Bitcoin. It is the face of cryptocurrency with expectations to change the world more than it already has.
Most of you have probably heard of Bitcoin, and maybe you know someone who bought a coin or part of a coin.
But, do you know how Bitcoin works? Do you understand how to buy it, the purpose of it, or how it can benefit you versus the money and credit cards you already use?
You came to the right place. If you read below, you will enter the world of Bitcoin and see how it can benefit you.
How Bitcoin Works
The first step to understanding Bitcoin is understanding where it comes from. Coins are entered into circulation in a process called “mining.”
Mining itself takes very advanced computer software to do yourself. But, some miners get rewarded up to over six Bitcoins if they figure out how to put more in circulation.
Miners use either a GPU (graphics processing unit) or an ASIC (application-specific integrated circuit) to get their mining rig up and running.
This may sound complicated to those who are not familiar with that kind of technology. The premise is that miners solve difficult computational math problems and are rewarded with coins of their own while putting more out there for the general public.
A Global Currency
One of the goals of Bitcoin is to be a source of financial value that people can use all over the world. Granted, there are some strong paper currencies like the US dollar or the Euro that are accepted in a large majority of countries.
However, Bitcoin is something that can be converted almost any time with mobile or online purchases.
You can even buy a car with the Bitcoin cryptocurrency. BMW was one of the big car companies to get on board with Bitcoin, but they are not the only company that has.
You can use Bitcoin to buy Burger King items abroad, book trips on Travala, tip on Twitch, donate to Wikipedia, and more.
A big appeal to Bitcoin as a digital asset is that it is a currency that can be used anywhere in the world, rather than changing paper currencies almost every time you enter a new country’s market.
Part of Bitcoin’s push to become a global currency has led to the creation of the Bitcoin ATM. Some websites let you find a Bitcoin ATM near you.
These are popping up in several countries. They potentially allow you to access your money anytime and not have to worry about changing currencies no matter where in the world you are.
Let Bitcoin Benefit You
This is only the beginning of how Bitcoin works and how it can make your life easier.
Some people have already cashed out of Bitcoin that got in early and have retired as millionaires. Do you want to miss the boat? Or do you want that to be you relaxing on the beach without a care in the world?
The post Understand How Bitcoin Works and Benefits You first appeared on Mind My Business.