Everything you need to know about Bitcoin

Bitcoin has been trending lately, and that’s good news for everyone. Rich Dad, Poor Dad author Robert Kiyosaki recently gave the nod to Bitcoin in a Twitter post. The famous businessman believes BTC could hit $120k by 2024.

Also, Standard Chartered Bank predicted that Bitcoin could hit $50k by the end of 2023 and hit $120k in 2024. BTC has moved up 80% since the start of the year and is trading around $30,100.

We’ve seen renewed interest in BTC, and we can smell a bull run around the corner. However, an informed mind is best positioned to make the most of a bull market. This means knowing a little about an asset puts you in the best position should you decide to invest in it.

We’ve got newcomers who weren’t around during the last bull run. Some of these new guys know little or nothing about Bitcoin. Interestingly, some of the old-timers need a little refreshing. So, we’ll dive into a couple of things you should know about Bitcoin.

Who is the founder of Bitcoin?

Bitcoin’s founder is quite the mystery man. Although he has a name, there’s no face or identity attached to him, and that’s because he wants to stay anonymous. A pseudonym, “Satoshi Nakamoto, founded Bitcoin in 2009. But he wrote the token’s original whitepaper in 2008.

The name is also connected to a number of crypto wallets that Nakamoto probably owns. One estimate places the total number of Bitcoin tokens in those wallets at around 1.1 million. With those holdings, Nakamoto would have been among the top 15 wealthiest people in the world in November 2021, when Bitcoin peaked at $68,000.

Source: Cointelegraph

Furthermore, given how complicated the source code for Bitcoin is, some have hypothesized that there is little possibility that Nakamoto is a single person. A number of people have been suspected of being Nakamoto, but nothing tangible.

Although Nakamoto is still an enigma, his motivation for developing cryptocurrencies was never a secret. In other words, he built it so that common people might participate in a decentralized financial system and wrest control back from the financial elites. Interestingly, Bitcoin is still an open-source project. So, nobody has the authority to fully own or manage it.

Where is Bitcoin Accepted?

You can use Bitcoin to make transactions anonymously. However, some governments are concerned about cryptocurrencies and have put some limitations on their use for financial activities. Let’s look at some countries where Bitcoin is accepted.

  • The United States

Since 2013, the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury has published recommendations on Bitcoin. According to the Treasury, Bitcoin is a convertible currency with a real-world comparable value.

  • The European Union

The European Union recognizes Bitcoin and cryptocurrencies in general. So using BTC is legal. And with the recent passage of the MiCA regulation, cryptocurrencies have more legitimacy in EU member states.

  • Canada

Canada views cryptocurrencies as a money service. They also have a friendly approach to cryptocurrencies in general. So you can use your BTC in Canada without fear.

  • Australia

Regulators in Australia see BTC and cryptocurrencies as financial assets with value that can be taxed under certain circumstances. 

Other countries that accept BTC include:

  • Germany
  • Malta
  • Switzerland
  • Singapore
  • Brazil
  • Argentina
  • Colombia
  • India
  • The Netherlands
  • Cyprus
  • France 
  • Mexico
  • The United Kingdom
  • Venezuela
  • Finland, among others.

Can Bitcoin be Converted to Cash?

The answer to the question above is a solid yes. Here are four ways to convert BTC to cash:

  • Use a crypto debit card like the BitPay Card.
  • Sell crypto for cash on a central exchange, like Binance, Coinbase, or Kraken.
  • Use a P2P exchange like HODL HODL.
  • Use a Bitcoin ATM. Here is a website to see the location of Bitcoin’s ATMs worldwide.
Can Bitcoin be hacked?

Experts believe that hackers cannot access the Bitcoin blockchain. But operations such as transactions could be hacked. For example, if a person is careless with their wallet or other sensitive information, they could suffer a hack. But the blockchain itself is safe. And also, Bitcoin uses the proof-of-work consensus method, which is very secure.

The Best Bitcoin Wallets

Wallets are important for your crypto experience. We’ve covered a lot about crypto wallets. When picking a wallet to store your BTC, it’s important to consider a wallet service with good security features. Here are some of the best wallets for your BTC.

That’s it for today’s list. As of this writing, BTC trades at $30,751,08. Here is the second part.

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