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Understanding Bitcoin

JT Fox with Jacques Sassin
February 28, 2018

Many of you are hearing of Bitcoin however, you are just not understanding what it actually is, how it works or how to get started.  So, let me explain, Bitcoin is a revolutionary technology that enables a new way to send payments over the internet.  You can think of it as an open accounting system, where thousands of computers all over the world work together to track ownership of digital tokens called Bitcoin.  When you send someone Bitcoins, the transaction is announced to the entire network.  After it’s verified it’s then recorded in a public ledger called the Blockchain.

The Blockchain contains a record of every Bitcoin transaction that has occurred since the system began.  It is shared and maintained on the network so everyone keeps the books so to speak.

Most currencies are issued by a central authority that controls the money supply.  However, Bitcoin is a peer to peer system so there is no central authority instead Bitcoins are issued to users who help process the transactions in the network.  This is known as Bitcoin Mining.

Bitcoin Miners are specialised computers that do the work required to verify and record transactions in the blockchain.  As a reward for their work, the miners earn Bitcoins and this is how new Bitcoins are released into circulation.  The system is programmed so that only 21 million Bitcoins will ever exist.

As times goes by the mining rewards decreases.  The result is a predictable supply that’s governed by the scarcity making Bitcoin somewhat like a digital gold.  It’s the first currency of the internet and everyone is free to use it.  With Bitcoin you can send any amount of money to anyone anywhere in the world just as easily as sending an email.

The South African government has declared Bitcoin as a legal asset.  So, how do you get piece of mind if you want to get involved?

  • Make sure that you partner with the best professionals in the industry that have the largest mines in the world.

  • Make sure they have history and track records.

  • They must have profitability, sustainability and proficiency but above all

  • Make sure they have a real mining farm with real equipment.

  • Make sure you know who the owners are, what their vision is, what their core values are and if they align with yours.

  • Make sure they have growth strategies so that they can stay competitive in the market.

  • Make sure that the company has a certificate of ownership because that equipment belongs to you, there are very few companies that offer this.

  • They need to be able to mine multiple cryptocurrencies because Bitcoin is not the B all and end all, of all cryptocurrencies.  There are over 840 cryptocurrencies in the world.

So what should your objective be?

Well it should be to hedge some of your risk portfolio out of mainstream currency, remember this is not an investment so don’t go and take all your money and put it into Bitcoin, only take what you are comfortable with and put it into cryptocurrency.

Most people just want to take their hard earned money and make it work for them in  safe and trusted environment, where they can get a faster growth than tax and inflation.

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