RTI Technologies

Bitcoin for Starters: A 21st Century Currency

Bitcoin, as you might’ve known, is the digital currency (or cryptocurrency) for the 21st century. It’s nothing physical, you can’t see it, you can’t touch it but it’s there.

But before you start, keep in mind that Bitcoin is a complex product. The concepts of cryptocurrencies in general are deep and abstract, and understanding how and why Bitcoin works requires a fair degree of technological knowledge. If I may speak frankly, Bitcoin is not everyone’s subject.

To put the idea in simpler words, Bitcoin is an alternative (digital) currency that can be paid for goods and services much like conventional currencies. You can transfer Bitcoins to other users and vice versa to maintain your financial account.

It was started in early 2009 by an unknown person under the name of Satoshi Nakamoto. No one knows for sure who this person might be or whether there is a whole group of people operating under this name.

In around-2010, he transferred all the Bitcoin-related property to Princeton University graduate, Gavin Andresen. Interestingly, Andresen has himself communicated with Nakamoto only via emails or web forums. Still, the amount of Bitcoins owned by Nakamoto are estimated to be around a million so he’s a billionaire in dollars regardless of his identity.

The currency isn’t dependent on a bank or any other source. Its value depends on the amount of interest and support it garners, as simple as that.

The ability to concentrate and to use your time well is everything if you want to succeed in business--or almost anywhere else for that matter.