Bitcoin Education

It is no longer news that there is so much hype in the cryptocurrency market especially about bitcoin due to its dominance in the market, thus, setting an enabling environment for investors to leap on. However, it is unfortunate that some folks are yet to know about the opportunities that bitcoin offers.
So... I decided to bring it to limelight especially to the newbies.
When I first heard about bitcoin few years back I didn't know much about it until I engaged in Bitcoin related activities. One interesting thing about Bitcoin is centered on its advantages over the Fiat currency. To some people who deals on Bitcoin related activities, they simply see it as money that is digitally based. Bitcoin is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. Bitcoin is pretty much like cash for the Internet and also serve as an advanced bookkeeping system.

Creation of bitcoin
From research, it is believed that bitcoin is the first implementation of a concept called "cryptocurrency", which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010 without revealing much about himself" ---Bitcoin Project 2009-2017.

There has been concerns about why Satoshi left the project, that is however not clear but some believed it is linked to misunderstanding of the open-source nature of Bitcoin. Its is important to know that the technology behind bitcoin is designed in such a way that any developer around the world can have access and review the code or even, make their own modified version of the Bitcoin software

Which central authority control cryptocurrency?

This question has raised so much contention in cryptocurrency world. It is however a welcome development on the part of some people that the technology used in cryptocurrency is not controlled by any central authority, rather bitcoin is controlled by all Bitcoin users around the world. All developers make use of software complying with same rules, so it will be impossible for any individual or central authority to force a change on the system. It is a system that represents the interest of the masses.

How does Bitcoin work

To understand how it works, is important to know what a Bitcoin address represent. In a plain language, a Bitcoin address is an account that can receive and send bitcoin. It is like a bank account.
This is how Bitcoin works for most users.
Also, for every transanction carried out with Bitcoin it is recorded and saved in a public ledger called the block chain. This ledger contains every transaction ever processed, allowing a user's computer to verify the validity of each transaction. In addition, anyone can process transactions using the computing power of specialized hardware and earn a reward in bitcoins for this service. This is often called "mining".

How to use Bitcoin
Bitcoin can be exchanged for goods and services just like the Fiat currency which any one can use.
There are a growing number of businesses and individuals using Bitcoin. While Bitcoin remains a relatively new phenomenon, it is growing fast.

How does one acquire bitcoins?

Bitcoin can be acquired through means of payment for goods or services. Other ways to acquire bitcoin includes Exchange bitcoins with someone near you,
Earn bitcoins through competitive mining etc

Strength of Bitcoin?

There is payment freedom in sending and receiving bitcoins anywhere in the world at any time. The problems of bank holidays, borders, bureaucracy is eliminated.
There is minimal fees on transaction, infact you can actually chose your own fees.( high or low) Additionally, merchant processors exist to assist merchants in processing transactions, converting bitcoins to fiat currency and depositing funds directly into merchants' bank accounts daily.
Bitcoin transactions are secure, irreversible, and do not contain customers’ sensitive or personal information.
Security and control - Bitcoin users are in full control of their transactions; it is impossible for merchants to force unwanted or unnoticed charges as can happen with other payment methods.
Bitcoin payments can be made without personal information tied to the transaction.
Bitcoin users can also protect their money with backup and encryption.
Bitcoin transaction is transparent and neutral, information concerning the Bitcoin money supply itself is readily available on the block chain for anybody to verify and use in real-time.

Weakness of Bitcoin

Bitcoin is relatively new. The degree of acceptance needs to grow more in order to benefit from the network. Many people are still unaware of Bitcoin. Volatility - Relatively small events, trades, or business activities can significantly affect the price of bitcoin due to the small amout in circulation.