If you googled about cryptocurrency, you already have to know bitcoin is the most valuable out there. It is a digital currency worldwide. If you are looking for any kind of basic details about the most valuable cryptocurrency, you are in the right place. Maybe you already find out things with the help of the internet. But after reading this Bitcoin beginners guide, those little pieces you found from all around the internet will make more sense.
Learn what is Bitcoin?
This is not rocket science and for the future, you need to have basic knowledge about bitcoin. You will find out all in this Bitcoin Beginners Guide. Bitcoin is on the top cryptocurrency list first stage.
Bitcoin Beginners Guide
In this Bitcoin Beginners Guide, get a clear idea about bitcoin. It’s money that you cannot touch but use. It is like your credit card or online banking. But bitcoin is more secure and nobody can easily track any transaction that is made by bitcoin. Well mostly time it’s actually not possible to track transactions, that’s why this is the most secured currency right now. For example, PayPal is an online payment system but Bitcoin gives you full control of your money.
When And Whom
In 2009 bitcoin was invented by Satoshi Nakamoto. Well, Satoshi Nakamoto is just a name and this person is still anonymous for everyone. He is the one who mined the very first bitcoin. Many of known he develop Bitcoin and he was first to publish Bitcoin whitepaper.
How to get Bitcoin:
Like we see people mining gold, bitcoin mining is also a similar thing but mining tools are computers. Every 10 to 15 minutes your computer gets used by the network to do pending transactions. Because of the protection equivalent, cryptocurrencies have these days they need so many computers and IPs to sustain the security of each transaction.
Depending on your hardware power, each transaction your computer performs, you get a small share from that. In the beginning, it was easy for a normal computer to mine bitcoin but later it became popular. It becomes the most valuable currency and now people need more powerful computers to mine them. Otherwise, you will be spending too much money on your electricity bill than you earn by mining. Here is an article about “Easy Ways To Earn Free Cryptocurrency“
Before you start mining you better do your own research. People who mine probably have their own electricity plan and personal warehouse to set up all the rigs they need for mining. So with your own don’t hope to earn a huge amount of money because mining uses up loads of electricity. You really need patience for mining.
Can you buy less than 1 bitcoin? Well, the answer is yes,
Because each bitcoin can be split into 100,000,000 pieces. Each unit of bitcoin, or 0.00000001 bitcoin. So you can buy 0.00000001 bitcoin if you need it. Every single unit call satoshi = 0.0000001. You need a wallet to store your BTC, and there you can buy bitcoin using your debit/credit card. For an instant, you can buy your first Bitcoin from Coinbase to get $10 free after buying the first $100 BTC.
But buying bitcoin with a credit/debit card may not be easy from all around the world. Using your bank cards may require connecting your bank information with your digital wallet, that’s not always a good idea. Most private bitcoin users use hard cash to buy bitcoin by meeting the seller. You can also buy bitcoin from bitcoin ATMs.
Where to store
Well, you cannot store digital money in your real wallet! There are so many digital dedicated wallets for bitcoin. Different wallets have different addresses and you can have as many wallets as you want or you can store bitcoin in a wallet without any limit. Those wallet addresses are highly encrypted and secured. Your real-world identity won’t be in your wallet. Trezor is one of the popular hardware Bitcoin wallets.
There are options for offline storage or cold storage which is more secure than web wallets. Because you know those webs are not highly reliable and there is always a risk of getting hacked. Maybe the whole web disappears someday with all the money. Whenever you feel like using bitcoin just transfer the amount from your offline to web wallet and use it. It’s safer like you keep your big amounts of money in a bank and the smaller amounts in your wallet. Desktop wallets are more secure than mobile or web wallets. On the other hand, a popular hardware Bitcoin wallet is more secure than a desktop, like a flash drive.
How to Transfer
Most time you don’t need to meet a real person face to face to manage a transaction. With 3 or 4 confirmations messages and 8 to 10 minutes of time. You can transfer your bitcoin to another wallet. This is how the process works. You need the receiver’s wallet address and send bitcoin from your wallet to his address. The encrypted transaction goes through others computers around the world. So both sender and receiver stay anonymous. Bitcoin can be used from anywhere in the world.
Where to spend
These days, you will find that more and more dealers are starting to take Bitcoins as a method of payment. You can buy web hosting services using your Bitcoins.
You can order pizza using this, and there are rumors that Amazon may start accepting bitcoin and other cryptocurrencies. Nowadays most of the popular online store are accepting digital currency and this Bitcoin Beginners Guide help you to understand how to use it.
There is a charge for everything right? And sending bitcoin also cost a small amount. The fee is not fixed and depends on the market capacity. Your wallet always fixes the fee for you. Your transaction surely goes through some others computers around the world to keep you secure and anonymous right? Those computers get that small amount of fee from you. Don’t worry, those fees are not a deal-breaker.
How to protect your Bitcoin
Before you make any wallet, make sure the site is well-reputed. There will always be scammers so you better stay alert while using any wallet or any offer. Encrypt your wallet, Use some strong passwords, Use phone verification, and regularly backup your wallet.
You can save some of your bitcoin in your offline wallet. You can even try using multiple wallets. Keep your wallet updated and secured even if costs you a little bit of money. Always keep your private keys and passwords saved offline.
The market capitalization of the world’s top digital currency is more than $80 billion, with a price per coin of more than $3152. As per coinmarketcap total market cap is 123 billion and Bitcoin is dominant 60%. Depending on the need and supply bitcoin’s market value goes up and down just like any other market. Imagine the time when people
le will start using digital currency more than normal money.
Bitcoin’s value will increase more than double by then. Hackers and other illegal users from the deep web and the black market made bitcoin these famous till now. Why wouldn’t they? It is the most secure way to pay and get paid right?! How knows! Hope you get some idea from this Bitcoin Beginners Guide.
Hope you enjoy this Bitcoin Beginners Guide. Stay with us and find out much many more new crypto currency-related staff. See you in the next article. Have a great day. Hopefully, this Bitcoin Beginners Guide help you to understand basics.