What is Bitcoin and Why It’s Revolutionizing Money!

The year was 2010 on May 22 when the Laszlo Hanyecz, a bitcoin enthusiast bought two Papa John’s pizzas…marking what is now believed to be the first “real -world” bitcoin transaction.

His post on the Bitcoin Talk forum on May 22, 2010 went like this:

“I’ll pay 10,000 bitcoins for a couple of pizzas.. like maybe 2 large ones so I have some left over for the next day. I like having left over pizza to nibble on later. You can make the pizza yourself and bring it to my house or order it for me from a delivery place, but what I’m aiming for is getting food delivered in exchange for bitcoins where I don’t have to order or prepare it myself, kind of like ordering a ‘breakfast platter’ at a hotel or something, they just bring you something to eat and you’re happy!

“I like things like onions, peppers, sausage, mushrooms, tomatoes, pepperoni, etc.. just standard stuff no weird fish topping or anything like that. I also like regular cheese pizzas which may be cheaper to prepare or otherwise acquire.

“If you’re interested please let me know and we can work out a deal.”

10 thousand bitcoins were then (in 2010) worth about $40 and today would be US$20 million

So What is Bitcoin?
-Bitcoin is a type of digital currency or cryptocurrency used worldwide.

-Bitcoin can be bought, sold, exchanged for any other currency or transferred between parties securely over the Internet.

-You can use it to get paid, to purchase products and services online or offline, exchange it for cash at any ATM machine in the entire world and you can buy virtually anything you want (vacations, bills, cars, even a house.)

– Firms as big as Microsoft, Dell and Paypal all accept bitcoin payments, while select cafes in Europe advertise on the basis of accepting bitcoin as payment. It is also accepted by tech-savvy websites, such as popular BBS board and 4chan.

-It’s an asset that appreciates in value with time.

What makes bitcoin so special?

-Bitcoin is the future of money worldwide.

-Bitcoin is world’s first decentralized digital currency not controlled by any government  or central bank.

-Bitcoin Network can’t be shut down just like the Internet can’t be turned off.

-You can send Bitcoins to any person or organization in the world via the INTERNET instantly using your phone or computer.

-No need for a Bank, PayPal, Western Union or any third party service.

-Very easy to set  up and use. All you need is a Bitcoin Wallet to start  buying coins and receiving them as well.

-A Wallet is where you store your Bitcoin.  Wiki says ” A Bitcoin wallet is a collection of private keys but may also refer to client software used to manage those keys and to make transactions on the Bitcoin network.

-There are Bitcoins Wallets you can choose from and you can be up and running in minutes, just download an app on your phone or computer software.

What Bitcoin Wallets to use? and where and how to buy bitcoins online and offline.

-Each Bitcoin can be broken down into much smaller parts:

-You don’t have to buy 1 BTC or 5 BTC all at once.

-Each Bitcoin can be divided into 100 Million Pieces, just like Dollars can only be divided into cents.

-1 BTC = One Whole Bitcoin

-mBTC – 1Milli-Bitcoin – O,OO1 BTC One thousandth of A Bitcoin

-uBTC – 1 Millionth of a Bitcoin-0.000001 BTC

-The smallest part, 0,00000001 BTC is called Satoshi

In the next installment ,the subject will be “The Bitcoin Ecosystem”.

I hope the article provided value to you as it did for me.

Click Here To Create Your Free Account     https://www.bitcoinswealthclub.com/?userid=Howee






About Howard Mahere

I'm a Bitcoin/Cryptocurrency enthusiast !
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s