In early October 2008, a random user who called himself Satoshi Nakamoto published a paper, titled ‘Bitcoin: A Peer-to-Peer Electronic Cash System’ on the cryptography mailing list of the website metzdowd.com. He announced that it was finally time for the world to eliminate the need for a third-party intermediary in financial services.
Nakamoto would go on to provide the Bitcoin whitepaper to the public, as well as the blockchain ledger blueprint. He would effectively disappear from the public eye in 2010, leaving only a trail of mystery. It is estimated that he is the biggest capital owner of the crypto coin to this day.
Fun Satoshi Nakamoto Fact:
The infamous Bitcoin pizza guy – software developer Laszlo Hanyecz – shared in a recent interview with ‘Business Insider’ that he had exchanged emails back in the early days of the first cryptocurrency. He describes him as ‘starkly-intelligent but deeply-secretive, mysterious, and paranoid’. Hanyecz states that he was struck by Satoshi’s secrecy but he now understands why the creator of the digital coin acted the way that he did. If anything had happened to the original code, then the world might have never even heard of digital currencies.
Bitcoin is revolutionary in the sense that it makes the end user completely independent from the present monetary transactions system. It’s open-source and P2P-based computer codes mean that anyone can take part in crypto mining (the way that the crypto coin is generated). The approval of the transfer from one individual to the other does not take any longer than 10 minutes.
Many people, even those that are regular crypto trading enthusiasts, often ask themselves how does Bitcoin work. But they don’t need to know with all the reliable and legit cryptocurrency exchange platforms out there that can do all the work for them!
Bitcoin Wallet – Keep Crypto Coins Secure!
Every Bitcoin advisor or expert will tell users how crucial it is for them to keep their acquired crypto tokens in a safe and secure digital wallet. In order to ensure maximum safety levels, it is best to keep the different types of Altcoins in separate devices.
When opening a Bitcoin account, you will notice that Bitcoin wallets have a public address and a private key. The former is the unique number of the virtual storage device (the digital location) to which the monetary amount is sent. The latter is also a separate combination of symbols which should be known only to the user.
It is best not to share it even with close relatives, friends or family. If the user loses his private key, the acquired crypto coins are also gone for good. There are several other safety and security measures that can be undertaken.
Below follows a short list of the most important ones of them:
- – Apply Two-Factor Authentication (2FA);
- – Stay Safe From Ongoing Phishing Attacks;
- – Never Open Emails That Come From Unidentified Sources;
- – Stop Clicking On Random Links When Online In Social Media;
- – Don’t Download Files With An Unknown Origin;
- – Your User Name & Password Should Not Have A Relation To Your Real-Life Persona;
- – Never Open The Bitcoin Wallet Through Public Wi-Fi Networks;
- – Don’t Give Random People Your Personal Details;
- – Mainly Open Cold Storage (Offline) Bitcoin Wallets;
- – Don’t Keep The Device From Which You Are Trading Non-Stop Connected To The Internet.
Is Bitcoin Trading Easy?
Bitcoin and all the other Altcoins may not be an officially-printed and approved currency and may still be pending regulatory impositions but this does not mean that one cannot operate with it much in the same manner as with any other real-life exchange.
Users can always go to a reliable and genuine cryptocurrency exchange website and open a trading account. They can deposit fiat currencies there and swap them for Bitcoins or Ethers, according to their value in the official list of cryptocurrency by market cap.
There are also crypto trading systems that have both in assisted and a manual mode. The former allows the individual to do as he pleases with his or her free time, while the Bitcoin investment software takes care of all the tedious work for him or her, including the placement, conduct, and exit out of a trade.
Bitcoin – The Most Financially Lucrative Asset To Have!
There is much similarity between the first cryptocurrency and gold. Satoshi Nakamoto, himself, envisioned the crypto coin to have a scarce amount, just like the asset. This would suggest that its price would only increase with time as its supply is almost exhausted.
Currently, there is no other financial asset that it more lucrative to have than a single Bitcoin unit in the crypto wallet. Users can also purchase a fraction of it via the services of any legit and trustworthy cryptocurrency exchange app.
Hello, I am Collin Tyusm. I am a Forex blogger. I have created my blog, because I want to help people learn more about Forex & CFD Trading Software and Bots.