Bitcoin is a versatile cryptocurrency that has earned a name for itself as the de facto currency of the internet. It all started in 2009, when a person - or group of people - using the pseudonym Satoshi Nakamoto released Bitcoin as open source technology to the world and mined the first block in the blockchain. This is often referred to as the genesis block.
One of the first instances of blockchain technology being used in real world applications was with Bitcoin, but what is the blockchain? Essentially, blockchain technology is an advanced system for recording data that boasts a number of distinct benefits over traditional methods of data storage.
On the blockchain, data is stored in un-editable records that are time stamped. These records are managed, distributed and stored on a network of computers known as the blockchain network. A set number of records makes up a block, which is encoded with data from the block before it and will provide encoding data for the block that follows. In this way, data cannot be manipulated by anyone.
The value of Bitcoin fluctuates like all currencies. The difference here, however, is that Bitcoin has shown a tremendous increase in price over the past five years and below are some comparisons:
| May 2015 | Dec 2019 | -/+ | |
|---|---|---|---|
| 1 x Euro | £0.73 | £0.84 | +15% |
| 1 x Oz Silver | £10.50 | £12.82 | +22% |
| 1 x Oz Gold | £720.00 | £1,123.00 | +70% |
| 1 x Bitcoin | £215.00 | £5,600.00 | +2,500% |
Bitcoin has seen a staggering 2,500% increase in value over the past five years and experts believe that the price will continue to balloon over the next five years - claiming that everyone should become familiar with, and most importantly, own at least a small amount of Bitcoin.
Buying Bitcoin in the UK is extremely easy; all you need to do is:
Create an account on a Bitcoin exchange. Some popular options include Coinmama, Coinbase or Revolut (you can buy Bitcoin from your banking app with Revolut).
