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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.

  1. 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
  2. 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.
  3. Bitcoins can be used to pay for many things just like money. Companies that accept them include Tesla and Microsoft to mention a couple.
  4. 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)
  5. 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.
  6. 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?)
  7. 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.
  8. 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?)
  9. 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.