Myth Bursting: Bitcoin is complicated and you need to know code

Although many people have heard of Bitcoin, few know how to start using it. The barrier to understanding lays in the complexity of the average Bitcoin user interface which are full of jargon and technical information but do we really need to have a technical background before we can use it? Definitely No! Just like you don’t need a technical background before you can use your mobile devices or drive a car irrespective of the fact that these products were birthed from a high end technologies the same thing applies with bitcoin.

Bitcoin is one of the most revolutionary developments in the world of money and payments. The concept of a decentralized, peer-to-peer, international form of currency has been around since the early days of the internet. In the years since, it has been developed, expanded and improved by a global collective of developers and entrepreneurs. Because Bitcoin has never had a centralized financial system, understanding it can be tough for those who don’t have some technical knowledge. Personally, when I first heard of Bitcoin and the blockchain technology, I painted a story that I need to know how to code before I can use it. It wasn’t until I opened my first Bitcoin wallet that I discovered that Bitcoin is pretty easy to use. 

Bitcoin can be used by everyone

Bitcoin is used by coders (the people who write the code that runs bitcoin), but it is also used by business people and consumers. It is used by writers, students, engineers, just talk about different people from different branches of life.
"Just this year El savador made it their legal tender"

Bitcoin is all the rage these days. Many have made insane amounts of money by investing in this new currency, which has increased by over 1,000% in the last year. It’s also a topic that’s heavily discussed and debated on social media platforms.

If you’re not familiar with Bitcoin, here’s a quick rundown: Bitcoin is an online currency that is “mined” using a super-powerful computer covered in specialized mining chips, otherwise known as a Bitcoin miner. The miners verify and collect Bitcoins as rewards for writing transactions to the blockchain, the ledger that records all Bitcoin transactions. This rewards system is how new Bitcoins are created.

The miners aren’t the only ones profiting from the currency’s price increase though. Some startup companies now offer services to invest in the currency and Bitcoin IRA has opened up an exchange that allows people to invest in Bitcoins through their individual retirement accounts (IRAs).

Bitcoin is a new payment system that is quite the rage. But it is easy to us. You just need to follow some simple steps before having your first bitcoin. 

First, you will have to open a wallet and then buy Bitcoins on an exchange.
Then, you have to transfer your Bitcoins to your wallet.
And then when you want to spend them, you need to transfer them to your exchange again and from there, you can use them to buy products and services.

Bitcoin can be accepted as a payment method online by thousands of merchants and companies. It has several benefits, such as the following:

• Speed - You’re able to make purchases in seconds.

• Security - It’s more secure than cash. It’s impossible to counterfeit and non-reversible.

• Minimal Fees - It’s cheaper for merchants to accept than traditional credit cards.

• International - Bitcoin is available to anyone, anywhere in the world.

• Anonymity - Your identity is not tied to your Bitcoin wallet. Only the wallet ID is public and you choose whether it is linked to a name or not.

The world would be a better place if everyone accepted Bitcoin payments. It is important that the general public understands the benefits of this new digital currency, so they can start using it as quickly as possible. And what else, It is easy to use.

My SLP Address: simpleledger:qzkh6aplrk7df4z0vkh576wvwuetknjc3gz8wdcxsw

My SmartBCH address: 0x4379E861d3b4cd018d58a96E04f83DA080CaE90F

Here is my entry for @SofiaCBCH #mythburstingcompetition. 

Thanks for reading