The Girlboss Guide to Bitcoin: everything you need to know

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Interest in Bitcoin is now greater than ever, with its sudden crash several months ago from $20,000 to under $7,000 – at one point dropping more than 50 percent in little over a month – renewing a surge of trading, speculation and worry.

Bijou Concierge decided to investigate….

What is Bitcoin?

Bitcoin is a digital currency created in 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto, whose true identity has yet to be verified. It offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.There are no physical bitcoins, only balances kept on a public ledger in the cloud, that – along with all Bitcoin transactions – is verified by a massive amount of computing power. Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity. However, Bitcoin charts high in popularity, and has triggered the launch of other virtual currencies collectively referred to as Altcoins. While Bitcoins are the key player in the cryptocurrency marketplace, the whole ecosystem is much greater than this one coin.

Bitcoin works by providing a personal wallet from which a user can send or receive bitcoins. This software generates and stores public and private keys, which act as both identifiers and safeguards for the bitcoins.The Bitcoin network is made up of a ledger called the “blockchain,” which holds a decentralised record of all transactions that is updated and held by all users of the network.To create bitcoins, users must generate blocks on the network. Each block is created cryptographically by harnessing users’ computer power and is then added to the blockchain, letting users earn by keeping the network running.A limit for how many bitcoins can be created is built into the system so the value can’t be diluted. The maximum amount is just under 21 million bitcoin. There are currently just over 16.8 million in circulation, each of which was worth around $10,000 at the time of writing. That puts its total value at around $168 billion.

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Who invented it?

Bitcoin was invented by Satoshi Nakamoto in 2009. Although Nakamoto left the project in 2010, other developers stayed on to continue working on the project. It is open source, meaning that anyone can make changes to the Bitcoin protocol. However, the protocol will only work when users have the same compatible version, providing a strong incentive to keep a consensus on Bitcoin protocol.

How do you get Bitcoins?

There are different methods of acquiring bitcoins. These include:

Bitcoin exchanges: You can buy bitcoins on various exchanges, which serve as a platform for persons to transfer bitcoins from one wallet to another.
Bitcoin mining: People can use their computers in order to perform complex mathematical tasks that verify the blockchain of transactions and ensure that it is correct. As a reward, these miners are rewarded with bitcoins.
Payment: You can receive bitcoins as payment for goods and services, just as you would with traditional currency.
Exchange: You can also have people give you bitcoins.

How do you spend Bitcoins?

If you want to buy something using bitcoins, you need to make sure the seller accepts the cryptocurrency. If they do, you need the anonymous identification number attached to the seller’s “wallet” so that you can move coins from your virtual wallet to theirs.Some coffee shops in London and New York accept it as payment, as do online retailers such as Expedia. Even cosmetics giant Lush takes the virtual currency at its online store, as do Microsoft, Steam and WordPress.The “anonymity” of these transactions has made the currency particularly popular with drug dealers, says ABC News.

What affects its price?

The price has jumped up and down since it first entered the mainstream consciousness in 2013. That year prices rose by almost 10,000 per cent before the collapse of Mt Gox, the biggest online bitcoin exchange, sent it crashing.Prices slowly crept up after that but surged again in 2017. This is largely put down to regulators appearing to warm to bitcoin and the rise of initial coin offerings – a way for projects to raise money by selling cryptographic tokens similar to bitcoins. Many sceptics believe we are in the middle of a new Bitcoin bubble while advocates say we are just beginning to see the rise starting.Prices have fallen in 2018 amid fears of a regulatory crackdown.

A bright future ahead?

So is Bitcoin the future of currency or is the Bitcoin bubble about to burst? All things considered, it has a promising, if not totally predictable, future. However, it’s probably advisable to hold off on major investment until the currency has stabilised and has achieved a larger following.

If you are interested in finding out more about the crypto world visit Planet Blockchain