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Bitcoin: What it is and how to get in. by stach

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bitcoin · @stach · (edited)
$81.32
Bitcoin: What it is and how to get in.
 In 2009 a great invention was made by a man simply known as **Satoshi Nakamoto.** Although, his true identity and his whereabouts is not known, his project(Bitcoin) is making many rich and changing the financial world as we know it.

*It is believed that Nakamoto Satoshi has over 1 Million Bitcoins and hasn't spent any of his bitcoin.*
No one knows when he's going to come out of his hiding and flood the market with his massive bitcoin, but until then, BITCOIN is growing rapidly and getting lots of attention.
Just between January 2017 and now, BITCOIN has grown by over 1600%. This is really really crazy. No bank in the world would give you that kind of interest rate.
*****
<center>![image.png](https://res.cloudinary.com/hpiynhbhq/image/upload/v1512917109/qmekycuzmzszrjf3yne4.png)</center>**Growth rate of BITCOIN between January and now [image source](blockchain.info)**
****
<center>All time Growth rate of BITCOIN between2009 and now [image source](blockchain.info)![image.png](https://res.cloudinary.com/hpiynhbhq/image/upload/v1512917248/twyyd1f5voln8ucet3x2.png)
</center>
According to the screenshot above, BITCOIN has grown by over a crazy 16,439,885.7% (16 million percent) between 2009 and now. meaning if only you bought just $1 worth of BITCOIN in 2009, you would have had over 16 million percent increase. Crazy right?
## So what is BITCOIN?
Bitcoin is an electronic money that can be used anywhere and transferred to anyone without the need of a bank or 3rd party.
With Bitcoin, there is no need for a bank or a clearing house, with bitcoin you can be your own bank, no freezing of account and no government control over your money.
## Where is Bitcoin gotten from?
Bitcoin is gotten through a process called mining. Miners use a special hardware to produce this bitcoin with there computer by solving difficult mathematical problems. 
The miners are also rewarded with bitcoin for the problems they solve.

There can only be 21 million BITCOIN and miners are mining them out. Anyone can be a miner, all you need to do is get the necessary hardware requirements. more information here
## The future of BITCOIN and other Cryptocurrency
Bitcoin according to some cryptocurrency analyst is still very cheap to buy now at $14,000 per BITCOIN. It has been predicted that bitcoin will hit over $500,000 by 2020 and by then you'll need massive money to get in.

Other cryptocurrencies have seen massive adoption because people believe that there are smaller crytocurrencies today that could also see the great pattern of BITCOIN.
> Check out https://bitcoinmining.com
    Everything you need to know about Bitcoin mining
    Become the best Bitcoin miner and learn how to mine Bitcoins with the best Bitcoin mining hardware, software, pools and cloud mining.
****
Because of that belief, people are buying into newer crytocurrencies that has been working on some issues faced by BITCOIN. One of such crytocurrency is STEEM,with no transaction charges and 3 seconds transaction speed, STEEM according to @jerrybanfiled will hit $1000 in some years time.
*****
HOW TO GET INTO BITCOIN
-----
**There are several ways to join the BITCOIN train.**
1. Buy Bitcoin: You can buy bitcoin with any amount you have, either from individuals or companies that sell BITCOIN. You must not buy one full BITCOIN , you can buy fraction of it with Coinbase, [luno]( https://www.luno.com/invite/YRDCR) or any other exchange available in your country.
2. Earn it: You can offer your services and request to be paid in bitcoin. By accepting bitcoin you'll be open to even more donations from the BITCOIN community.
3. Exchange some of your Steemit earnings into BITCOIN :
I do this once in a while, I change some SBD and get BITCOIN so as to join the BITCOIN train.
***
*Remember, this is not an investment advice, it's just some known facts about BITCOIN. Do make your own research before jumping into BITCOIN.*
****
*<center>Article authored by @samstickkz</center>*
****
**STACH is a physical Accelerator Hub dedicated to decentralizing the offline by breaking the barriers to accessing the internet like light, internet and conducive working space.**
*****
*****
**<center>Steem Accelerator Hub... decentralizing the offline!
![follow_STACH.gif](https://steemitimages.com/DQmWLdk9hGJjNQU8qvXP2SY7vzLk3KCo11wBQ51ZULRmqRB/follow_STACH.gif)
STACH is supported by @Sndbox as a Sndcastle project.**![Stc.JPG](https://steemitimages.com/DQmUovwzrZecdnpNugWUGgd3senvaJc1UJMJXzZV24bJzXR/Stc.JPG)</center>
πŸ‘  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 41 others
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vote details (105)
@bait002 · (edited)
Great article!  So it all started in 2009.  I didn't know. Satoshi changed a huge fraction of the world's economy and he's off the grid.  I became  exposed to the world of bitcoin last year.  Can you shed more light on converting sbd to bcc?@stach
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@samstickkz · (edited)
BCC or btc?

To exchange SBD to BCC (BITCCONNECT) you could either use
1. Bittrex or any of the exchanges. The easiest way to know the exchanges you can use is by clicking this link

So check pairs SBD/BTC, change to bitcoin then to BCC 

https://coinmarketcap.com/currencies/steem-dollars/#markets


![Screenshot_20171211-093511.png](https://res.cloudinary.com/hpiynhbhq/image/upload/v1512981446/wqfurdyj8vdnucrsdqbd.png)

Or use

2. Bitshares : but bitshares is not too easy to use, I'll do a bitshares video soon
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@bobzy · 
Ur article is one way to look at it but others are of the opinion that bitcoin is following the law of diminishing returns and will soon start going down hence at this point in time investing in bitcoin might even be far more risky than the conventional ponzee schemes
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@samstickkz · (edited)
I respect your opinion @bobzy but You can't compare bitcoin to ponzi.



>A Ponzi scheme is a fraudulent investment operation where the operator generates returns for older investors through revenue paid by new investors, rather than from legitimate business activities or profit of financial trading

## watch the video below 

https://m.youtube.com/watch?v=Um63OQz3bjo
Video source : we use coin
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@jaraumoses · 
The 3rd reason is the easiest and free.....it is what i used to get into the Bitcoin world.

**Let me tell you guys Steemit will soon surpass all these aother cryptos as i mentioned in my post titled '5 Reasons why Steemit will take over the crypto world soon'**

If you have time check it out on my blog and we work together make Steemit the biggest Crypto in the world.
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@samstickkz · 
I understand what you're trying to say @jaraumoses but I think you're mixing things up, steemit cannot over take other cryptocurrencies because steemit is not a crytocurrency.

But I think you're referring to steem, steem is currently doing way better than BITCOIN  as seen in the screenshot below


In the screenshot below, bitcoin is doing 342k transactions with 80k unconfirmed transactions and a stressed blockchain 

Steem is doing 921k transactions, with no stress and no unconfirmed transactions. 
![Screenshot_20171211-100719.png](https://res.cloudinary.com/hpiynhbhq/image/upload/v1512983444/wv8n0p1ybw7u3dnxtogm.png)

http://blocktivity.info
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@jaraumoses · 
I just made a mistake...obviously if Steemit grows,it will spike the price of Steem...making Steem go to the top
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@jeline · 
And bitcoin approaching $20,000, so excited
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@jerryboy4luv · 
Thanks for this post @stach. It's amazing that bitcoin was able to go past the $10,000 mark in 2017. This was predicted earlier this year. It is also expected to hit $40,000 in 2018. Let's see how it goes. Thanks once again.
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@samstickkz · 
Well it's possible. Just on the 1st of January 2017 , 1 BITCOIN was $1000
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@jerryboy4luv · 
Yeah. That's true. Let's keep our fingers crossed.
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@shisuiuchiha · 
Satoshi might be Kim Jong Yun. πŸ˜‚
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@samstickkz · 
Hahahaha he's just somewhere hiding
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@olanrewaju · 
Who will not hideπŸ˜„
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@sircryptonite · 
Thanks for the intro and welcome to the world of cryptos :D
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