Bitcoin (BTC) is the original and most popular value token; it represents around half of the total value of the entire Cryptocurrency market capitalisation value and is the most widely recognised and accepted cryptocurrency in the world, with it now becoming recognised as a legitimate means of payment. In Japan alone, it is forecast that 300,000 merchants will accept Bitcoin before the end of 2017.
Many moons ago we traded direct in cattle and hammered precious metals, peer to peer. Imagine that, trading peer to peer without a middleman or a financial institute of some sort taking a cut along the way.
Bitcoin, like many other cryptocurrencies, is just that, a digital currency that allows peer-to-peer transactions, transactions that take place between individuals anywhere in the world, with no intermediary. It’s completely decentralised with no server or central authority, with the objective of avoiding all the problems that can arise from paying for things online.
Bitcoin, also referred to as digital cash, an electronic cash system or a digital payment system, uses a peer-to-peer network to prevent double spending and transactions are verified by individual computers (or network nodes) and recorded in public distributed ledger called a blockchain.
It’s a revolutionary technology and is changing finance the same way that the web, changed publishing, on so many levels.
Also, with only 21 million Bitcoin available, comes scarcity, with scarcity, comes value and with value comes profit. I guess you could say it’s like digital gold, there’s a limited supply, so therefore the value is amplified.
To get started, you’ll need a Token Room account and a crypto wallet to securely store your currencies.
Bitcoin can be securely stored on our range of Ledger hardware wallets, or you can choose a wallet of your own. There’s some easy to follow set up guides here, however, if you need further assistance, we’re here to help.
You can find more information on wallets and cryptocurrencies via our FAQ.