If you got here via search, you're probably me last week. I put off learning about Bitcoin for over a year. Finally, after my friend suggested I do myself a favor and buy into this new crypto-currency before it's too late, I did some research. I'm not last to the party, but I'm last among the Internet people I know. In the real world, it's still an underground movement.
So here's the very quick version.
Bitcoin is an alternative to a government based currency. It is not traded on the NYSE, nor is it protected by the FDIC, nor any other country's govenment. It is an idea, which is only realized through constant mining by various computers around the world. It's volatile. It may as well still be in Beta. It has the potential to revolutionize the way we pay for things.
Bitcoins are created by a process called mining, in which participants verify and record payments in exchange for transaction fees and newly minted bitcoins. Users send and receive bitcoins using wallet software on a personal computer, mobile device, or a web application. Bitcoins can be obtained by mining or in exchange for products, services, or other currencies.
There will only ever be 21 million Bitcoins. Think about that. If, and that is still a big question, but IF this currency catches on in 1/10 the way Paypal did, the price of 1 BTC has the potential to go up into the many thousands of dollars per Bitcoin.
Currently, 1 Bitcoin will cost you around $600. Steep. The good news is, you don't have to buy a whole one. You can buy fractions.
Based on my extensive research, the most trustworthy place to get in on Bitcoin is at Coinbase. I used their platform to buy in, just in case this thing goes up several thousand dollars over the next couple of years.
Of course, it could shit out and be worth nothing in a few months, but I'm a gambler. If you're looking to get in on it, Coinbase is probably your best option. But do your own research. I don't want you coming back here and yelling at me when Dogecoin Or Litecoin ends up becoming our Global Currency.
If you do end up getting in, use the referral link and we both get 5 bucks in BTC. Shit, in 2 years that could be worth 500.