The Name is Chin Yi Xuan

So here comes the last part of my Bitcoin trilogy! Part 3 is without doubt the most important part of this trilogy, hence please make sure that you read this article before you decide to put your hard-earned cash into Bitcoin!  For those who are new here, do check out my Part 1 and Part 2 of 'What is Bitcoin?'! At USD 4000 per Bitcoin, is there a Bitcoin bubble? Short answer: Yes! Most definitely! To prove this, I will use a very simple Bitcoin’s Price-Volume chart to explain. The graph below indicates Bitcoin’s Price-Volume chart from Mid-2015 till August 2017. Do focus on the year 2016 where price of Bitcoin was around USD 500-ish at the start of 2016 to nearly USD 1000 at the end of 2016. Then, observe carefully at the volume in 2016, in comparison to 2015 and 2017. Big difference, yes? What does all this mean? In short, a high volume indicates that there are many transaction activities in the Bitcoin market - people are rushing into the Bitco

How Safe is Bitcoin as a Whole? Short answer, it is really safe to transact with Bitcoin. In  comparison, conventional banks tend to have high risk towards hacking activities due to its centralized nature and human’s fraud (eg. Corruption, Money Laundering). As Blockchain is decentralized, every miner will have a  record of all the transactions involved in Bitcoin. Hey, what’s a miner? In essence, Bitcoin mining is a process where people worldwide validate Bitcoin transactions, instead of going through intermediary such as banks. Those people are called miners. Imagine a scenario where I want to transfer 1 Bitcoin to my  friend, Eddie. Data of this transaction would be available  in the record of every miners in the world. Hence, if a hacker wants to modify this transaction, the hacker would need to hack in the majority of the miners in the world at the same time in order to modify the transaction between me and Eddie, which is near impossible with today’s techno

First of All, What is Bitcoin? Bitcoin is a decentralized virtual currency. If that doesn’t make any sense to you, it basically means that Bitcoin being a kind of financial asset generated by a bunch of codes of which humans give value to, without being regulated by centralized parties such as banks and governments. Yes. In short, there is no rock solid Bitcoin for you to hold on your hand. Everything is digitalized and virtual. Then, How does Bitcoin Comes About to What it is Today? Introduced in 2009, Bitcoin was regarded as the answer to many factors that had led the fall of Lehman Brothers and eventually led to the Global Financial Crisis. While fiat money (eg. USD, MYR) could be increased via money printing, crypto-currencies such as Bitcoin has a capped production limit of 21 million units by the year 2140. A capped production simply means that Bitcoin has a solid store of value compared to fiat money, which can be increased in volume by money-printing