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Bitcoin is built on a distributed digital record called a blockchain. As the name implies, blockchain is a linked body of data, made up of units called blocks that contain information about each and every transaction, including date and time, total value, buyer and seller, and a unique identifying code for each exchange. Entries are strung together in chronological order, creating a digital chain of blocks. βOnce a block is added to the blockchain, it becomes accessible to anyone who wishes to view it, acting as a public ledger of cryptocurrency transactions,β says Stacey Harris, consultant for Pelicoin, a network of cryptocurrency ATMs. Blockchain is decentralized, which means itβs not controlled by any one organization. βItβs like a Google Doc that anyone can work on,β says Buchi Okoro, CEO and co-founder of African cryptocurrency exchange Quidax. βNobody owns it, but anyone who has a link can contribute to it. And as different people update it, your copy also gets updated.β
How to Invest in Bitcoin?
Like a stock, you can buy and hold Bitcoin as an investment. You can even now do so in special retirement accounts called Bitcoin IRAs. No matter where you choose to hold your Bitcoin, peopleβs philosophies on how to invest it vary: Some buy and hold long term, some buy and aim to sell after a price rally, and others bet on its price decreasing. Bitcoinβs price over time has experienced big price swings, going as low as $5,165 and as high as $28,990 in 2020 alone. βI think in some places, people might be using Bitcoin to pay for things, but the truth is that itβs an asset that looks like itβs going to be increasing in value relatively quickly for some time,β Marquez says. βSo why would you sell something thatβs going to be worth so much more next year than it is today? The majority of people that hold it are long-term investors.β
