Bitcoin Explained

At the moment, the most popular cryptocurrency is BitCoin. It has some advantages over common currencies and bank accounts.   Bitcoin is verified 6 times for security, like having a notary for each transaction. You can use BitCoins to pay for your online shopping, you can withdraw them from a cash machine ATM, pay at most visa machines, even buy a car with BitCoins! More and more companies decide to make BitCoins a fully acceptable form of payment. E.g. Virgin Media.

Imagine going back in time it is 2010 and you hear about BitCoin, the first cryptocurrency, was created. We talk in USD dollars but you can do your own translation to GBP, Euros etc. Initially Bitcoin was almost of no value, a few months later, however, one BitCoin is worth $1 on the stock market. – You think an Interesting possibility – if I will buy BitCoins for $100 it would be a pity if I lost it as $100 was worth more then. Alternatively if this project works out, and in 2 or 3 years one BitCoin value was $10, then my original capital of $100 would turn into $1000. Now $900 profit. So what would you have done?

You may have been more adventurous than me but let me tell you what I did – NOTHING. I read about BitCoin, and took no action, except getting on with my normal life. A brief history of BitCoin may help, so after three years BitCoin rose in value to an incredible $1,200! Therefore the BitCoins purchased for $100 were worth $120,000! It was a huge speculative bubble, indeed, and its price declined drastically, but since this crash it has been going up systematically, and in 2017 it reached $1000 in Jan and $2800 in May.

 

A partial List of Companies Who Accepts Bitcoins as Payment!

There are over 127 companies as of 1st July 2017. For upto date list click here ask me by email

Some of the companies from Australia to Japan to Nigera use accept bitcoin. – A Class Limousine, BigFishGames.com, Bloomberg.com, CheapAir.com, Dell – computers, Domino’s Pizza, Euro Pacific, Expedia.com, LOT Polish Airlines, Microsoft, MovieTickets.com, NCR Point of sales systems, Rakutan Japanese e-commerce, Save the Children charity, Shopify.com, ShopJoy Australian ,SimplePay Nigeria’s, Subway, T-Mobile Poland, The Libertarian Party, Pink Cow diner Tokyo, Virgin Galactic Virgin Airline, Whole food store, WordPress.com.

 

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