What is Bitcoin?
Bitcoin is a revolutionary currency that a mysterious programmer developed in 2008. He went by the pseudonym “Satoshi Nakamoto.” Bitcoin is a type of digital money. It has no central controller, and instead it is peer-to-peer and decentralized. It is enforced through computer code and cryptography alone. It is open source, meaning anyone can look at the code to verify it. This technology opens up all kinds of new opportunities, especially for the youth. It allows people, regardless of age, to break past the barriers of the system. It gives the youth control over their money, without needing consent from parents, banks, or governments.
For the first few years of Bitcoin’s existence, it remained largely under the radar. Aside from a few computer geeks, most people had never heard of it. As time went by, Bitcoin slowly gained recognition from more people. An online black market called the “Silk Road” was created, allowing people to buy and sell goods exclusively in Bitcoin. Because the transactions could occur anonymously, people were now able to buy and sell illicit goods (like drugs) on the Silk Road.
In the summer of 2011, the nonprofit organization Wikileaks began accepting Bitcoin for its donations. Not only did Bitcoin seem like a good fit (both Bitcoin and Wikileaks support anonymity), but Wikileaks had been blocked from receiving payments from financial providers, such as Visa and Paypal. Bitcoin allowed people to continue to donate to the cause in spite of these restrictions.
In the spring of 2013, Bitcoin’s value more than doubled in the wake of the Cyprus Banking Crisis. People began to worry that their money would not be safe in banks, and they began converting their bucks into Bitcoin.
Then in October of 2013, the FBI tracked down the creator of Silk Road and shut it down. Some worried that this would spell the end of Bitcoin. However, this was not the case. Within the next couple of months, Bitcoin’s price began to skyrocket. As investors from China and elsewhere began to realize the potential of the currency, its value went from just over $100 per Bitcoin to a peak of well over $1,000. At this point, Bitcoin began to make major news headlines. The general public became interested in this mysterious new currency.
Bitcoin Doesn’t Care Who You Are
If you know how to download a Bitcoin “wallet” (an application that facilitates Bitcoin transactions), you can get Bitcoin. Bitcoin is decentralized in such a way that it does not matter who uses it. This has great potential for the youth.
The website LocalBitcoins.com allows you to find people near you who are selling Bitcoin. Unlike some other websites, you don’t need a credit card or identification to create an account. If you can’t find anyone in your area, you may find a trusted seller on LocalBitcoins.com who is willing to sell it to you remotely.
Because Bitcoin does not care who you are, you can buy things that you otherwise might not be able to. For example, you can purchase an M-rated video game with Bitcoin. Heck, you can even take it a step further. Want to buy some porn? No problem.Cigarettes? Sure. Drugs? The Silk Road 2.0 has you covered. Goods that were previously restricted by age are now freed by the use of Bitcoin.
But Bitcoin also has plenty of legal uses. Currently, it is difficult for minors to obtain a credit card, and it is impossible without their parents’ consent. This can make buying goods online quite difficult if you are under 18, especially if you don’t want your parents to know. However, Bitcoin doesn’t care how old you are, and it allows you to hide your identity. There are many places online that you can spend Bitcoin. Some major outlets such as Overstock.com and TigerDirect.com have begun accepting Bitcoin. You can also buy gift cards on Gyft.com, and you can spend these Gyft cards at major outlets such as Amazon.com. You can now buy clothes, electronics, and anything else you may want to buy online with Bitcoin.
And Bitcoins are not just limited to online use. You can also spend them at physical stores. Some Subway restaurants, for example, have begun accepting Bitcoin. In addition, numerous small businesses and local restaurants now accept it for payment.
Oh, and don’t forget charity! There are several nonprofit organizations—such as Khan Academy, Wikileaks, Antiwar.com, and Sean’s Outpost—that accept Bitcoin donations. Wikileaks now receives the majority of its donations in Bitcoin. Sean’s Outpost, a homeless shelter and outreach organization located in Pensacola, Florida, receives all of its donations in Bitcoin, from people all over the world.
Another area in which Bitcoin opens up new doors for the youth is the job market. Currently, it is challenging for minors to find jobs. Many businesses have a policy of only hiring people who are 18 or older. But with Bitcoin, all of this begins to change. There are no age restrictions for working for Bitcoin online. Websites such as Bittask.com can help you find jobs working for Bitcoin. There is a Facebook group that helps connect people who want to do business in Bitcoin. And there is a Jobs4Bitcoins subreddit that can help. This is a great to obtain Bitcoin. Since Bitcoin can be sent across the world, you may be able to work for someone who lives on the other side of the planet. This opens up many exciting new opportunities for both employment and freelance work.
If you are a programmer, Spanish teacher, or writer, for example, you can offer your services in exchange for Bitcoin, all over the internet. You could open up your own online store at Coingig.com and start selling goods, such as clothes, for Bitcoin. Or you could follow the example of these kids, who have successfully started their own business selling honey online for Bitcoin to people all over the world.
You Control Your Bitcoin
Unlike paper money, which is controlled by government, or credit cards, which are controlled by corporations, only YOU control your Bitcoins. Bitcoins wallets cannot be “frozen” like bank accounts. When you get a Bitcoin wallet, it is yours and yours alone. Banks, governments, and parents cannot take it away.
With Bitcoin, transaction fees are extremely low. While there are sizeable fees associated with bank transfers, credit card payments, and PayPal payments, the fees associated with a Bitcoin transaction are miniscule. In other words, when you use Bitcoin, you get to keep MORE of your money.
Can Bitcoin Be Hacked?
The Bitcoin code is enforced with the latest and most secure cryptography (mathematical computer security). The code is open source (anyone can look at it and analyze it), and many experts have confirmed its security. Bitcoin is so secure that it would be far too costly for anyone to hack it. Credit cards, on the other hand, are prone to major hacks.
Bitcoin is also much more secure than paper money. Have you ever watched a movie in which someone was carrying a lot of cash in one of those metal briefcases with a combination lock? Well, with Bitcoin, instead of carrying a bulky briefcase, you could walk around with millions of dollars’ worth of Bitcoin on a flash drive in your pocket. To be extra safe, you could protect your wallet file with a password. The password is enforced with cryptography that is similar to, but more secure than, the password you use for Twitter. With Bitcoin, transporting money suddenly becomes much safer and much more convenient.
Bitcoin is Secret
With some extra research, Bitcoin can actually be used anonymously (no one knows who you are), unlike with credit cards and bank accounts. Your Bitcoin wallet does not store your name and address. It simply stores your Bitcoin. It does not care who you are. Whereas credit card companies want to know much of your personal information in order for the cards to be valid, Bitcoin respects your privacy. As mentioned above, you can use Bitcoin to purchase things you might not want the world to know about—including cigarettes, birth control, drugs, porn, or access to online gambling.
Bitcoin Doesn’t Care Where You Are
One of the neatest aspects of Bitcoin is that it is international. From China to Argentina to the United States, people all around the world are using Bitcoin. Anyone can easily send it over the internet and around the world, facilitating international business. Those who like to travel can also easily transport Bitcoin overseas. There’s no need to worry about exchange fees. You can even purchase your plane ticket with Bitcoin! Simply put, Bitcoin knows no borders.
Locations of businesses that accept Bitcoin around the world. This imagine is from Coinmap.org.
Learn More About Bitcoin
With Bitcoin, you control your money—not parents, banks or governments. It creates opportunities for young people that previously could not even be imagined. If you are interested in learning more, here are some links to help you get started:
This website provides useful information on the basics of Bitcoin:
http://www.weusecoins.com/en/getting-started
Trybtc.com is great side where you can experience and learn how Bitcoin works without having to buy any.
Download a Bitcoin Wallet for free and in minutes here:
https://blockchain.info/wallet
Here’s a short video explaining Bitcoin:
http://www.youtube.com/watch?v=Um63OQz3bjo
In addition, please feel free to email me with any questions with Bitcoin:
Please send Bitcoin tips to:
17YR3EGdgAu6azKXLrK3JKrzAmzhN6Yk8F
Disclaimer: Bitcoin anonymity is not something that it is easy and requires a good amount of research. I do not suggest you do anything illegal. This article is just information that you can get many other places. How you use Bitcoin is your own responsibility and risk.
Gnar Times 