CRYPTOGAINS© January 2021 Bitcoin was created by Satoshi Nakamoto, a pseudonymous person or a team who presented this technology to the world in a 2008 document. The concept was simple i.e. to allow peer-to-peer transfer of money across the internet and without the use of a middleman [say, Paypal, Venmo etc. etc.]. Unlike government-issued currencies such as the Euro or the Dollar, Bitcoin can be purchased on cryptocurrency exchanges. You do not need to seek the permission of a bank, company or government to buy or transact with it. Bitcoin allows online transfers without using a bank or a payment processor. The removal of such gatekeepers creates a range of new possibilities including the potential for money to move around the global internet more cheaply and quickly while at the same time, allowing individuals to have maximum control of their own assets. Anyone with an internet connection can securely send Bitcoin across the globe without having to seek anyone's permission. It only exists digitally; there's no physical version of it. Bitcoin is internet money and is legal to use, transact with, hold or trade. It is used for everything from travel to charitable donations. It is accepted as payment by Microsoft, Paypal, Starbucks, Whole Foods and thousands of retailers across the world. Depending on your goals, Bitcoin can function as a store of value [similar to gold], as an investment, or as a way to transfer value across nations. Unlike the world's paper currencies, there will only be 21 million Bitcoin ever produced. Consequently, it's a deflationary asset whose value has increased by several thousand percent since it's inception in 2008. Bitcoin is divisible i.e. just as 100 cents make a dollar, 100 million Satoshi's make a whole Bitcoin. It is therefore, possible to buy Bitcoin in fractions [called Satoshi's]. Since Bitcoin is only 12 years old, it's highly volatile and experiences wild swings in the course of a day. However, as the world goes increasingly cashless and even as national currencies begin to devalue, it has become evident that the future of Finance lies in Bitcoin. Already, it's the world 7th. largest currency. Besides Bitcoin, there are thousands of other cryptocurrencies that have launched and each performs a specific function that includes insurance, supply chain management, cross-border payments, medical recordkeeping, borrowing, lending, saving and earning interest without the use of banks. This internet money has given 2.3 Billion people around the world access to the banking and the credit system.
Ravi Bahal MS, Materials Science, University of Cincinnati Executive MBA, Strategic Planning, Pepperdine, Malibu, California Married with 2 daughters 1 grandson
Ravi has monitored this space closely since 2015. Of the 8,000 cryptocurrencies today, over 99% are expected to fail due to either poor fundamentals or as scams. Ravi researches them to filter out the bad projects and educates the public about the merits of the good ones. Crypto Gains (c) accepts no commissions on trades but instead focuses on education. Ravi resides in Humble and may be contacted at 949-400-0495.
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