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What Is Bitcoin – Part 2

· Bitcoin,Crypto Currency,BitClub Network

The big question is. If there are basically no fees, why would people spend huge amounts of money on computers and electricity if there is no money to be made? This is where we can all cash in. On average, every ten minutes, a new block of Bitcoin is created and given to someone that is mining. When Bitcoin first started and was introduced in the world, it was fifty new Bitcoins that were being created and available every ten minutes. After two hundred and ten thousand blocks of Bitcoin were created, which took about four years to create, it dropped to twenty five new Bitcoins per block. After another two hundred and ten thousand blocks of Bitcoin were created, which was accomplished at the end of July 2016, it will drop to twelve and a half every block. It will continue in this manner for the next one hundred and twenty five years, until the year 2140. At that point there will be twenty one million Bitcoin and no new Bitcoin will be produced from that point onwards.

So Bitcoin will always be rare. Bitcoin started on the third of January in the year 2009 by Satoshi Nakamoto. When it launched it had no value and it was not actually about money. It was about providing the idea of … can we do a transaction without needing a third party? Can we have a decentralized form of money that anyone irrespective of where they are in the world can use with basically no fees? At that time there were only a few people who were involved in Bitcoin Mining. They were collecting all of the new Bitcoin every ten minutes. Then, on 22 May 2010, the first transaction happened. Ten thousand Bitcoins were offered for the cost or price of only one Pizza. When that happened, all of a sudden, Bitcoin had a value. Then demand for Bitcoin started and more people started asking about Bitcoin. However, the people that already had or possessed Bitcoin did not want to sell it so cheaply. Remember, Bitcoin is rare, just as gold is rare. At that point people started offering higher prices for the purchase of a Bitcoin. It actually took over a year and a half for Bitcoin to go from an idea to being worth ten cents for one Bitcoin.

At the time of writing, September 2017, it has been nearly seven more years and the price has leaped up from ten cents to four thousand three hundred and forty three United States dollars, for one single Bitcoin. This means that if you had purchased one dollar's worth of Bitcoins in the year 2010 for ten cents a Bitcoin, you would have purchased 10 Bitcoins. Those 10 Bitcoins, if you sold them now in September 2017, would earn you forty three thousand three hundred and forty three United States dollars. You can and will not get that rate of investment in any market anywhere in the world, not even in the volatile stock exchange in any country in the world. Over the past seven years, Bitcoin has been the greatest investment in the world that we know of. Many people think that those days are over. They are all definitely wrong and here is why. At this moment there are only about ten million people that have a Bitcoin Wallet. We are talking about a technology that has the potential to be bigger than the internet, with billions of people using it. The internet is used by everyone now because it is easy to use. Twenty five years ago the internet was very complicated to use. Now there are thousands of companies like Google, YouTube, Facebook and Gmail that make the internet easy to use. Billions of dollars have been invested in these companies. Bitcoin is the same.

If you want to use Bitcoin and the BitClub Network as an investment please contact Clyde Thorburn on his website.

Read more about Bitcoin and The BitClub Network.

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