crypto entrepreneur joe mccloud once said cryptocurrency is absolutely here to stay if you can't see it at this point it's time to learn more about it in today's video i'm going to talk about bitcoin we're going to talk about what bitcoin is what it's worth and how to get some stay tuned i believe that most of us in the personal finance space are looking for safe and reliable ways to grow our money the majority of us are seeking to lower our debts build emergency funds make some side income and find something to invest in people tend to invest in a few things when looking for ways to grow their income themselves through education themselves again through preparation securities such as stocks bonds and mutual funds real estate and precious metals and some choose to invest in clicking the like button for the algorithm the investment in the channel is guaranteed to maximize your returns through inspiring us to create more top-notch content if you're new to the channel hit the subscribe button below to improve your outlook on money and your life tune in take action and take charge of your finances another avenue of investment that is growing more popular every day is investing in cryptocurrencies generally i like to write for people who are new to personal finance there may be a few of you who have heard the term cryptocurrency kryptos and bitcoin before but aren't exactly sure what they are allow me to take this opportunity to bring you up to speed according to blockgeeks.com cryptocurrencies can be described as an internet based medium of exchange which uses cryptographic functions to conduct financial transactions one of the biggest selling points of cryptocurrencies or cryptos is that financial transactions can be conducted peer-to-peer and are not regulated by a central authority like a bank [Music] at the time of this writing there are around 1600 kinds of cryptocurrencies in existence arguably the most popular cryptos to own are bitcoin ethereum and litecoin many of you might be wondering exactly what bitcoin is attention paid to bitcoin seems to grow as the price grows and then fades as the price decreases bitcoin or btc is the first decentralized digital currency you can think of bitcoin in modern times much the same way as you would think of gold before the early 1900s like other cryptos bitcoin can be traded peer-to-peer over the internet and are not regulated by essential authority this decentralization offers bitcoin a few advantages over conventional currencies one fees on trading bitcoin are lower than trading conventional currencies on the foreign exchange market or forex two you can use bitcoin in all but a few countries such as china and russia three your bitcoin assets cannot be frozen and thor there are no limits on how much bitcoin you can legally own or special licenses required to own large amounts the value of bitcoin is derived from its scarcity there are only 21 million bitcoins that will ever be mined barring a mining protocol change of course investopedia x claims that changing the protocol would require a concurrence of a majority of the computing power engaged in bitcoin mining meaning this is highly unlikely approximately 18 million bitcoin have already been mined bitcoin is also highly divisible a single coin is divisible by eight decimal places or zero point seven zeros and a one btc this smallest unit of bitcoin is called a satoshi and can be expressed as one 100 millionth btc the price of bitcoin can be extremely volatile much like a stock the price of bitcoin can go up or down many times in an hour 24 hours a day seven days a week [Music] as of this writing one btc is worth thirteen thousand five hundred forty eight dollars and seventy cents when i first heard about bitcoin in november 2013 one btc is worth approximately eight hundred dollars at its height on december 19 2017 one btc was worth get this 18 984 dollars and 77 cents many people use bitcoin as an investment commodity they buy btc at a price they believe is reasonable with a plan to hold indefinitely or to sell once a certain percentage of profit is made bitcoin can however be used to purchase items directly its strength has always been in peer-to-peer transactions however many businesses accept bitcoin as a viable form of payment many major online retailers like overstock.com shopify and even microsoft accept bitcoin as a form of payment bitcoin can be gained either through mining or purchase bitcoin's value is secured by miners bitcoin mining is performed by extremely powerful computers to execute complex mathematical equations in order to verify bitcoin transactions miners are paid in newly minted bitcoin for authenticating transactions upon authentication these transactions are stored in a public ledger buying bitcoin is not very difficult you will first need to create an account with a digital wallet service digital wallets are an encryption protected service that allow you to buy sell and store cryptos menu your online wallets and chart a small transaction fee others are code storage wallets that hold your bitcoin offline you can gain access to both of those through a link in the description below using our affiliate links is a great way to support the channel remember if you choose to use our affiliate links i will be compensated but at no extra cost to you cryptocurrencies or cryptos are decentralized internet based mediums of exchange the most famous of these cryptos is bitcoin bitcoin is the first cryptocurrency and works a lot like gold used to there will only ever be 21 million bitcoins and each coin can be broken down into a satoshi which is 1 100 millionth of a bitcoin bitcoin can vary in price throughout the day still there are a few major companies like microsoft who accept payment in bitcoin bitcoin can be acquired through mining them or purchasing them they can be stored online or offline through the use of digital wallets well that's my video on bitcoin in 2020 i appreciate you watching let me know any questions comments or topic suggestions you might have on financial literacy in the comments below be sure to support us on all our social media platforms follow us on youtube and now on facebook at smart money links will be in the description if you're watching on youtube subscribe and hit the notification bell to be the first to know when i come out with new content make sure you like the video for the algorithm and be sure to share the video with a friend check the links in the description for awful information now that you know so much about bitcoin you should have some motivation to invest [Music] even if all you've got left over is 100 and a sense of wonder i'd recommend using robinhood it's completely free plus if you use my link in the description you'll get a free stock just for opening an account comment below and let me know what you get thanks again for all the support in the comment section and special thanks to amara ucha who is our new comment section champion for this week check out her channel she creates weekly personal development content link in the description make sure you join the discussion for a chance to have your comment featured i read and reply to all the comments i get [Music] check out these videos on your screen on how to improve your finances if you like this video hit the like button it helps out a lot be sure to subscribe and share the video with your friends check out the links in the description for offer information thanks for watching and i'll see you in the next video [Music] you