In an age when digital devices are at our fingertips 24/7, Bitcoin offers an interesting glimpse of the future of currency. OK, you’ve seen the word flying around but let’s be honest: you’ve no idea what this exciting new cryptocurrency is… What on Earth is BitCoin?
What is BitCoin?
Bitcoin is a digital payment system which operates completely independently of a central bank – an idea that might sound appealing to some whose lists of most trusted institutions don’t include banks – and has been described as a “cryptocurrency”, a decentralized virtual currency which could have some exciting future ramifications. The technology is not even that new: BitCoin was created in 2009 by someone called Satoshi Nakamoto and was released as an open-source software, meaning that the design of the software is publicly accessible and can be modified or shared by anyone.
Cryptocurrency OED definition: “a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.”
Bitcoin uses a technology called “blockchain” which is basically a sort of public ledger which records financial transactions. Each ‘block’ of transactions is added to a publicly available ‘chain’ of all total transactions, which is then added to a permanent database. All these technical terms are a bit of a mouthful for the average Joe, but together offer an exciting future that could solve some of the world’s biggest currency issues.
BitCoin provides the opportunity for a transparent, secure, and streamlined system for making payments. Imagine not having to incur any costs due to third-party fees or, if you could remove the need to convert your money between different currencies when you travel? BitCoin might have the answer!
Check out this article on The Motley Fool for more info on BitCoin.
As an investment vehicle, what opportunity could BitCoin present?
Blockchain, devised by Satoshi Nakamoto as part of BitCoin, has a lot of potential for the future. By allowing digital information to be distributed but not copied, it allows many institutions to take advantage of a more transparent yet secure technology. It has real potential to shake up the entire internet!
And venture capital firms and investors around the world continue to bet on cryptocurrencies like BitCoin.
So how does one invest in BitCoin?
While you could go out and buy BitCoins online (much like any other currency), it can be quite confusing to find the right place to buy and even more confusing to figure out how to store it safely.
Enter: the iBillionaire BitCoin Strategy. This newly released plan allows you to invest in BitCoin as easily as buying a stock or an ETF!
AND, excitingly, users over on iBillionaire can access this futuristic opportunity as an auto-investment prospect as well. From as little as $10 a month, investors can set aside a small portion of their savings to invest in this growing technology.
The fate of BitCoin is a very uncertain one, but has the potential to be one of the greatest disruptive forces in the financial industry.
It’s a risky bet, but one that could pay off hugely in the future!
Get started today -> BitCoin Strategy