Finally learning Bitcoin

sketchperez | 11.05.2017

Last week I decided I was going to stop letting the world pass me by. I took on the task of learning bitcoin. I watched videos onĀ Youtube, a documentary on Netflix, read articles, and skimmed forums. I’ve boiled Bitcoin into this:

A digital form of currency that is decentralized from banks and other power-hungry institutions. Transactions are processed by “miners” who use their computers to solve complex problems and are rewarded with Bitcoin. The currency works across borders and every transaction is held in a publicly held ledger while keeping user information encrypted. This design helps fight counterfeit.

The mining aspect draws a lot of people’s attention, mine included. Bitcoin mining is reminiscent of the Gold Rush, and everyone wants to strike gold. However much like real mining you need special equipment. I ignored all the good advice online and attempted to mine off my MacBook Pro. I made about $0.03. At the same time I also tried what everyone advises to do: trade Bitcoin. The majority of people tell you, the real money is in the trading.

To test this out I invested $100 USD last week. I used Coinbase, which took out about $3 USD, leaving me with $97 USD worth of Bitcoin. It took 7 days for the transaction to clear, but when it did, Bitcoin had gone up more than $1000 USD! In the time it took my payment to process, I had $120! 20% profit!!

I’m not telling you to run out and buy Bitcoin, but I do encourage everyone to learn about it. As for me, I’ll continue investing and riding the wave. Wish me luck!

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