To Bitcoin or Not? 9 Things You Should Know
Before you get caught up in the hype ( and there has been a LOT of hype) get to know the in 9 basic things before you decide to bitcoin or not.
- A digit currency or “cryptocurrency” Unlike traditional money, bitcoin is not backed by physical asset or regulated by a government.That’s why it’s value is so volatile
- You can buy bitcoins on many online currency exchanges and even at special ATMs. Some popular exchanges include Coinbase and Square Cash. You’ll need a “wallet” an online account where you can store them.
- Bitcoins can be used to pay for many things just like money. Companies that accept them include Tesla and Microsoft to mention a couple.
- The first bitcoins were created in January 2009. the Term had been introduced the year before by Satoshi Nakamoto. That’s a pseudonym. Nakamoto’s real identity remains a mystery to this day. Probably not a person but an entity (let’s talk real conspiracy theory)
- Bitcoin works using clockchain technology. Every time bitcoins exchange hands the transaction is recorded in a public database or ledger.The database lives across multiple devices known as nodes.
- Every 10 minutes people who own nodes verify a set of transaction or “block” They are called “miners”. Miners make sure the numbers add up by solving complex mathematical equations ( that sounds secure, right?)
- Once verified, the block is added to the ledger forming a chain of blocks. As a reward for the work the first moner to verify the block gets a new bitcoin.
- There is, however a cap on how many bitcoins can be created: 21 million. ( if cryptocurrency can be made up and is not backed by a physical asset why would there be a cap?)
- As of the end of 2017 there will be more than 16.7 million bitcoins
At this time NomadnessRentals does not accept bitcoin but credit cards are welcome.