I first heard about cryptocurrency on social media some years ago, I took it for granted, it was new to me and I said to myself, "these guys were joking", I called it a total scam until a close friend's life was changed overnight with the help of Bitcoin.
He built a house, bought a brand new car and set up a business for himself, you know what?
This was the same friend that told me about Bitcoin but I refused to get some for myself, he invested on Bitcoin and in the year 2017 Bitcoin skyrocketed up to $18000 and changed his financial life isn't it awesome?, today I am an active investor of Bitcoin.
There are still lots of people out there who were just like me, they call bitcoin a scam, even when they have the chance to invest or hold the coin they just turned it down.
Bitcoin
Like the normal currency, we are used to (fiat currency), Bitcoin is the first digital currency also known as a cryptocurrency, it is used in the digital world as a general means of payment.
Unlike other currency, Bitcoin is not stored or controlled in a central banking system this is the reason it is referred to as the first decentralized cryptocurrency, users of Bitcoin deal directly with each other which is a peer to peer system.
Bitcoin transactions are distributed in a systems know as Blockchain which is a public distribution ledger, every transaction is open to the public.
Bitcoin was invented by Satoshi Nakamoto, whose idea was to was to create "a new electronic cash system" that was "completely decentralized with no server or central authority, it officially came to light in the year 2009.
How is Bitcoin Created?
Bitcoin can be created through mining, Bitcoin can be mined by doing some sort of math by the miners, they keep records of every peer to peer transaction that is done on the public ledger system (blockchain), this information is stored in form of block in a computer using a special software and increasingly powerful (and energy-intensive) hardware, miners convert these blocks into sequences of code, known as a "hash.
Getting a hash needs lots of computing, in this case thousands of miners compete to get it, when the hash is eventually gotten, it is placed at the end of the blockchain which is then publicly updated and propagated so the reward miners get from solving this math is Bitcoin, every miner gets 12.5 Bitcoin from solving this math and this is worth thousands of dollars.
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