BITCOIN FOREVER: Unveiling the Enduring Power and Potential of Cryptocurrency (2023 Guide for Beginners)

By Tommy Preston

"Bitcoin Forever: Unveiling the Enduring Power and Potential of Cryptocurrency" offers a comprehensive exploration of Bitcoin's impact on the global financial landscape. From its mysterious beginnings to its role as a decentralized digital currency, this book demystifies Bitcoin's complexities while highlighting its timeless sig

• Language: English
• Publisher: Tommy Preston
• Release date: Aug 14, 2023
• ISBN: 9783988314642

Tommy Preston

Tommy Preston is a seasoned cryptocurrency enthusiast with a deep understanding of blockchain technology and digital assets. With years of experience in the crypto space, Tommy is committed to demystifying the complexities of cryptocurrency for beginners and helping them harness the potential of this transformative technology.

Book preview

Tommy Preston

Bitcoin Forever

First published by Tommy Preston 2023

Copyright © 2023 by Tommy Preston

All rights reserved. No part of this publication may be reproduced, stored or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise without written permission from the publisher. It is illegal to copy this book, post it to a website, or distribute it by any other means without permission.

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Contents

Chapter 1: Bitcoin’s Fundamentals and History

Chapter 2: How Does Bitcoin Work?

Chapter 3: Bitcoin Mining Fundamentals

Chapter 4: Blockchain Attributes and Peer-to-Peer Networks

Chapter 5: Keeping and Protecting Your Bitcoin

Chapter 6: Cryptography

Chapter 7: Blockchain Fundamentals

Chapter 8: Bitcoin Security

Chapter 9: Market Manipulation and Price Prediction

Chapter 10: Investing in Cryptocurrencies

Conclusion

Chapter 1: Bitcoin’s Fundamentals and History

It is the first known digital currency that operates on blockchain technology. It is completely decentralized. As a result, no one

Has authority over it. It is sometimes referred to as electronic money or digital cash. It is, however, a peer-to-peer payment mechanism. As a result, it’s software. It has no physical existence since it is developing on your computer’s hard disk. In fact, it is present on every computer on the planet.

This cash will never be touched since it exists solely in digital form. In terms of value, it seems to vary.

However, it has been stable for a long time and has been steadily expanding. It first competed with the dollar in 2008, when one bitcoin was worth $0.05. However, in June 2017, one bitcoin achieved its highest value to date of $2,912.00. Over the years, Bitcoin has not only shown that it can reach its peak several times, but it has also seen its value rise more than any other currency on Mother Earth.

Looking at the currency exchange rate of bitcoin versus the dollar over the previous 10 years as of June 2017, I can assure you that it will continue to increase.

In my perspective, the value of Bitcoin will continue to rise, particularly around the four-year point. Why would I say such a thing? So, let’s just say I have my reasons.

How Many Bitcoins Exist?

That’s a good question, and you can figure it out for yourself. Of course, it all depends on when and where you read this book.

So, before we undertake any hard computations, let’s look at some of the things we know for certain. On October 31, 2008, the first 50 bitcoins were generated. Then, every 10 minutes until 2012, 50 additional bitcoins were generated. After 2012, the number of bitcoins produced was cut in half, implying that 25 new bitcoins were generated every 10 minutes until 2016.

Since 2016, the process has maintained the same principles, which means that 12.5 bitcoins are generated every 10 minutes until 2020. This process will continue until there are 21 million bitcoins on the market in 2140.

Poor Reputation

Let me explain the dark web to you in case you haven’t heard of it. I could write a whole book on the Dark Web, and I may do so in the future. I am not interested in internet drug or weapon dealing. However, just because it is a list of items available for purchase on the Dark Web does not imply that I would ever participate in those marketplaces.

What you must realize is that the Internet, as we know it—via search engines such as Google, Yahoo, and Bing—is not the only web available. Another option is the darknet, which may be accessed using another search engine called TOR. The TOR network is often referred to as an onion router or onion network. TOR is capable of concealing the end-user’s IP address, making all online activity absolutely untraceable.

Even your internet service provider would have no idea what website you viewed unless you accessed the TOR network. You could browse around and see what types of services are available, but that is entirely up to you. I’ve been to the Dark Web previously to get a feel for it, and the more you search around, the more you’ll discover obnoxious services. And, I’m sorry to say it, but the things I’ve seen are revolting, and I would not suggest it to anybody who is easily affected. My argument is that the gun and drug dealers on TOR want payment in Bitcoin. Bitcoin, like the TOR network, is untraceable. As a result, the Dark Web is a sanctuary for crooks.

Do criminals use Bitcoin as well? They certainly do. In reality, when it comes to unlawful items or services available online, they have no other option.

Please consider again before closing this book and abandoning the concept of utilizing Bitcoin since criminals are also using it.

Bitcoin was not designed for criminals. Bitcoin was created for everyone, and don’t forget about the 3 billion individuals that Bitcoin can help with finance.

Another recurring concern is that Bitcoin accounts are hacked, leaving customers with empty wallets. Please do not misinterpret this point. The end-user level victim’s computers or mobile devices are compromised, not Bitcoin. Bitcoin’s value has skyrocketed, and hackers are educating themselves as well. As a result, they’ve adjusted their strategy once again and discovered that hacking Bitcoin accounts is lucrative and untraceable, so why not do it—especially on a large scale?

This problem has been fixed, and if you choose to own a wallet, you must always back up your wallet and have all of the security settings activated. Some of these security measures, such as two-step authentication, do not require much understanding or effort, yet it is preferable to be safe than to assume that hackers will never discover you.

As a result of becoming victims of Bitcoin account thefts, many individuals have ceased trading or investing in Bitcoin or other digital cryptocurrencies.

Wikileaks

You may be familiar with the website WikiLeaks, which is a non-profit organization that anonymously publishes secrets and classified material. Individual countries, understandably, are dissatisfied with the website and have ordered its closure. The site needs basic maintenance and security, and the only donors who have been allowed to assist have had to utilize Bitcoin. As a consequence, the website is still active today. This is one of the most well-known instances. However, there are several reasons for which individuals have used Bitcoin to aid others, even on the other side of the world.

A Report of a Value Decline

The most popular assumptions and allegations leveled against Bitcoin concern its potential volatility. Why is this the case? People often say,

What if another type of cryptocurrency could compete with Bitcoin by utilizing the same underlying technology, blockchain?

Will Bitcoin lose value? The claims are true, however, when looking at the history of Bitcoin’s value, only large rises have occurred, especially when compared to 734 other cryptocurrencies. I am not a forecaster, but based on the facts, I believe it is safe to state that Bitcoin is on the rise and will not stop for a long time.

What Are Your Options?

You may, of course, purchase anything on the Dark Web, but I don’t suggest it since you can come across crooks who want to steal or hack into your Bitcoin wallet. Some hackers may even attempt to blackmail you. However, if you do not disclose your information, you should be alright. In reality, more businesses accept Bitcoin, including hotels, restaurants, coffee shops, and even some takeout restaurants.

Shopify, TigerDirect, and many more large retailers accept Bitcoin as payment. Look around your neighborhood to discover how diverse it might already be. The main cities have a wide range of attractions, including:

Theatre

Taxi Company

rental of bicycles

Private planes

Pubs

You should also explore other significant corporations that are now accepting Bitcoin, such as Dell.

Microsoft

Zynga

Reddit

Wordpress.com

Subway

Expedia.com

Virgin America

OK Cupid Stream

Lionsgate Films Alza

Badoo… and many others

Multiple applications, such as enabling users to shop on websites using gift cards,

Amazon.com

Walmart

Target

Nike

GAP BEBE

Sears

Papa John’s Pizza

Best Purchase

iTunes

eBay

Starbucks

CVS Pharmacy Zappos

The home improvement store… and a lot more

I wanted you to notice that some of the top corporations are already embracing the concept of accepting Bitcoin. Furthermore, the following categories are available for purchase to help you comprehend the breadth of products and services available:

Airline

Automotive

Beauty

Clothing

Shops in department stores

e-Commerce Electronics

Toys and Gas Gifts

Grocery, Health, and Home and Garden

Home enhancement

Hotel Jewelry Movies

Pets