But how many of us know Satoshi Nakamoto? I guess most of the bitcoin users do. Apparently he is the person who invented the blockchain concept.
Ross William Ulbricht is the guy who revolutionised bitcoin. He is the first one to implement and put bitcoin to use by launching an online store called SilkRoad. A market place for buying and selling drugs.
Bitcoin was chosen as the means of transacting due to its partially anonymous nature.
But, the sad part, he is behind bars for being a revolutionary. That is mainly due to heaps of other charges against him. Read his wiki page to know more about him.
But, if today bitcoin is valuable, the credit goes to this guy Ross who actually showed the world how to put it to use. May be he didn’t choose the best way, but quite an entrepreneur mind he has.
Hope he gets some recognition for bringing bitcoin to this world.
The biggest question of the year 2017, why is the price of bitcoin soaring high day by day. I guess nobody knows the answer.
If you look at bitcoin, its nothing but an implementation of the blockchain technology. There are 100s of other coins which have come up in recent years which use this technology even more efficiently.
Current problems with bitcoin:
High transaction fees
Not many businesses accept bitcoin
Limited number of bitcoins can be mined, 21,000,000.
Slow transaction time.
Now, there are people who justify the price by mentioning its been adapted by lot of companies. But, bear in mind its blockchain that is being adopted and not bitcoin.
I guess the people who are pushing the price of bitcoin do not understand why they are investing in this. Some people are just investing due to its volatile nature and make some profits.
But, the real reason of the price rise is still not clear.
Here’s my advise or tips for investing in crypto currency:
There are more than 200 different crypto currencies current being traded in various exchanges across the world. Most of these are highly volatile. A few of them have daily changes of 500%. For ex, look at the chart below. Its better to invest in something which is stable and has a long term view than going for something which don’t have a future.
2. Always do your research before getting into investing into bitcoins. There are multiple exchanges in each country, look at my blog about different exchanges in different countries. All these exchanges have different rates. Some are cheaper and some are expensive. So its better to look around and see which one offers the cheapest and safest option.
3. Now, that you found the place to buy, have patience when looking for returns. Imagine if the guy who bought 3000 bitcoins in 2011 had sold them when bitcoin had reached $1000. He would be regretting it now. So, when you put your money, have patience and wait.
4. Choose a secure wallet, there are a lot of users who have lost bitcoins as they didnt choose the right wallet. With so many wallets being launched every day. Its better to go for the safer and stable ones. Always read reviews of wallets before you store them.
5. Finally, go and buy them before you miss the train.