An Introduction to Bitcoin

introduction to bitcoin

Bitcoin. Some of you know it as the face of cryptocurrency, and it is by far the most valuable coin of the bunch. 

Recently, the price to buy Bitcoin was at an all-time high of over $66,000

If you are reading this, you are probably curious as to how something like this can be worth that much money. What do you do with it? How do you get it? 

This is a brief introduction to bitcoin. 

Bitcoin 101

Bitcoin is a cryptocurrency, which is entirely digital but it is not connected to any bank or any government. The appeal is that it gives users more anonymity when making purchases and transactions on the internet, and it is also a form of currency that can be accepted in several parts of the world rather than just one place. 

The value of bitcoin

About a decade ago, let’s just say bitcoin was worth a lot less. There was one point where you could buy it for pennies. Even four years ago, there was a point where you could buy Bitcoin for about $1,000. 

Now, as stated above, the value of Bitcoin has skyrocketed to levels that were not imagined, with it being worth over $60,000 today. 

Where can you get it? 

There are a few places where you can purchase Bitcoin, one of those being an exchange that trades crypto or stocks. Some apps where you can transfer regular cash are also getting in on the action and allowing users to buy and sell some of the top cryptos like Bitcoin. 

Another option is to use a Bitcoin ATM. This is not like a regular atm where you go to get physical cash, instead, it is a place that allows you to check on your crypto wallet and make purchases for certain cryptocurrencies such as Bitcoin there. 

You can search “find bitcoin atm near me” to access your Bitcoin on the go. 

Why is bitcoin valuable? 

There are three main reasons why Bitcoin has the value that it does, with the first being the number of coins available for purchase. Bitcoin has a finite number available versus other coins, just under 19 million right now. 

Some cryptocurrencies have hundreds of millions of coins, so the law of supply and demand comes into play here. 

Another reason for the recent push-up is recognition by legitimate businesses and places of power. For example, Bitcoin is one of the few cryptocurrencies accepted on Paypal, and it is the only one accepted on Cashapp. 

Then, there is a lot of speculation about Bitcoin ETFs (exchange-traded fund), which would essentially give people that are more involved in the stock market a chance to get in on the action of Bitcoin, thus raising its value. 

Learn More About Bitcoin 

This article is a very brief introduction to Bitcoin but you will have to read a lot more information to get a better understanding of this. Hopefully, this information will get you on the right track and at least wrap your head around this concept. 

Read more articles in our Business category for related information. 

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