Bitcoin is the first known digital currency that is running on a technology called Blockchain. It is entirely decentralized. Therefore, no one has control over it. It also is known as electronic money or digital currency. Though, it is a peer-peer payment system. Consequently, it’s software. It has no real presence whatsoever, as it’s growing on your computer’s hard drive. In fact, on every computer that exists in the world. This currency will never be touched by anyone as it only exists in a digital form. Regards to its value, it does seem to fluctuate.
Nevertheless, it has kept itself steady for a long period: moreover, continuously increasing. Back in 2008, it began to compete with the dollar—when one Bitcoin was equal to 0.05 dollars. But, in December 2017, one Bitcoin has reached $19,497; its highest value as of yet. Over the years, Bitcoin not only proved that it could reach its highest over and over again, but it has increased its value higher than what we have ever experienced with any other currency. We will keep on seeing Bitcoin’s increase in value, especially around each four year mark. Why would I say that? Well, let’s just say that I have my reasons. How many Bitcoins are out there? Good question and you can calculate it yourself. Of course, it all depends on the date and time you’re reading this book. So, let’s look at some of the facts that we know for sure before beginning any complex calculations. The first 50 Bitcoins were created on the 31st of October 2008. Then, 50 more Bitcoins were created every 10 minutes until 2012. After 2012, the amount of Bitcoin production reduced to half—meaning every 10 minutes, 25 new Bitcoins were created until 2016. Since 2016, the process has followed the same principles—meaning, every 10 minutes, 12.5 Bitcoins was created until 2020. Since 2020, we are creating 6.25 Bitcoins until 2024. This process will keep on going until 2140, until there will be 21 million Bitcoins on the market. If you want to know the exact dates when the next drop will happen, I recommend you to check out the following website: https://www.Bitcoinblockhalf.com/
Moving on, let’s discuss some of the bad reputation of Bitcoin. In case you haven’t heard of the Dark Web, let me explain a little about it. I could dedicate a whole book for the Dark Web, and I might in the future. I am not interested in trading drugs or guns online. Just because that is a list of things that can be purchased on the Dark Web, does not mean I will ever be participating in those markets. What you must understand, is that the Internet as we know it—through search engines like google, yahoo, or bing — isn’t the only web out there. There is another, and it’s known as the dark net; it can be reached through another search engine called TOR. TOR network is also known as an onion router or onion network. TOR is capable of hiding the IP Address of the end user; therefore, making whatever is done on the internet completely untraceable. Even your internet service provider wouldn’t know what website you visited, except that you have visited the TOR network.
You might look around and see for yourself, what kind of services is offered there, but it’s up to you. I have visited the dark web before to get a feel for it, and the more you look around, the more you will find ugly services. And I am sorry to mention these, but the things I have seen are disgusting, and for those who can be easily upset, I would not recommend it at all. My point is that the guns and drugs traders on Tor ask for payment in the form of Bitcoin. Bitcoin is untraceable, as well as the TOR network. Therefore, the Dark Web is a haven for criminals. Do criminals use Bitcoin too? They sure do. In fact, they have no other choice when it comes to illegal goods or services online. Before you close this book and walk away from the idea of using Bitcoin because criminals are using it too, please think twice. Bitcoin wasn’t created for criminals. Bitcoin was designed for everyone, and please don’t forget about those 3 billion people that Bitcoin can save when it comes to financing. Another issue that happens over and over, is Bitcoin accounts get hacked, and people are left with empty wallets. Please don’t misunderstand this point. It’s not the Bitcoin that is hacked, but the end-user level victim’s Computers, or mobile devices. The value of Bitcoin has become enormous; and hackers do educate themselves too. Therefore, they have changed their game once again, and realized that hacking Bitcoin accounts is profitable and untraceable; so, why not do it—especially do it on a grand scale? This issue has been addressed, and if you decide to own a wallet, you must make sure that you always back up your wallet, as well, always have all the security features enabled. Some of these security features are like 2-step authentications that don’t require much learning or time, still, better to be secured then assuming that hackers will never find you.
So, because many people have fallen victim to Bitcoin account hacks, they have stopped trading or investing in Bitcoin or any digital cryptocurrency. You might be familiar with the website WikiLeaks — a non-profit organization responsible for publishing secrets and classified information anonymously. Individual governments are not happy with the website and they have issued the site to be shut down. The site requires basic maintenance, as well as security, and the only contributors able to help have had to use Bitcoin. As a result, the website has stayed alive to this day. This is one of the most famous examples. However, there are countless causes that people have been able to provide help to others, even to the other side of the planet, using Bitcoin. The most common speculations and accusations against Bitcoin are its possible fluctuation. Why is that? Well, people often say, “What if there is another type of cryptocurrency that could compete with Bitcoin using the same underlying technology, the Blockchain? Would Bitcoin lose its value?” The accusations are indeed possible, but looking at the history of Bitcoin value, only significant increases happened, even with 7600 other cryptocurrencies. I am not a futurist, but after analysing the facts, I think it’s fair to say, that the Bitcoin is on the rise, and will not stop for a long time. To learn exactly how many cryptocurrencies are exist up to date, I recommend you to check out the following website: https://coinmarketcap.com/
Moving on, you might ask; what can you purchase using Bitcoin? Well, you can buy anything on the dark web — of course — I do not recommend that, as you might come across criminals who would try to steal or hack into your Bitcoin wallet. Some cyber criminals would even try to blackmail you. If you do not provide your details, you should be just fine. Realistically, more services are excepting Bitcoin, such as Hotels, Restaurants, Coffee shops, even some takeaway shops are now offering payment method using Bitcoin. Large retail companies are also accepting Bitcoin, such as Shopify, TigerDirect, and many more. To see how wide ranges it can be already, you have to look around where you live. The big cities have all sort of offerings, such as Taxi Service, Hotel Industry, Bicycle rent, Car rents, Private Jets, Pubs and son on. Also, you may consider other large companies that are now accepting Bitcoin, such as Dell, Microsoft, Zynga, Reddit, Wordpress, Subway, Expedia.com, Virgin Galactic, OK Cupip, Stream, Alza, Lionsgate Films, Badoo and many more.
By using Gift cards, multiple applications also allow customers to purchase on websites, such as Amazon, Walmart, Target, Nike, GAP, Sears, Papa Johns, Best Buy, iTunen, eBay, Starbucks, Zappos, HOME depot and many more. I wanted you to see that some of the largest companies are already adapting to the idea of accepting Bitcoin. Furthermore, to understand the range of goods and services that can be purchased, please see the list of categories that you may choose from: Airline, Automotive, Beauty, Clothing, Department Stores, e-Commerce, Electronics, Gas, Gifts and Toys, Grocery, Health, Home and Garden, Home improvement, Hotel, Jewelry, Movies, Pets, Restaurants, Shoes, Sporting goods and more. As you see, the categories keep on growing, and if you are more interested in what stores you can pay using Bitcoin, you might check what you have nearby you, or what online platforms can deliver to your area. Another great website I recommend for you to check is called: https://coinmap.org/view/#/world
Moving on, you might ask; how comes not everyone using Bitcoin? Well, the reality is that most people who are already aware of the existence of Bitcoin, are too lazy to do some research for better understanding of the potentials. Personally, I first heard about Bitcoin in 2014, and I didn’t look at it that much. What I understood, was that Bitcoin was some form of online payment method, and mostly criminals were using it because it’s untraceable. That’s it. I keep up with the news, and somehow, no one seems to talk about it unless there is a significant Cyberattack, and the hackers would demand ransom, or some payment in the form of Bitcoin. Anyhow, at the end of 2015, I heard about Bitcoin again so I mentioned it to my friend Jack. He said that, yes, he was aware of Bitcoin and its worth was like $300. When Jack told me how much it worth at the time, I couldn’t believe that one Bitcoin was worth $300.
I still didn’t understand what Bitcoin was. I supposed that it was like a real physical coin, I still had no clue that it only exists in a digital form. Then another friend Steve, who overheard what we were talking about, said that he couldn't believe that I had never heard of Bitcoin before! So, I said, “Yes, I did hear about it, but I didn’t know that it’s worth so much.” I started thinking more and more about it, and I began to do some research. A little later, I had an idea to make Bitcoin using my old laptop! So, I told Steve and Jack that I heard that computers could generate Bitcoin, and if it’s worth like $300 each, I might be able to produce one or 2 every week.
Clearly, I had no clue what I was talking about, and they told me off that it’s not that easy. However, they couldn’t explain it to me, how it’s exactly done. They said that Bitcoin it’s for criminals. But I stated that it sounds like an exciting technology. They replied; “OK, so why do you need Bitcoin? What do you want to buy? Do you want to buy something on the dark web?” They made me speechless, so I stopped talking about it. Still, I secretly begin to learn as much as possible about Bitcoin and of course that lead me to another interesting technology called Blockchain. My point is, that most people have been misled by fake news, and for those that might be interested, it takes a long time to understand how Bitcoin or Blockchain works. Therefore, most people give up research, and will not get involved in any way.
