SurveyMonkey and Global Blockchain Business Council polled 5,700 adults in January and found that 60% of Americans have heard of Bitcoin, 5% own it and more than 20% are considering buying it. This begs the question, should they?
Governments, financial institutions, famous investors such as Warren Buffet and TV personalities such as CNBC’s Jim Cramer have stated they do not believe the Bitcoin, cryptocurrency and the blockchain movement will end well for investors. This is not surprising as an unregulated global digital currency has the potential to threaten their control of the global economy.
Though it is highly speculative, many people are maxing out credit cards to buy as much of it as they can, and the reality is that as of today BTC is up 920% year-over-year, though it has taken a dip over the last several weeks. In a recent interview, Grammy award-winner 50 Cent said he forgot he accepted Bitcoin several years ago for his music and accidentally has made $8 million.
Now that Bitcoin is in the public lexicon, more people are wondering if it is something they should consider buying into. Unfortunately, there are few people who understand how a Bitcoin Transaction works. There is no doubt that it is highly speculative. High risk and high reward.
To help explain it, the team at BitcoinSportsbook.com put together the Block Chain Demystified Infographic which offers a visual explanation of a transaction between “Allen” and “Beth” who live in different countries. The explanation of how a Bitcoin transaction works, along with the infographic, will help potential investors make a more educated decision.
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