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What Is Bitcoin?
Bitcoin is a peer-to-peer digital currency that operates on a decentralized network of privately owned computers. It is protected by its simplicity and something called public key encryption. Bitcoin does not have a CEO, board of directors, or country of origin. Anyone with a smart phone and a bitcoin wallet can use Bitcoin for a whole bunch of things including purchasing, voting, storing documents and more.
Everyone on the planet will one day be paid in a currency that is 100% secure, mobile, international, transparent and based on supply and demand. Bitcoin is that currency. It was created so that there can only be 21 million of them. In addition to being hack and fraud proof, bitcoin forces a transparency that was never before possible with printed dollars. This changes everything and erases the evils created by fiat money.
The masses have their net worth stored at a bank. They make a purchase the bank moves money from one account to another. They are in complete control. Not only that but they can print as much money as they want. They do not answer to congress or the law in any way. It should not be a surprise that this system has gone off the rails.
Bitcoin uses a public ledger. Everyone that has a bitcoin wallet has a copy of the same public ledger. The ledger contains every transaction that has every taken place since bitcoin was turned on in 2009. The ledger or Blockchain updates itself every ten minutes. You can see it happening live at www.blockchain.info It’s a mind-blowing technology that puts the people who earn the currency in control of it.
If digital currency sounds crazy. I encourage you to do some research on the fiat dollars you are using now. Fiat money always collapses and the dollar is no exception. It has been so poorly managed that it only holds 4% of its value. You can watch the world debt grow at www.nationaldebtclock.org. When the dollars collapses what do you want from a new money?
Why Not Bitcoin?
Look folks, we have some choices to make. The dollar is going to crash. The average life span a fiat currency is 27 years, the dollar is 104 years old. It is hemorrhaging worse than ever and losing value by the minute. The first choice we need to make is do we want to keep our smart phones and computer. If the answer is yes, than gold will never work as a currency.
It’s not feasible to bring an ounce of gold, a pocket knife and triple beam scale everywhere we want to make a purchase and shave off the appropriate amount.
So what do we want from a currency? We want it to work digitally, we want it to be secure, we want it to work worldwide, we want it to be peer to peer and decentralized. So why not bitcoin?
How to Buy Bitcoin
Link a bank account to an exchange. You will get push back from the gig banks like Bank of America, Wells Fargo and Chase. Buy bitcoin with a prepaid Visa card. You can buy bitcoin from a local bitcoin broker that you meet in person at a McDonalds. www.localbitcoin.com is great place to find a broker. You can also buy bitcoin from a bitcoin ATM machine, here is a link http://www.coindesk.com/bitcoin-atm-map/.
What makes Bitcoin different?
Bitcoin is not talked about in the main stream media unless its a story about an exchange that got hacked by the government. Once you use bitcoin, you’ll see how secure and seamlessly they work as a currency. The banking cartel knows this and they will stop at nothing to hold onto their control of you, me and world. The digits in your bank account are vulnerable to not only petty crooks and hackers but the worst criminals on the planet, the bankers themselves. Imagine a currency out of their reach, a currency that can’t be deflated by printing. A currency that if switched too erases the hoards of wealth.
What is a cheaters money worth, in game of monopoly, when all the good players leave?
The blockchain is impervious to bullets, bombs and regulation. It would be like shooting a rifle at fog. Get informed, research our current money system, start with the Federal Reserve, look up executive order 01111, Jekyll Island, 1913 and Old Hickory and you will see how screwed our money is. It may seem like the banks have all the power and wealth and they do. however, every bit of their wealth and power goes away as soon as we walk away or it collapses.
Not ready to start a revolution? Scared to dump your dollars into Boston Harbor? Me too. Why make waves? Truth be told maybe the money folks deserve our thanks. Too bad they didn’t manage what they had better. Greed always kills the golden goose. Thanks Federal Reserve, Its been fun.
There are different types of bitcoin wallets. Ones that are great for phones, ones that are great to trade bitcoin and ones that are great to store bitcoin. You are going to need all three. I have the Coinbase app on all my devices. I have a Bread wallet on just my iPhone and an Armory wallet on my computer. I buy and sell bitcoin via my coinbase account. I only leave currency there if I am trading. I store my bitcoin in the Armory wallet, its a software wallet that runs the Bitcoin Core/Multibit program. I can then print a backup of that wallet onto paper. No matter what happens to my computer or Coinbase, my bitcoin is 100% secure. I use the Bread wallet on my iPhone for all my purchases. I can send Bitcoin to it instantly from coinbase or Armory.
because there are no transaction fee’s you can send .08 cents worth of bitcoin back and fourth between your own accounts. Its a great way to become familiar with it. Its a little awkward and clunky at first. Its all out in the open and person to person. After you do a few its pretty mind blowing. You don’t have to buy a whole bitcoin to try it. All the wallets and Apps are free. Get a wallet and contact me, ill send ten cents worth of bitcoin.
Bitcoin value is based on human understanding. Since most people get their information from the bank owned media, this will take some time. Bitcoin is not owned by an individual or corporation. It was created by a genius and given to us like a gift from God. Bitcoin can be stored on a phone and taken with you anywhere. Transactions fees are so low that one can send a few cents or a few million coins instantly, anywhere for almost zero fees. The fact that it can do all these things and more gives it value. Not only is Bitcoin better as a currency but it’s also a way to make elections fair, charities legitimate and corporations transparent.
Some of the most popular bitcoin exchanges are Coinbase, Coindesk, Bitpay, OKcoin, Kraken, Bitstamp, Bitfinex and BTC-e. They work just like a forex (foreign exchange). You open an account and then fund the account. You can then buy and sell bitcoin at the market price. Bitcoin exchanges can be hacked. They are only as secure a
Bitcoin Exchange Rate
The exchange rate of bitcoin is based on supply and demand. Since bitcoin does not manufacture a product, drill for fuel or provide a service its exchange rate is really based on human understanding. Once people become aware of how much better bitcoin works than paper money its exchange rate will certainly increase.
Bitcoin miners earn bitcoin by solving bitcoin equations. They use computers with very fast processors to verify bitcoin transactions. For every bitcoin equation they solve they earn fractions of bitcoin. This is how new bitcoin is created. It is a much better system than printing money because only supply and demand affect the price and value of Bitcoin.