"Bitcoin" was one of the most searched words on the internet in the year 2017. This just proves how the popularity of cryptocurrencies especially bitcoin has skyrocketed over the past few years. I got to witness this first hand when my son approached me on how he could invest part of his savings in bitcoin. l was impressed that he was thinking of investing at his young age but the downside was I did not have sufficient knowledge on bitcoin. I decided to take the plunge and read as much as I could on this topic and I discovered a new world of possibilities that I will share here.

All About Bitcoin

Bitcoin can be simply defined as a peer to peer digital currency. According to CNN Money, Bitcoin was invented in the year 2009 by Satoshi Nakamoto although it is not clear if Satoshi was a group or an individual. One thing that makes Bitcoin unique is that it the first decentralized currency ever. Decentralized in this context is used to mean that there is no external interference from bodies such as the government or financial institutions.

How To Buy Bitcoin

You can purchase Bitcoin using different methods but let's sample some of the best methods. One method is by using the Coinbase or Blockchain application. These applications allow users to purchase Bitcoin using their debit or credit cards. You can also use online exchanges such as Local Bitcoins to purchase the currency.

Most Bitcoin exchanges will allow people to transact even if you are buying an amount that is less than one Bitcoin. You can also mine your own Bitcoin although this is best left to the professionals who have the necessary machinery.

Why the Young Population is Enthusiastic about Bitcoin

The novelty of Bitcoin is one thing which makes it very attractive to young people. It is new and they get to experiment with it. Bitcoin is also becoming more accepted as a method of payment by more outlets which slowly eliminates the need for other currencies. The security, transactions fees, the ability to make real time payments are among other reasons why the young population seems very thrilled about Bitcoin.

Bitcoin in the Longterm

There are many investment opportunities online. Blockchain technology has opened channel and many conglomerates are launching companies which are based on the platform. Most of these companies are also giving the public an opportunity to invest in their projects through an Initial Coin Offering. If you would like to invest in such companies, you can search for ICO list and you will find the available openings.

Like any investment, you have to consider what the future prospects look like. The main thing to take away is that Bitcoin is not a pyramid scheme, the prices might rise or fall but it will always be in existence. The future looks promising with more people adopting Bitcoin and the prices stabilizing and perhaps there is a chance that it can become a global currency in the future.