Steem Crypto Challenge #5 : Bitcoin The Father of all Cryptocurrency

hardaeborla (68)in Project HOPE • 3 years ago

Hello Everyone!! I feel really sad the steem crypto Challenge is definitely coming to an end this month and this will actually be my final challenge publication for the month. Anyways, let's still hope for something better in the coming months. It's really nice taking part in most of the challenges and I really commend the effort of @steemitblog in courtesy of @steemcurator01 and @steemcurator02 for their great impact and support to contesters.

Today I'll be sharing my view or opinion on the final challenge of the month which has to do with Bitcoin. As we all know Bitcoin will be celebrating it's 12th anniversary today (October 31st) and it's really interesting the contest is going to be all about Bitcoin! I suggest you grab some delicious pop corn and read through my post about Bitcoin the Father of all Cryptocurrency

Brief History of Bitcoin

Bitcoin was the first digital currency or cryptocurrency invented by anonymous set of people or probably someone using the name Satoshi Nakamanto. The coin was created in the year 2008 and the project started in the year 2009 with a very small value or worth probably lesser than $1.

Bitcoin is a decentralized cryptocurrency which allows users to transact (send and receive BTC) irrespective of their location. Every transactions are always verified by network nodes through the use of cryptography and recorded in distributed ledger via blockchain technology.

Bitcoin can be generated or produced with the help of Bitcoin miners who are always in charge of creating blockchain algorithm to mine Bitcoin for proper use. The system was built on PoW which gives room for more skilled miners to generate more more Bitcoin even though the process always requires more power.

Bitcoin was also the first cryptocurrency being used by few users back then and it also gained lot of attention from investors during it's early stage.

How I Found Out About Bitcoin

I can never forget the day I found out about Bitcoin as my mind keeps ringing those memories into my hears and I keep seeing it displayed like I'm watching a movie with my eyes.

When I was in school, there was actually a friend of mine back then who happened to be a guru in technology due to his programming skills and his alertness to technological changes and innovation. This tech guru told came to me then and he asked if I've heard about the new digital asset that can be used to make payment. I told him I haven't heard about it. He then told me "he wants to advice me to invest if I have the ability to do so". My level of research and technology back then was very limited and I doubted his words since I really don't want to loose my money investing in what I can't see (play it safe) . So I had to deceive him by telling him that "I've heard his opinion" (just to end the conversation).

Around 2018, after a receiving long lectures in the classroom, I decided to go have some rest at the tractor shed with my friends. On getting there, I met them discussing about a certain coin or crypto which came into existence around 2009/2010 with a very cheap value and now the token is now more than $5000. I began to develop that sense of curiosity about what type of crypto or coin could it be. This made me called one of my friend who was in the middle of the conversation seclusion, i told him to enlighten me more about what they were talking about since it involves making money 😊.

I couldn't comprehend all what he said that time though but all I heard was "Cryptocurrency" and "Bitcoin". As a smart guy, I got home and took out my smartphone and I connected to the internet. I remember searching "What is Cryptocurrency" and ***"What is Bitcoin" *** on Google and it popped out different links with different answers. I clicked on the first link and i was redirected to Steemit! The truth is that's how I got to know about Steemit too. I think if I hadn't made any search about Bitcoin and cryptocurrency then, I wouldn't be on Steemit.. That's how life sometimes direct us towards good things 😊.

After reading that comprehensive article from a Steemit content creator on Steemit, I began to develop that sense of interest in Bitcoin and other cryptocurrencies generally. It was really a very lovely experience so far.

Interesting Thing That Happened to me Which has to do with Bitcoin and How it Changed my Life

There are actually lot of events I've experienced happening to me that has to do with Bitcoin. The major one I can never forget is the fact that I got to know Steemit during my personal research about Bitcoin. Like I stated before I may never be on Steemit if not for the Google search I made about "Cryptocurrency and Bitcoin". It's really great to be a Steemian and I'm glad I'm a Steemian 😊.

Another experience I can never forget was the one that happened to me during trading. I could remember winning some tokens back then. I was desperately in need of cash. I had to send the tokens from a cold wallet into my Binance account. Luckily, Bitcoin was the only trading pair it had back then which made it easier for me to convert the tokens directly into Bitcoin and I was able to withdraw my cash (Fiat) easily without no stress.

How I invest in Bitcoin and My Experience With Trading Bitcoin

When it comes to both trading and investing in Bitcoin, I always make use of trading exchange platform like Binance. There are some small tokens I buy with Bitcoin and there are also some times I hodl Bitcoin for some period of time.

It's really fun trading and investing with Bitcoin provided you're making use of the right trading exchange and provided you are also setting a good stop loss value during the trading process.

The History of Bitcoin so far, and what the Future for Bitcoin Holds

There's actually no doubt that from the history of Bitcoin we've all learnt the great development ranging from it's worth or value to it's other features. Also, the rate of adoption is drastically increasing every year and this is also boosting the price of Bitcoin.

As for me, I think Bitcoin is here to stay and it will continue to be in use forever and ever. I won't be surprised if banks and other companies start adopting Bitcoin as a means of payment because Bitcoin is really the future of digital currency.

Will Bitcoin Always Be The Dominant Cryptocurrency?

Bitcoin will continue to be the dominant and the most widely utilized cryptocurrency amongst all other cryptos. This is why I do call Bitcoin the "Father of all Cryptocurrency". We can all note that the rate of adoption is drastically increasing more than we can ever imagine and this is also affecting the value of Bitcoin positively.

How and when Will Bitcoin Reach the Mass Population

Smiles.... This is already happening! Bitcoin is the first cryptocurrency with the highest number of users and it is also the most adopted cryptocurrency world wide. There's actually no doubt that the rate of mass adoption will definitely be increasing every year and this is one of the reasons Bitcoin is the father of all Cryptocurrencies.

One of the ways Bitcoin can reach more mass adoption is by enabling Bitcoin as a means of payment in different companies or organizations. I'm quite sure we all saw how PayPal boosted the value of Bitcoin recently and there's still more to come.

I'll have to end this post here for now. Much thanks to @steemitblog in courtesy of @steemcurator01 and @steemcurator02 for organizing such a great contest like this.