What is Bitcoin? Part one

The universal crypto-currency- Bitcoin

The word blockchain and crypto-currency might sound new to many, before I step into that, I will like to enlighten you on how technological inventions has changed our lifestyles. The internet is why you and I are here. This invention changed the way we communicate. Back then we had to post letters but never knew they will reach their destinations, talk more of feedback.

Today the internet has changed our lifestyle and business transactions around the world. You can buy and sell from home. It has also brought people from different locations and backgrounds into one basket. This has created lots of valuable jobs with the Internet technology and everyday we see new innovations.

Now you are going to gain the insights into the digital revolution of Bitcoin and the ways blockchain technology has virtually changed everything we do. It involves sending real assets like money- to be digitally formatted and sent everywhere in the world: instantly, securely and almost at no cost. It is called a valuable internet. The internet is not just for sending of messages and receive or storage. It is called a valuable internet of tremendous financial rewards.

In 2009, the blockchain technology was invented and gave birth birth to the first digital currency called Bitcoin and in a few years, everyone that believed in bitcoin and took action on it have literally gone from rags to riches. Others heard but were either fearful of laveraging power of this digital assets or were simply disbelieving of its genuineness or weren't smart enough to take advantage of the opportunity today are wallowing in regret.

What is a cryptocurrency?

Crypto-currency is a digital cash kept in digital Wallets ( a type of private Internet bank account solely controlled by you and not a bank) transferred from person to person through the powerhouse called the blockchain technology. The good news is that we won't only send digital currency online but will soon start spending them offline, over POS terminals and cash out on ATM as cash in your local currency.

Many governments in the world are already integrating digital currency. The UAE, the central bank of Scotland, England and Canada and about 80% of banks are looking at utilizing the blockchain technology. Russia has developed traditional banking for crytocurrency, Sweden has gone cashless. Many Universities accept tuition payment with bitcoins. Canada stopped printing fiat currency since 2014. Japan recently adopted bitcoin as a national currency and has started regulating through exchange, Nigeria is the backbone of cryptocurrency in Africa, followed by S. Africa and more than 35 countries in the continent. To learn more on Bitcoin price progression, click Here and leave a comment where you didn't understand.

To invest in a Bitcoin company here in Cameroon, click here Good luck.

Stay tune for the history of bitcoin in our subsequent posts. Subscribe to this blog for latest updates. I wait to reply your worries on bitcoins, DasCoin, etc...

Fly4studyCameroon on Bitcoin