Bitcoin Is The Virtual Gold Mine Of The Future | The Odyssey Online
Start writing a post
Adulting

Bitcoin Is The Virtual Gold Mine Of The Future

What are Bitcoins, and how are people becoming rich in less than a decade from them?

79
Bitcoin Is The Virtual Gold Mine Of The Future
Fortune

If you have not yet heard of Bitcoins or other forms of cryptocurrency, prepare for your mind to be blown.

"Bitcoins" are virtual coins that hold actual monetary worth and can be used to make real-life purchases. They are the first decentralized forms of currency in the world, and they have endless valuable uses.

Bitcoins can be sent, received, and transferred through the internet via multiple exchange systems. In comparison to other forms of currency, Bitcoins do not have to go through a federal bank or clearinghouse. This means that Bitcoins have very low-interest fees. You can use them in every country without converting them into the respective standard, your account cannot be frozen, and there are no prerequisites or arbitrary limits.

Once Bitcoins are purchased with dollars, euros, yen, etc., they are kept in digital wallets on one's computer or mobile device. From the virtual wallet, a person can buy literally anything, from cars and electronic technology to food, real estate, and more.

Now, one might ask, "How is Bitcoin regulated?" and the answer is very simple.

The Bitcoin network is secured by workers called "miners". Miners are responsible for monitoring every Bitcoin transaction and making sure people are not stealing, hacking, or abusing the Bitcoin system, much like a virtual IRS. Miners are rewarded newly generated Bitcoins for monitoring these transactions, and they verify and record them in a transparent public ledger.

Bitcoin is a great way for businesses, entrepreneurs, and citizens to embark on new innovative quests. Bitcoin is changing the way finance can be used in global markets, and there are hundreds of ways to take advantage of this new platform.

So, now that you know the basics of Bitcoin, let's get into the interesting stuff.

If I told you Bitcoin investing could have turned you into a millionaire in just seven short years, would you believe me?

Since Bitcoin is a relatively new market that emerged in 2008, not many people know how valuable each coin is potentially worth. In May 2010, the average price of one Bitcoin was less than $0.01. In less than a decade, the average price of a Bitcoin in November 2017 is an outstanding $7,853.

Now put this into perspective: if a person bought 10,000 Bitcoin in 2010 for $30, they would be able to exchange those Bitcoins for actual United States dollars backed by the Federal Government. This results in a turnout that would make them exactly $78,524,200 richer.

In retrospective, a person could only say "Yes, go Bitcoin!" but the amazing part about stocks, innovation, and technology is that it is unpredictable. Only those that were willing to make that financial leap of faith in the early part of the decade came out as winners in the game of money.

For example, Mr. Smith has made over $25,000,000 dollars by playing around with the volatility of Bitcoin. He has been so fortuitous in his investing that Forbes magazine recognized his accomplishments and taken the time out to publish a mini-autobiography on him. Take a look at the article on your own to see what you can potentially turn yourself into with a computer, faith, and a few investment dollars.

Report this Content
This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.
university
University of Nebraska at Omaha

Creating your schedule for the upcoming semester can be an exciting process. You have the control to decide if you want to have class two-days a week or five-days a week. You get to check things off of your requirement checklist. It's an opportunity for a fresh start with new classes (which you tell yourself you'll never skip.) This process, which always starts out so optimistic, can get frustrating really quickly. Here are 25 thoughts you have when registering for classes.

Keep Reading...Show less
Student Life

10 Thoughts Of A 5th Year Senior

What about those of us who don't do it all in four years?

752
college shirt
pointsincase.com

"College will be the best four years of your life" is a phrase that we have all heard growing up. College is painted as a magical place to us while we are in high school. A place you go to learn, meet your best friends and probably have the time of your life while all of this is going down. Four whirlwind years, where everything that you've known changes and you start to learn what it means to live on your own, have a job, etc. But what about those of us who don't do this all in four years? Major changes, hard courses, switching schools, career paths changing, these are just a handful of factors that could extend your four years to five, six or seven. There is nothing wrong with taking extra time to graduate, but returning as a fifth-year is a little different. Most of your best friends have most likely graduated and moved and while you may be one of the oldest undergraduates on campus, you might feel as awkward as a freshmen. A world that became home and comfortable to you is still there but it's slightly different than you've known it to be and you have to find a groove to fall into. These are thoughts you'll have as you look ahead to returning to your college campus, with a victory lap planned.

Keep Reading...Show less
Entertainment

17 Times "Friends" Accurately Described Life

You can't say that no one told you life was gonna be this way.

87
friends

In the 12 years since it went off the air, "Friends" continues to be adored by millions. The show that gave generations unrealistic expectations about love (or should I say lobsters?) and New York City apartments had a charming cast of characters that everyone could relate to at some point or another. Here are 17 times Ross, Monica, Joey, Chandler, Phoebe and Rachel accurately described life.

Keep Reading...Show less
Entertainment

11 Times Aubrey Plaza Described Sophomore Year

"I don't want to do things. I want to do not things."

458
Aubrey Plaza
Flickr Creative Commons

Aubrey Plaza is one of my favorite humans in Hollywood. She's honest, blunt, unapologetic, and hilarious. I just started my sophomore year of college, and found that some of her best moments can accurately describe the start of the school year.

1. When your advisor tells you that you should declare a major soon.

2. Seeing the lost and confused freshmen and remembering that was you a short year ago, and now being grateful you know the ins and outs of the campus.

3. Going to the involvement fair to sign up for more clubs knowing that you are already too involved.

4. When you actually do the reading required for the first class.

5. Seeing your friends for the first time since last semester.

6. When you're already drowning in homework during syllabus week.

7. Realizing you don't have the same excitement for classes as you did as a freshman.

8. Going home and seeing people from high school gets weirder the older you get.

Keep Reading...Show less
graduation

Things you may not realize are different between high school and college:

Keep Reading...Show less

Subscribe to Our Newsletter

Facebook Comments