What is Bitcoin Ƀ ?
- Disclaimer - This is not investment advice.
- Bitcoin is a peer to peer electronic currency which is created and held electronically.
- Bitcoin transactions are verified using a network of decentralised computer advanced cryptography. This means there is no central entity and you have full control of your money.
- Bitcoin has a limited supply and miniscule transaction costs. Its anonymous and transactions are very fast
- Bitcoin is widely described as transact-able "digital gold" due to its use as a store of value and limited supply
- Bitcoin has increased in value significantly following inflation of other world currencies, economic unrest and the potential for influx of large institutional money.
Why have I invested in Bitcoin?
- Central banks have been electronically creating large amounts of fiat (normal) money for decades. With bitcoin no one can increase the supply above 21 million coins so I think it is a better store of value. I like having full control of my money.
- I think the stock market and global debt are highly inflated, increasing the potential value of limited-supply crypto assets like Bitcoin and Ethereum
- Bitcoins' future potential functionality far exceeds fiat money. Imagine a world where you can send unlimited money to anyone on the planet for almost no fees just using a smartphone.
Where can I buy Bitcoin?
Storing Bitcoin - Ledger Nano S
I use a Ledger Nano S to store my cryptocurrency. For small amounts, if proper password security is used I think storing your Bitcoin on Coinbase is OK. For larger amounts I would recommend purchasing a Ledger Nano S.