The Trifecta - Part 1 - What is BITCOIN?
Some have said it is a store of value. Some have said it is a hedge against inflation. Some have said it is a Ponzi scheme. So…what is Bitcoin?
The Bitcoin protocol was created in 2008 and launched in January 2009, by an anonymous individual or team named Satoshi Nakamoto. Who is Mr. N? A white hat, a black hat, a crazed mathematician, no one knows. They are suspected individuals, but no true confirmation of the great Satoshi.
Bitcoin is created and stored on the blockchain. What is the blockchain you ask? Blockchain is a type of shared database that stores information. Information is stored on blocks, hence the word Block. As more information is added a new block is created and linked together via cryptography. What is Cryptography? Cryptography is about constructing and analyzing protocols that prevent third parties or the public from reading private messages using mathematically theory. This is not your average Pythagorean Theorem...It's crazy complex! Secret writing that uses mathematical and computational process to encode and decode data. So, what happens when quantum computers come online? Will your bits be safe? IDK
No one can deny that it #1 big dog of crypto currency. It has the #1 market cap at almost 1 Trillion at the time of this writing. Since inception it has a 10 year performance of over 40,000%. El Salvador is the 1st country to adopt BTC as its legal tender. Russia has started talks on amending and recognizing crypto as a form of currency. If Russia gets in the game, then the U.S. will not want to get left behind. The U.S. is already preparing to implement regulations.
Bitcoin has a fixed number of coins that will be produced. That number is …. (Insert drum roll here) 21 million. So, many people believe in the general theory of supply and demand. As supply decreases that will push prices up. How high? 100,000 , 500,000 , 1,000,000 or 5,000,000 a coin. (Gulp!)
Bitcoin is now hovering around 42k. How many people can buy 1? Have no fear….you can always dollar cost average in and who knows what your fraction of bitcoin (Satoshi) will be worth. Hey! If you play lotto, than why not! You can always just buy Mandox!
Please read further and explore what Bitcoin, this 1 page really doesn’t do it justice.
I am not a Financial Advisor and this is not financial advice. Please do your own research. I am not a critically acclaimed writer and this is just fun. Please excuse any typos or grammatical errors. I am partial to Mandox! ;) It is my way!