Over the years, there has been tons of confusion regarding what bitcoin really is. This article will attempt to clear all of your confusions up and tell you all about what really is. For those who do not know, bitcoin is actually a crypto currency. Now some of you may be scratching your head and wondering what a crypto currency is. Well, crypto currencies are actually digital currencies that you do not have to carry in your wallet. You can use these crypto currencies from your laptops, mobile phones, and some particular crypto currency cards. They are nothing like solid hard cash.
Slowly and steadily as the world adapts to digitalization, more and more experts are predicting that we are not for away form a time when cash will become totally extinct and be replaced by crypto currencies. That being said, there is still a lot of time left for the whole world to accept crypto currencies as the main method of payment. Now that we have established what a crypto currency is, let us take a deep look into what bitcoin is.
What are Bitcoins
Bitcoins are essentially a type of crypto currency. For those who were unaware, there are several; types of crypto currencies out there and bitcoin happen to be one of these currencies. That being said, bitcoin happens to be the most popular crypto currency among people. As a matter of fact, some people even believe that the term crypto currency and bitcoin are interchangeable. That could not be any further from the truth. As mentioned earlier, bitcoin is just a type of crypto currency.
However, it also happens to be the most profitable crypto currency out there. Many people only found out about the world of crypto currencies only because of bitcoin. Now you may be wondering how that happened? Well, there is a complete story behind it.
The Rise of Bitcoin
Several years back, only a select few people knew what crypto currencies are and the possibilities they present. Some of these people decided to invest in these crypto currencies, particularly bitcoin, thinking that there would be a day where their crypto investments would turn out to be fruitful and that they would earn a decent amount of money. A large number of people who did not invest thought that these investors were crazy and would never make profits from their crypto currency investments.
In fact, everybody who found out about bitcoin laughed at the notion that they would bring profit to the investors. However, fast forward after some years, these lucky investors made millions of dollars because of their foresight and patients. Some of them even turned their financial lives around in a matter of days.
This success caught the attention of a lot of other people as they started to notice the potential that bitcoin presented. They started entering the world of bitcoin trading and tried their luck at it. This is essentially how bitcoin became as famous as it is. It has become so famous that there are even various bitcoin terms that people use every now and then.