Bitcoin BASICS

What is a Bitcoin?

Bitcoin is both a type of digital token, or cryptocurrency (see here for crypto Basics, https://steemit.com/crypto/@novice/crypto-basics) and the network on which those tokens can be stored and moved around.

• no central authority, users keep the record (blockchain)
• updated ledger kept on all users computers
• any one can have bitcoins, and it can be transferred to anyone

Where do Bitcoins come from?

Users get more bitcoins by mining (a computational race between computers in the network).

What is the maximum number of Bitocoins that can be mined?

Bitcoins are created each time a new block is discovered by a user/miner, however, there is a limit. The maximum number of bitcoins is expected to be around 21 million. Since its a finite resource, it has been refered to as digital gold.

What does one Bitcoin cost?

According to CoinMarketCap.com, as of now one bitcoin cost approximately $2790. Proponents of bitcoin believe the price can appreciate to $10,000 by year 2020 (only three years). Opponents have yet to be right on bitcoin (I am biased).

Can I buy less than 1 Bitcoin?

Yes, you can divide bitcoins up to eight decimal points.

Should I buy invest in Bitcoin?

Disclaimer: I don't know anything about the crypto market, its just my opinion
Yes, if you have funds that you will not use for the next 5 years (and can afford to live without if bitcoin becomes illegal or crashes) invest in Bitcoin because of its potential.

For the visual/auditory learners, watch this youtube video about Bitcoins.
https://www.youtube.com/watch?list=PLZWrc_gWChqnaaeOQcxXG3qBF-yfS1Ayv&v=Gc2en3nHxA4

Sources
https://www.nytimes.com/2015/11/05/business/bitcoin-basics.html
https://en.bitcoin.it/wiki/Controlled_supply
https://www.bloomberg.com/news/articles/2017-06-19/bitcoin-is-digital-gold-but-will-you-buy-a-sandwich-with-it
https://coinmarketcap.com/