If you have been hearing a lot about Bitcoin and other Cryptocurrencies lately you are not alone. In 2010, a single bitcoin was value at roughly $.07, that means that if you had invested just $100 at that time your investment would now be worth north of $6 million dollars at the current price of ~$4,300 at the time of this article.
With returns like that, you may be wondering what all the hype is about and how you can get involved.
What is Bitcoin?
Bitcoin is a decentralized digital currency. It represents money that doesn’t belong to or can be controlled by any government or central bank. You could think about it like the Internet of money or money that works like file sharing programs.
Bitcoin was invented in 2008 and since then has gained a market cap of over $40 billion. Today it’s estimated that millions of people around the world are using Bitcoin as a store of wealth, investment vehicle and an actual currency for exchange.
How can I get started?
The first step to getting started with Bitcoin is to purchase some bitcoin by exchanging USD or other fiat currency for it. Personally, I use Coinbase to purchase my bitcoin as they are locally based here in San Francisco, allow easy funding with Credit card of ACH transfer and allow you to store Bitcoin and other main cryptocurrencies in a convenient online wallet.