What is Bitcoin?
- Is the first cryptocurrency developed in 2009 by a cryptographer “Satoshi Nakamoto.”
- Bitcoin is digital GOLD (but 10X as scarce.)It is a new asset class.
- Limited supply – unlimited demand.
- You can send and receive bitcoin funds instantly, globally, 24/7 with small / no fees as there is no third parties to deal with.
- It is mined with computing complex mathematical equations. Once the equations are solved – new bitcoins are generated or “mined.”
- Whereas fiat currency is controlled by the banks – bitcoin is controlled by the users.
- Only 21 million bitcoins will EVER be mined in total, so it is a finite commodity and will become more valuable over time with a limited supply and growing demand.
- Through an exchange via your eWallet.
- Bitcoin ATM.
- Private seller.
* NB: fees are usually between Zero – 5%
What is an eWallet?
- A digital online wallet accessed by computer or phone.
- Allows you to buy / sell or send / receive bitcoin.
- A cryptocurrency wallet is a software program that interacts with the blockchain to enable users to send and receive digital currency and monitor their balance.
- If you want to use Bitcoin or any other cryptocurrency, you will need to have a digital wallet or two.
*NB: PayPal is an example of an eWallet (but this type of eWallet is not used for crypto transactions… yet!)
- P2P – peer to peer works independently of any financial institution and is easier to transact compared to traditional 3rd party finance options.
- Bitcoin production is controlled to stay on an even level, so it is not affected by inflation / deflation like fiat is.
- It is simple to use via an online eWallet on your computer or using a mobile app. Enter recipient’s bitcoin address, amount to pay & press SEND.
- No personal or sensitive data is stored (as with credit card payments.)
- It is easier and cheaper to make payments than using debit/credit cards.
- Payments and transfers are instantaneous.