Bitcoin Essay

  BITCOIN ESSAY

        In the last few months, we always heard people talking about the craziness of bitcoin. But, what is bitcoin actually? In a short explanation, bitcoin is an electronic currency which presented by Satoshi Nakamoto (which a few people said that he was fictitious) on 2009. Now (27th October 2017), 1 bitcoin equals to USD 5,964 or RP 80,871,538 which is a crazy amount of money for a digital money. Bitcoin is not a physic money but it’s a digital money, Un-like what every country has. Bitcoin is free from tax. Hal finney is one of the user, and contributor of bitcoin when it first release and he got 10 bitcoin from Satoshi Nakamoto in the first bitcoin transaction in the world. There are many features in bitcoin

        In bitcoin, the transfer is instant (peer to peer). You can transfer to anywhere unlike gold. The cost to transfer is so cheap which is RP500-RP3000 / transaction, and the transfer cannot be canceled once the transaction is made unless the other party willing to give back the bitcoin. Bitcoin is not controlled with institution or any government. Bitcoin is so limited. You can transfer or making a purchase using bitcoin as long as you have internet connection.

        Why do people use bitcoin? Based on research, people use bitcoin because of the idealism that a good currency is not controlled by any institution or government who always clumsy when it comes to controlling the economic. People believed that government controlled by corrupt people who work together for their own advantage. Peopled started to use bitcoin because of the unstable of the economy proven by the crisis by America and Europe.

        There are was for you to get bitcoin for free or by purchase. You can simply register the bitcoin account by entering your name, email, password there. Then you download coin miner on app. Then it will dig by itself. But you have to be patient. You should have a paypal to make the purchase easier. Or you can simply purchase the bitcoin by typing “bitcoin marketplaces”.

        There are negative sides on bitcoin too like there are not many company who use bitcoin as purchasing. Bitcoin is so risky to be stolen because you can only keep your bitcoin in “my wallet” that you save on your hard disk that could risk some viruses or error that makes your bitcoin disappear just like that. Bitcoin is not controlled by the government or institution so it makes bitcoin could be controlled by bad people to make criminal like money laundry or running away from the tax and bitcoin is not a legal money because it has not been approved by any institution