Why Bitcoin has value?-Bitcoin has value because it is the first digital currency that can transfer Financial/monetary value over a communications protocol, in a matter of minutes.
In addition, to that, it is the wave of the future. Everything is becoming digital, so why not our money?
You see the internet has disrupted so many things, yet our financial system (our money) has seen virtually no innovation.
In the last 50 years our innovation in our current financial system has been limited to the creation of a debit and an ATM card. Paypal and Vimeo are not digital/electronic money, they simply take our current money and force it through our system we currently have. In addition they charge very HIGH fees to do this, unlike Bitcoins.
Bitcoin is completely different, as it uses cryptography to processes the transaction on the blockchain, which eliminates theft and corruption (and NO government can control it or take it over). If secured your Bitcoins properly nobody can steal your Bitcoins out of your “Bank” (your Bitcoin Wallet).
These transactions cannot be altered once they have been verified and placed onto the blockchain. To make sure the transaction is valid, a third party (called Miners) verifies these transactions are valid/processed and once completed they place these transactions onto the blockchain for everyone to see.
All of this is done in a matter of minutes, unlike our current banking system that often takes days to transfer money.
With Bitcoins, NOBODY tells you where you can send your Bitcoins. You have total control of where and WHEN you want to send your monies. You can send them to ANYBODY in ANY amount, at any time of the day, 365 days a year.
With our current banking system, your banker requires you to tell them all of the details, of your money transmittal. Especially if you are sending large dollar amounts, say over $10,000 to anybody.
Whether you want to embrace Bitcoin or not, I will predict that by the year 2024 we will be on a crypto monetary system, similar to the Bitcoins we currently have. Whether or not we go to Bitcoins only remains to be seen. As our current central bank system (a debt based system) is literally falling apart, by the day.
Why Bitcoin will succeed? Whether or not Bitcoin will become the dominate currency, over the next 10 years, remains to be seen. You see Bitcoin was created in January 2009 and is just now a little older than 10 years old.
Countless articles have been written, how Bitcoin has died, some say as many as 500 times it has died, but it just never really does. It keeps bouncing back. One of the reasons might be the fact that the Bitcoin “nodes” live on millions of computers around the world, thus making it nearly impossible to “kill” it off.
One of the main attractions of Bitcoin is the fact that there is a finite amount of Bitcoins for the world.
There WILL only be 21 million Bitcoins produce for all of eternity and this is certainly one of the biggest benefits to its monetary system.
That basically means nobody can arbitrarily, print any amount of Bitcoins to give to themselves, or their friends to help them out, no matter who they are. This is all written into the Bitcoin code which is open sourced and anybody can go view at any time.
Can Bitcoin hit a million? Our initial answer is YES, with Bitcoins having a fixed supply of Bitcoins, it is only a matter of time before it hits a million dollars a Bitcoin. Does it hit this in the year 2021? Or 2030? 2050?
Who knows…We also believe that before it hits a million dollars a Bitcoin, we will no longer be using the US Dollar as the standard to measure our wealth in.
Are Bitcoin addresses case sensitive? A typical Bitcoin wallet address looks like this
Therefore is it very critical that you pay attention to the case sensitivity of the address. As if you make a mistake in typing the address the transaction will not go through, and your Bitcoins could be permanently lost forever, with no chance of getting them back.
Therefore we suggest you ALWAYS copy the address and paste it into the fields you want to send/receive it, that way a typing mistake is less likely to happen.
On top of this, ALWAYS send a very small amount of Bitcoins to test the address and its validity. So try sending $5 worth before you send $1000. That way if you mess up you are only out $5.
How much Bitcoin should I own? Since Bitcoin and Crypto Currencies are new technologies and nobody knows if they will survive over the next 10-15 years, we cannot make any recommendations. Instead we recommend you should do a lot of research and get educated on the matter, so you will not be scammed out of your Bitcoins and you can figure out what you need for your own personal needs. Since we are NOT financial advisers we would suggest you consult a financial professional if you need help in determining the amount of Bitcoins you should own.