The first time I heard about Bitcoin was in 2016. My work colleagues at that time, used to talk about it a lot, saying how it was the next big thing … You know how boys talk about technology with energy. I listened but didn’t pay much attention. I like most people was waiting for this ‘thing’ to be ‘big enough’ for me to do give it the time of day.
From then onwards, the Bitcoin talk increased. There were Youtube Videos and blog posts on the same. Television and Radio were also not left behind. There is even a time when my current boss mentioned it and encouraged us to dig dipper into it. I didn’t do it and still had vague information about it.
Bitcoin started making more sense to me when (Early February 2018) my friend Alex Ahaza mentioned that an online client had paid him in Bitcoin for services rendered.
My turning point on Bitcoin was today(6/4/2018) when I met an old friend, Erick, who together with his Bitcoin friends gave me a very elaborate presentation/explanation of this technology. Erick had been ‘obsessed’ with Bitcoin and I just had to know why.
This is what I learned:
1. Bitcoin is the most popular Cryptocurrency enjoying a 38% share of all the total value of Cryptocurrencies. In total there are 1658 Cryptocurrencies.
2. There are only 21 million Bitcoins that can be mined, ever.
3. The technology behind Bitcoin is called Blockchain. This technology has many other uses. An example is that the government can use the Blockchain technology to track legit land ownership, elimination cases of double ownership.
4. You can trade(buying & selling) Bitcoin for profit using companies like BitPesa.
5. Today, 1 Bitcoin = Ksh. 754808.51738
6. Businesses are increasingly enabling Bitcoin as a form of payment. This is likely to grow exponentially in the coming years.
7. The most successful country in Bitcoin investment in China.
8. The most powerful aspect of Bitcoin is mining it. Mining is done using powerful machines which consume a lot of power. One machine cost up to half a million Kenyan shillings. To increase your chances of success, you need several of them. Not many people can afford this. This is why companies like Bitclub are necessary because they bring people together in pools to buy the mining machines, offering an affordable option. Members from the pools make money through sharing profits and dividends earned. A member can also earn a commission from members they referred to the company.
9. Every business venture has risks. In the Bitcoin world, risks include value fluctuation that can lead to a loss for Bitcoin traders, scams and hacking.
In conclusion, myself am hooked, completely hooked. This is definitely investing – soon!