What Exactly is Bitcoin & Should You Buy Bitcoin in 2018?

If you are debating whether or not to buy Bitcoin in 2018, you are not alone. Bitcoin exchange prices rose from $1,000 to $20,000 over the course of just 2017. Of course, the Bitcoin price has retreated somewhat since its recent $20,000 all-time price high. The only question is, what exactly is Bitcoin and should you invest in 2018?

Bitcoin Origins & Technical Details

Bitcoin was created in 2009 by a computer programmer known only by the alias, Satoshi Nakamoto. Bitcoin as a digital currency, however, isn’t just the equivalent of digital cash or bank notes. Instead, the Bitcoin blockchain itself is essentially an unhackable piece of software designed to work as a payment ledger, payment processing network, and form of digital currency all at once.

How Bitcoin Works

When a person buys Bitcoin, they buy digital tokens signed by complex encryption keys. These keys are then mathematically signed and verified six times whenever they are transferred to new Bitcoin wallet addresses. (Such as the wallet addresses of goods and service providers).

What makes Bitcoin really unique, however, is the fact that the Bitcoin blockchain and payment network is completely decentralized and open source. This means that no central governing body or physical infrastructure is required to facilitate payments or secure Bitcoin deposits themselves.

What Does Bitcoin Being Decentralized & Open Source Really Mean?

Bitcoin as a digital currency is completely decentralized. This means that the blockchain software which runs the network is not managed by any central authority. Instead, every line of code can be checked independently by anyone. Much more importantly, anyone can download and run Bitcoin’s core software, hence why hundreds of thousands of computers worldwide currently enable Bitcoin transactions on a fully peer to peer basis.

Why Does Bitcoin have Value?

When it comes to the value of Bitcoin, many people consider decentralization itself hugely important. Bitcoin, after all, is the only digital currency which puts people in direct control of their own wealth and which has almost 10-years of proven stability and security.

Of course, professional investors like Bitcoin due to the fact that when people buy Bitcoin at a Bitcoin exchange, they also buy tokens which will never surpass more than 21 million in number. This limited supply makes Bitcoin a fixed asset which people like John McAfee believe can easily reach $1 million in value by 2020.

Should You Buy Bitcoin with a view to Investing in 2018?

What often deters people from investing in Bitcoin, is the fact that the Bitcoin price itself is inherently volatile. In 2017, Bitcoin shed up to a third of its value in mere hours, before surging ahead to all-time price highs on several different occasions. That said, history shows us that Bitcoin does consistently appreciate in value over long periods. This being the case, people looking to buy Bitcoin with a view to holding the digital currency, will likely make significant returns in the years ahead.

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