get to even if the power is gone for any period of time and try not to rely to much on power as I think we will experience more of these days of bad weather in Ireland anyway.

Remember to always have a back up plan!!!        

Dark side of Bitcoin

With all my talk about bitcoin and how good it is going to be for us all, I have to talk a little about the shady side of it and other crypto currency's. With bitcoin and most other coins their main punch line is by always saying how safe and private it is and that no one will ever know what you are doing. Is this a good thing or  a bad thing? History is a great way of learning and helping us understand what might happen in the future.

Back in 2013 saw one of the biggest storms to hit bitcoin when the closure of online marketplace called silk road occurred. Silk road was a go to place for anything illegal that people wanted ranging from drugs to paid hits on people and anything in between. The way it would work is if you wanted to buy drugs you would pace your order on silk road and pay for them using bitcoin with no one knowing who you are, the drugs would then be sent anywhere you want them to be sent.

This gave bitcoin a very shady and illegal identity which I believed set it back for sometime. When silk road was shut down there was a lot of talk that maybe bitcoin might be banned but thankfully this never happened. (YET)

In 2017 we again had more trouble associated with bitcoin when a group of hackers hacked many government and private buildings which was know as the WannaCry attack. These hackers held any information they had taken for ransom that could only be paid for using you guessed it bitcoin. This again brought both positive and negative attention to bitcoin.

As you can see there is negative things done with bitcoin but for me this will be done no matter if they are using bitcoin or cash its going to still happen.         

Impact of crypto on our banks

What does the future have in store for banks have you noticed in more and more shops that you go into that they are now accepting bitcoin as a payment method alongside credit card payments, wow such a change in the last year or so. With more shops accepting this type of payment there is no wonder that the banking system will come under more pressure as most people don't trust our banking system (well i don't anyway) maybe someone reading this is involved in banking that right about now is giving out about my stupid opinion.

 I think over the last 100 years banks have been robbing us blind or better said robbing us and we know they are robbing us. Take for example in some banks if you lodge your money in it could take hours before you can use it or even withdraw it all in the mean time you will be charged for doing this.

So Mr Bank you want me to lodge my hard earned money into your bank and in return you get to charge me for spending my money (confused scratch of the head moment) just crazy. Now let me be the first to say even with crypto currency you will be also charged a certain amount to use it (dam they all want our money) but the big difference will be that it is such a small amount that you don't really notice it.

I have no hassle paying a small amount in bitcoin while I use bitcoin to help maintain the network it runs on, but paying a large amount to a bank that then pays the top dogs massive amount of money all in the meantime I cant get anyone on the phone to talk to if I have a problem is just crazy. We as a society have already moved so much in terms of money, ancient times we would have used gold as our main form of currency then some bright spark decided gold was to heavy to carry around and made paper money and then that was to heavy so we moved more into credit cards system and now we are going to end up more into digital money in terms of bitcoin which.

Believe me when I say it but you will start to notice that more and more shops will start to accept bitcoin as payment method which will be great for everyone but not for banks. We will start to keep the money we make and stop giving it to the corrupt banks. I know this was a bit of a rant post about banks and may have veered off topic a bit but as always it is just my opinion.

Thanks for reading!!!!!!!!     

Storing your Crypto Coins

So you have a bundle of coins such as Bitcoin, Ethereum and Neo to name a few that you bought of an a exchange such as Bittrex and you are wondering how do I keep them safe and keep away the evil cyber people from getting them. For these coins you want to take a similar approach to what you would do if you had Fiat money or gold, you want to keep it safe such as a bank safe.

However, like most people I don't own a bank safe so I have to try the next best thing. The joys of holding any amount of coins is that they do not take up much room at all, the maximum size would be the an average USB. Below I will give you 3 ways in which you can store your coins but the key thing to remember is to always hold your private key (PRIVATE) as this key will allow you to access your funds.

1. Paper Wallet (For Bitcoin)
This method is probably the best and safest method to store your coins as it allows you to have complete control over your wallets. These are simple to make and free (something that is good and safe is free now that's a first). The first step is to go here and start the process for Bitcoin, follow the steps carefully and download the client to make the wallet offline. I wont give all the details of how to do it as I don't want to risk making a mistake and in turn maybe you making a mistake. As i stated before keep the private key safe and never give it to anyone, the public key is the key you can show people as you can only lodge bitcoin to this address. When you have done all the steps and stored all the private keys that you were given you can print something like the picture below.

  Now you are free to use your bitcoin and be part of the future. My own tip to help me keep my bitcoin paper wallets safe is to print out a few and store the private keys with people that I trust this might not work for all but its just my tip.



2. Hard Wallet
This method can be done by using your own USB and storing everything on there or else buying a USB that is designed to hold coins. An example of this would be the Ledger nano. This is a good peice of kit but will set you back around €70 give or take. It allows you to store quite a few coins on it with ease and gives you a running balance of each coin. The nano is encrypted so again you will have to remember a password or seed to gain access to the funds. One of the biggest advantages of the nano is it allows you to most of your coins in one place which is very handy and easy to keep track of.

3. Online Wallets
Online wallets are handy if you plan on using your coins often, but don't keep to much on them at any one time. You can have an online wallet on any of the major exchanges and you can also download some wallet clients to have them as apps on your computer. The biggest problem with all of these is the possibility of getting hacked or also a major exchange closing down with all of your coins. So my advice here would be to ONLY use this method for short term holdings and remember you don't have complete control which is something you want to have, you would never give your money to someone you don't know to mind it for you or would you? Below is a sample picture of the program called Exodus which is an wallet that you download that you can store your coins on.

Other Coins

To start this I hope by now you understand that they are many other coins out there not just bitcoin. Bitcoin may be the mother coin but they are loads more that may do a better job. Below is a list of some of the coins that I really like and also have a small amount of. I will try and give a brief description about the coin.

Omise-Go: Think of omise-go (OMG) to be like a ATM machine. You buy a OMG token is like buying a ATM machine and every time someone uses the ATM you get paid a small percent of the fee as your token will be validating the transaction. The main purpose of OMG is to allow people to use many other currency's to make a transaction. In Thailand, McDonald's have introduced the OMG system and can now accept many major crypto currency's.



Waves: This coin is similar to Omise-Go in some ways but its main function is to allow anyone to create a coin based on the waves platform. For example I can make a WIT coin that can only be used in WIT without having to learn much about the tech behind it. This can allow anyone to delve into their own coins for whatever reason.








Ethereum: This is the backbone of many coins that have been created over time, its one of the main competitors of bitcoin. The main function of Ethereum is to allow other coins to be created using its code however, this is not the same as the Waves coin because you need to be a lot more tech savvy to do this.







Neo: This is the exact same as Ethereum and was created by the Chinese to fight Ethereum. It is used for building other coins on its code. One clear advantage of holding NEO coin in your wallet is it allows you to generate Gas which in itself is worth a lot. So basically it is a dividends coin meaning the more you hold the more GAS you will get.




These are the main coins that I hold for the long-term and don't plan on getting rid of for a few years at least. I did not include Bitcoin in the list as anyone involved in holding coins should at least have some Bitcoin to their name.

Thanks for reading!!!!
   

Rich people talk Bitcoin

So here you are thinking to yourself is bitcoin for me or is it just for the tech savvy of this world. Like most people I knew very little about bitcoin but with the power of Google I found out everything that I needed to know about bitcoin such as my biggest question will it last is it just a faze that everyone is talking about. I decided to have a quick Google (best thing ever) to find more information and I was amazed as to what I found. If bitcoin was not going to last long term then by right there would be not to many famous people putting bitcoin into their pocket (meaning hardware wallet).

To name a few celebs that have invested in bitcoin are;

Ashton Kutcher: Ashton recently invested in a company called  BitPay which is a bitcoin processor that allows merchants to accept bitcoin payments. Most people know Ashton from the Tv program "Two and a Half Men" but he is a grade A investor with investments in Spotify, Airbnb, Foursquare and Uber so he is a man of good investment ideas.

Music World: These is very broad are as many music people have all started to talk more about bitcoin such as rapper NAS, singer Lilly Allen and Mel B and world's best Snopp Dogg just to name a few. With many artists of the music world now willing to accept bitcoin as a payment method to get their music which allows for more adoption by the public of bitcoin.







Richard Branson and Bill Gates: They both have recently stated that bitcoin is not just a flash in the pan and will be here for a long time. With two such powerful people openly talking about bitcoin for me that is all I need to know about it's future and that it is here to stay.  









Now as you may be aware ( I hope that you are) that if you search you will find a lot more info out there you just have to look for it as I don't fancy trying to spoon feed you everything ha ha. Thanks for reading 

Cryptocurrency Trading Strategy

The following information is only my opinion and in no way financial advice.!!!!!!!

If like me you always wanted to try and trade you may find one the best ways to start is to trade cryptocurrency. I found this method easier than Forex but you must be mindful of what you are doing. In this crypto trading world you have to be aware of how volatile the market is which means it may go up or down by 20% or more per day.

You can be two times of trader which are a swing trader or a long term trader also know as a HODL which means you hold for the long term for some big gains. At first I started out has a swing trader but found this very time consuming and made me miss out on to much life and also was forcing trades to try and meet a target that I had set. Now instead I just buy certain coins and hold them until the rise in price.

My trading plan is rather simple which are in this order;

1. Research as much about the coin as possible, do this by looking at the coins website, looking at the roadmap and following their social media accounts. If you don't know what the purpose of the coin is after viewing this then I normally avoid. (do you want to invest in something you don't understand)
2. Follow the coin for a number of days to get a better understanding of the price action and to gain confidence in what you have learnt about the coin.
3. When you have done these steps do more research on the coin as you may now have a better understanding of the tech behind the coin to make a more educated decision.
4. If after all the above steps are done and you are happy with everything then look and buying some of the coin. This is where I normally have an idea of the price action of the coin and I ONLY buy when the price is down or in the red. Cause if you buy low you will always be able to sell high.
5. The last tip is if your a long term holder never ever panic sell as you will lose more in the long run.

I hope you will reach the moon in trading and remember always do your own research and YOU be confident with the trade.

What is Blockchain

To better understand how Cryptocurrency works you have to understand what is Blockchain, you may of read this quite a few times and always looked and said " I will read about this later and never do" so hopefully you have not got here with the purpose of understanding Blockchain. If not just keep reading anyway as its good for my blog thanks :)

I will try and be as clear and simple when talking about blockchain and not blow your mind with fancy words and stuff like that, not that I have many fancy words in my vocabulary.

Blockchain was the brain child of  Satoshi Nakamoto the man behind bitcoin. Its key function is to allow the digital sharing of information not copied. Which means no one person is ever in control of a digital asset. It allows everything to be decentralised that is using the blockchain.

   "The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” Source

Think of the Blockchain as a massive jigsaw that thousands of people have single bits of that jigsaw and these bits keep moving around to different people it is next to impossible to loses these bits.

When you talk about bitcoin people talk about is it safe to use and this is where understanding how the tech behind it comes into affect i.e Blockchain. If you compare blockchain technology to your bank you will soon understand how safe it is.

I will finish up with a statement form Vitalik Buterin, inventor of Ethereum;

“Blockchain solves the problem of manipulation. When I speak about it in the West, people say they trust Google, Facebook, or their banks. But the rest of the world doesn’t trust organisations and corporations that much — I mean Africa, India, the Eastern Europe, or Russia. It’s not about the places where people are really rich. Blockchain’s opportunities are the highest in the countries that haven’t reached that level yet.” Source

 I am also aware that I have left out a lot about blockchain but hopefully this will give you a little understanding about it. Another very good resource is https://blockgeeks.com to give you a more in depth understanding.

P.S If your confused that is fine as I am still confused after writhing this :)

 

History of Bitcoin.

In this post I am going to try and explain the history behind Bitcoin;

Bitcoin is a cryptocurrency that was created by Satoshi Nakamoto in 2007 for the sole purpose of peer to peer transactions. The idea behind Bitcoin was to have a digital currency that was not controlled by any state body and was safe for everyone to use. In 2009 the bitcoin network became live with Satoshi Nakamoto mining the first Bitcoin block which was called the Genesis block. With the Bitcoin block system it allowed people to complete advance math equations to verify a transaction and upon completion they were rewarded bitcoin. By using this type of system no one person was ever in control of any private information.

In 2009 the first exchanged rate is established with a price of $0.005 equals 1.309 Bitcoin (BTC), you will find with the cryptocurrency world everything move extremely fast.  In May 22nd 2010,  10,000 BTC were spent on just two pizzas from Papa Johns which was the first purchase with Bitcoin in today's market value of Bitcoin which works out to be $4000 for 1 Bitcoin  the value of them pizzas would now be and astonishing $40 MILLION Dollars such the fast growth of Bitcoin. Since the start Bitcoin has hit the high of $1000 dropped down to $100 and recently reached $5000.

Bitcoin can be stored both on a computer or an exchange but this may be vulnerable to theft the best way to store them is on a paper wallet where you have all the control over keys and passwords, below is a sample picture of a paper wallet.

Paper wallet with private key(Never Share) and the deposit address 

Like most new technologies bitcoin has it fair share of people saying it will never last or we cant work without the aid of banks but I believe that bitcoin will be the future of our financial system as we as a society become less reliant on banks for our banking needs and we move from solid forms of money to the digital age.

As you may have noticed I have not covered the entire history of bitcoin as I believe I would be hear all year writing about it but I have covered the basic parts that will help you grasp the idea of bitcoin.

     

About This Blog

Hi and welcome to this Blog if you found this site you were like me and trying to find out what all this cryptocurrency talk means. The way I will be blogging I will try to give people a better understanding of what the entire space of cryptocurrency is. I once and still am a newbie to this world and am always learning new stuff. My goal for this blog is to try and place as much information in the one place that will help you as I found that they are many places that give out (not correct) information and are just trying to sell you memberships or something else that you do not need.

I will delve into the history of cryptocurrency and will talk about the what I see as the mother coin which is called Bitcoin (which was maybe the way you found out about this crypto world). I will also look at the technology behind Bitcoin called Blockchain which I believe will be the future for almost all major companies.

The Future in my eyes!!!!

A small bit of history about myself is next I guess as i could talk all day about different elements in cryptocurrency. I first got involved in 2012 where i made a small purchase of bitcoin at around $6 at the time I was thinking not a wise move as I thought the price would drop (pity I didn't buy more) will explain more in a later post. After my purchase of Bitcoin i quickly got bored of the crypto world as i believed it was aimed at the more tech savvy people. So fast forward to 2017 in May is when I got back into it again and realised how much had changed in both tech and price. As of now i'am still learning new stuff and hope I can help you all in better understanding all of this.

I will also look at how to trade cryptocurrency to help us reach the moon :) this saying you will hear a lot in the crypto trading environment.