Over the last year, there’s been a seemingly endless discourse about bitcoin. Whether it’s been explained to you a thousand times by a thousand different tech bros, or clogging your Twitter feed, the topic is virtually inescapable. Yet for as much buzz as its getting, fundamental questions still remain: What is it? And how do I get involved?
To answer these burning questions, and find out once and for all what all the hype is about, we sat down with cryptocoin entrepreneur Richard Dearing, who started as a bitcoin miner back when a pizza purchase via crypto was $30. That might not make any sense to you, but maybe this will: today, that pizza would now cost “a fresh $250,000.” Soon after mining Dearing decided to make a small investment in bitcoin, and according to him, “it just kept growing.”
Dearing explains how Bitcoin was created using blockchain technology, which is defined as an open ledger with no central authority. The technology was initially created for the purpose of decentralizing cryptocoins, making them free from regulation.
Despite 50 Cent’s recent denial of his Bitcoin Billions in bankruptcy court, a few other rappers are admittedly jumping into the crypto-biz. Ol’ Dirty Bastard of Wu Tang is one who sees bitcoin as the future of money, and plans to be an integral part of it. His estate is set to release its own cryptocurrency, termed “the Dirty Coin.”
Cryptocurrency may seem like a silly trend, but it actually has a lot of staying power. It’s a technology that is revolutionizing how we think about money. If you’re interested in getting involved in the bitcoin hype, but don’t quite know where to start, have no fear: we’ve outlined Dearing’s key insights about crypto and we’re sharing them here. Read on for 11 pieces of advice from an actual bitcoin investor.