Monthly newspaper and online publication targeting 18 to 35 year olds. The ultimate guide to the hottest parties, going out and having fun. Music, fashion, film, travel, festivals, technology, comedy, and parties! London, Barcelona, Miami and Ibiza.
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What is Bitcoin? Bitcoin is a digital currency. It can be passed from one person to another with codes or 'addresses'. They are usually stored in 'wallets' either online, on your phone, on your computer or on some other hardware device. Bitcoin was created in 2009 by an unknown person using the name Satoshi Nakamoto, who realised there was a way for humans to make transactions without a middleman. Perhaps Satoshi was upset with banks but Bitcoin was created as a software that sits on the 'Blockchain'. The Blockchain is simply a network of computers around the world. Basically, Bitcoin lives on all the computers that mine it. How is it different from fiat currency like pounds and dollars? Like pounds and dollars, Bitcoins are not connected to any tangible asset. Unlike pounds and dollars though, which are often printed at will, there is a finite amount. There are 21 million of them and that's it. When they are gone they are gone. Hearin lies the value. The value of bitcoins are pretty much governed by the rules of supply and demand. That means that while people buy them and sell them at a certain price, that is what they are worth. So the more people buying and selling them, the more demand there is. The more demand there is, the more the value goes up. No one can magic up more bitcoin, so everyone has equal rights to bitcoin. Who is in charge? Many people are attracted to the currency because of its decentralised nature. Currency has always been something that the general public has never had any power over. Yet the global rise of technology powered by the web has now manifested in the world of currency, which makes control of currency no longer a far-fetched daydream for the average Joe. It's completely turned the tables for the general public by cutting out the middlemen - bankers, investors and administrators. It genuinely has the ability to give the power to the people. What can I use Bitcoin for? Of course, since its inception enthusiasts have been buying and selling things with Bitcoin. You can purchase from websites such as scan.co.uk, even buy a house, use over 18 ATMs, in London. It is used far and wide. BUT, due to its huge popularity and because of the fees and the time it now takes for a transaction, it is now very unlikely to be the digital currency we all use in the future. We may well use it as a store of value like the way gold has been treated over the ages. How can I make money from Bitcoin? Anyone can invest in Bitcoins, and usually with fruitful results. In 2009 when it had first started, Kristoffer Koch bought 5,000 Bitcoins for a tiny sum of $27. That is now worth over a staggering $78 million (not a bad investment!). He is just one of thousands that have made staggering profits through Bitcoin, and just a quick surf on the internet can guide you to grabbing your slice of the pie. A good place to start is www.coinbase.com. Remember the price goes up and down dramatically. The term used is "The price is volatile". If you are going to invest you should only ever invest what you can afford to lose. This is JUST a beginners guide so of course, you should Do Your Own Research (DYOR). This article is NOT financial advice. We have persuaded a few of our friends to invest in Bitcoin and other cryptocurrencies, starting with a small amount of £100. All of them now have more than they started with. Invest a bit then watch the market. See what happens. ISSUE 105 / 2017 TECHNOLOGY You would have to be in the deepest, darkest cave to not have heard about the quite unbelievable rise in the price and value of Bitcoin lately. Many people are still asking questions. What is it? Where does it come from and should I buy some? 18 THE BEGINNERS GUIDE TO BITCOIN