What is Bitcoin and How it Can Help Secure Your Future

Crypto currency has been very prevalent in the news over the past few years. The most popular crypto currency, bitcoin, has received a lot of attention, both positive and negative in nature. But many people who have heard of bitcoin don’t fully understand how it works or what it can be used for. While bitcoin is synonymous with money and currency, the technology that bitcoin is built on, blockchain, can have many uses. Bitcoin can be a powerful investment to add to any portfolio, here’s everything you need to know about the crypto currency.

Bitcoin is a digital currency, similar to other currencies such as the dollar and the euro. But bitcoin holds one big distinction when compared to these other forms of currency. The dollar and the euro and all other currencies before bitcoin have been controlled by either a bank or government. Bitcoin is decentralized and isn’t controlled by any one power. Bitcoin is “mined” using computers that solve complex equations to receive the bitcoin. The people who mine bitcoin, referred to as miners, use their computers to help process transactions and confirm them. All of this information is available on the blockchain. This is a technology that allows for all transactions to be displayed in order publicly.

Blockchain is heavily associated with bitcoin, but it is used for other cryptos as well and they can vary in ability and intentions. Bitcoin is only the most prominent use of blockchain. Many people are betting on blockchain to be the future when it comes to securing assets. Blockchain is a transactional technology that can securely exchange and record anything of digital value. Bitcoin and money are only the first of many future applications of this technology.

Bitcoin has a very volatile history that scares some people off. But the technology behind bitcoin could very well be the future of all transactions and bitcoin is the forefront of that technology. When considering any type of Bitcoin Retirement Planning there is value in it. Investing in other currencies can be a good way to diversify your portfolio. Normal currencies have their supply controlled by whoever is in control of it. But bitcoin on the other hand is only controlled by the number of coins available. That number will reach a max of 21 million bitcoins and after that the supply has reached its max. Bitcoin’s value is speculative based on supply and demand. The supply will eventually taper with no other future bitcoins being added. But demand needs to continue to grow for bitcoin to gain mainstream acceptance.

Bitcoin has some struggles as of now. One of bitcoins main hurdles is overcoming a limited transaction. The current technology in place is only capable of so many transactions per hour. There is a lot of future potential in bitcoin, and the underlying technology behind it.