what is bitcoin meaning & future of bitcoin 2019 | Cryptocurrency


Hello and welcome to our overview of Bitcoin. Bitcoin is a cryptocurrency and digital payment
system. It is the first. Digital cryptocurrency and therefore it’s
the biggest that was put into the marketplace. AD 2009 releases open source and Bitcoin has
the distinction of having a set amount of coins ever minted 20 21 million for that matter. It is a peer to peer type of currency. So it’s digital just like a euro or yen would
be. But instead of sending for example instead
of wiring 1000 dollars to you I could. Just simply send a certain amount of bitcoin
to your wallet which is where you keep your currency your crypto currency. At this point. They have the block chain and the block chain
allows you to see transactions every transaction actually in very open source ways of showing
you. I sent half a bitcoin or a tenth of a bitcoin
or a full bitcoin to your wallet. And therefore people can check some to make
sure the math all works and that the system isn’t being abused because remember 21 million
is as far as we go now. You can split up Bitcoin. You don’t have to buy or sell or trade a full
bitcoin. You can trade up to a millionth of bitcoin
or Miller bitcoin for example is point 0 0 1 1000 of a bitcoin one millionth of a bitcoin
is actually called a micro Bitcoin. So you know it breaks down pretty significantly. Now when you look at bitcoins value you can
see that at the beginning of 2017 we have exploded to the upside. Just taken off to 5000. There are several different exchanges that
you can trade Bitcoin on. So I would also point that out. This chart here happens to be on Bitstamp. And there will be other prices on other exchanges. Again it’s decentralized. There is no concerns of manipulation by governments
around the world. So that’s one aspect that people like the
anonymity of being a wallet online and not a name so to speak it’s a series of numbers
something that people like and a lot of people are certainly paying with their mobile phone
with apps with their digital wallets for various services it’s not just. Yeah you got a lot of bad press in the past
about Bitcoin being used on Silk Road and other black sites on the web but now you can
buy pieces if you can. You can go to Overstock.com there several
places now. It must be said that although a lot of money
has flown into this market as of late it is still my Newt compared to the forex markets. So liquidity becomes an issue and because
of that we have seen some pretty horrific sell offs from time to time in very short
order but you can see that we continue to go higher over the longer term and that is
what we’ve seen. 5000 was a magnet for price will probably
go beyond there. The question now becomes what are governments
going to do. And that is really the biggest threat because
while it is anonymous and governments can’t necessarily manipulate it at least not publicly
publicly. But you know I’m sure that various intelligence
agencies have started to look into this but leaving that alone leaving any type of conspiracy
alone. The reality is Russia is starting to take
steps to make bitcoin something that the average person can’t use. China is starting to crack down on ISIS those
initial coin offerings. So the future is still up in the air we don’t
know how it could play out because if they make it so that. You cannot exchange bitcoin for a currency
for example. You can’t change your bitcoin into dollars
then bitcoin has a serious problem right now it’s not there but it certainly looks as if
they are trying to regulate this market. The S.E.C. for that matter is even starting
to look into it. So. It’s hard to tell at this point where we go
next. Now in the near term certainly looks like
it wants to go higher if it becomes a standardized accepted method of payment and without much
in the way of government interference. And I’m sure it’ll be fine. But right now I certainly think that the buyers
are in control. And when I look at the monthly chart you know
you can’t argue that we’re in an uptrend. But then again you can’t argue that we haven’t
spiked to the upside out you know just way out of control a serious pullback is very
possible and quite frankly be very healthy down to at least three thousand if not twenty
five hundred at this point. But we have to wait and see if we get that. Bitcoin is definitely the leader though because
typically when you see cryptocurrency sell off bitcoin tends to do better than the other
ones. Some of the newer currencies just get absolutely
whacked. When bitcoin may lose 10 percent they may
lose 20. So you can go to the exchanges you can buy
a little bit of bitcoin you can sell it later for profit. Hopefully. It is a exchange medium of exchange value
if you will for various goods and services. But right now during 2017 we’ve seen more
speculators jump in than anything else. The longer term outlook for block chain is
probably where the real value is going to come. The ability to anonymous anonymously keep
track of transactions so it’ll be interesting to see how that plays out. That’s probably the longer term viability
there as the block chain. But certainly Bitcoin is something that people
have taken a shine to and is even being used down as a bit of a safe haven from time to
time.

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