Bitcoin Fundamentals

Fundamentals: Overview Of Bitcoin

“So you think money is the root of all evil? Have you ever asked what is the root of all money?”

Bitcoin is simply the name given to the new digital, internet-based form of currency. While going beneath the surface of the basic concept of a Bitcoin gets somewhat complicated, knowing the mathematics behind the creation of Bitcoin and it's operations, are not necessary. We can use, profit with, and generally understand what Bitcoin is, and why Bitcoin is important in our everyday lives, while the genius behind it hums along in the background.

Best of all, our journey into the Bitcoin world brings benefits from all corners. Financially, we can spend less on transactions with Bitcoins while seeing our ability to buy products increase with the increase in Bitcoin's value. Value increases are not guaranteed of course. And our privacy will become almost impenetrable if we choose that route.

We can create an online business accepting Bitcoins with almost no hassle (such as fees and complications we would encounter trying to accept credit cards). Even dealing with the minor annoyance of learning new terms and concepts seems like a small price to pay for the mother lode of benefits Bitcoin delivers. Far off but critically important is the future treasure Bitcoin promises to deliver. Those future benefits will be covered in the last chapter because they are potentially earth shattering in scope, and there is much ground to be covered before we get there.

Bitcoin's story reads something like a Tom Clancy novel. There are secret agents. Trusted double agents try to sell out the cause. Murders happen, or something close to it. Prison time for innocent men. Fortunes made by criminals. Bigger fortunes lost by the risk takers. Geniuses, madmen, Libertarians, Socialists, government forces, and Anarchist hackers all working together, before fighting each other tooth and nail. (Okay, even I'll admit this is a bit of an exaggeration, but you get the point!).

We would expect nothing less considering Bitcoin is battling the most powerful forces on earth. Based on the rapid growth from $0.06 to over $200 (and back down to around $100), Bitcoin is winning the battle.

David versus Goliath is playing before our very eyes with the same result expected. The little guys (us) are taking on the powers that control the money universe and government (PTB - powers that be), and knocking them for a loop. Welcome to the new, exciting world of Bitcoin. You will be absolutely glad you came.