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Many people want to know what is Bitcoin, how they can get it and how it can help them, but the technical details has been their major challenge, if you are among such then this guide is for you.
Looking at the details of this amazing system, it’s seems to be an unimaginable story about how to create money.
But the reality is it’s actually the best-known version of digital currency in use in the world today.
And we put together this complete beginner’s guide to Bitcoin to help you unravel what it does, what it is and how to earn it.
Also, bitcoins which is the first and most famous digital cryptocurrency is presently racking up headlines due to a breathtaking rise in value as it’s cracking the $1,000 threshold for and 1, 2017, .
Origin of Bitcoin – Understanding Bitcoin
Asking How did Bitcoin start? Bitcoin which is ”Peer-to-Peer Electronic Cash System” that was posted to a cryptography mailing list,
And was the first established cryptocurrency that can be exchanged like currency.
Although there are many other versions of cryptocurrency that were in existence but never come to the limelight when Bitcoin was develop in 2009.
And it was published under the name “Satoshi Nakamoto” a thirty-six-year-old Japanese man, said he had spent more than a year writing the software, he was driven in part by anger over the recent financial crisis.
That said, this technology goal was to create “a new electronic cash system” that was completely decentralized with no central authority or server.
Of course, the first Bitcoins was sold in 2010 to purchase two pizzas for 10,000 Bitcoins.
And in 2011, Nakamoto turned over the source code and domains to those in the bitcoin community and subsequently vanished.
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Asking what is a bitcoin? Bitcoin is a digital currency, that require no bills to print or coins to mint. And is bitcoin.com legit?
And the amazing thing about bitcoin is that it’s completely decentralized without government, financial institution or any other authority interference, hence it’s legit.
But bit coins is well secured because there are no human interference to abuse the process, the system are anonymous.
And it mainly uses blockchain technology and encryption keys to connect sellers and buyers.
And of course, blockchain is a distributed ledger where cryptocurrency transactions are validated and recorded in a distributed peer to peer (P2P) network extending across the globe for secure reasons.
Also, all the computers involves in this P2P network are called nodes and have a very key role when it comes to verifying each transaction and generating and saving a permanent record of it.
Furthermore, major technology giants and banks are investing heavily in blockchain technology, as a bad wagon effect, the race is on to create blockchain-based products for banks as well.
More importantly, a bitcoin gets “mined.” just like diamonds or gold.
Of course, Bit coin is “mined” by powerful computers that are connected to the internet and isn’t issued from the top down such as traditional currency.
And there is no single point of failure in the distributed ledger.
So, if one of the nodes on the network fails, the network is not impacted and no information is lost.
Of course, note that all the data remains available with no downtime.
And this means that the data in the distributed ledger cannot be changed, which prevents internal fraud and cyber threats.
What is Mining?
Bitcoin miner – Mining, or processing is what keep the Bitcoin process secure by chronologically adding new transactions (or blocks) to the chain and keeping them in the queue.
And blocks are chopped off as each transaction is finalized, codes decoded, and bitcoins passed or exchanged.
Also, miners can also generate new bitcoins by using special software to solve cryptographic problems.
So, this provides a smart way to issue the currency and also provides an incentive for people to mine.
Bitcoin Guide : How Does One ‘Mine’ Bitcoin? Bitcoin.com Review – Bitcoin.com Reviews
People mines bitcoin by doing a combination of advanced math and record-keeping.
So, here is the real deal on how it works; When a bitcoin is sent to someone else by another individual, the network records that transaction.
Also all of the others that are made over a certain period of time, in a “block.”
And computers running special software called the “miners” that is inscribe these transactions in a gigantic digital ledger.
But these blocks are collectively called “blockchain” which is of all the transactions.
Also, there are presently about 16 million Bitcoins in existence, which that leaves only 5 more million available to mine since Bitcoins developers capped the quantity to 21 million.
But note that, each one can be broken down into smaller parts with the smallest fraction being one hundred millionth of it known as “Satoshi,” after the founder Nakamoto.
And this mining process entails computers solving complex mathematical problem which progressively gets harder over time.
Any time a problem is solved, one block of the Bitcoin is processed and the miner gets a new Bitcoin.
Generally speaking, a user establishes a Bitcoin address to receive the Bitcoins they mine; sort of like a virtual mailbox with a string of 27-34 numbers and letters.
So, unlike a mailbox, the user’s identity isn’t attached to it.
Bitcoin Guide – BBC News on Crypto – Bitcoin Explained : How Do Cryptocurrencies Work? – Bitcoin,com
What Can I Do With Bitcoin?
This is really the biggest paradigm shifts in modern human history, as the way the world actually thinks about money and stored value might be changing in a tidal wave of recognition.
Also, you can sell it and you can just hang on to it while the value appreciate.
And the amazing thing is that there are no inherent transaction fees with it, although exchanges like Coinbase typically charge a fee when you buy or sell.
Of course, transactions are processed fast and funds can be transferred anywhere within a matter of minutes.
And distance and geography doesn’t impact the speed of the transaction.
Bitcoin Guide : How can I store my bitcoins? How To Setup A Bitcoin Wallet – Bitcoin.com Wallet Review
This is how the bitcoin cold storage system works, and if you are trying out Bitcoins or how to mine bitcoins for free.
So, you need to sign up for a cryptocurrency wallet to put your bitcoins in.
And for the Bitcoin Wallets
Below are the three different applications that Alice could use.
- Full client – This is like a standalone email server that handles all aspects of the process without relying on third-party servers.
And alice would control her whole transaction from beginning to end by herself. So, understandably, this is not for beginners.
- Lightweight client – This is a standalone email client that connects to a mail server for access to a mailbox. And it would store Alice’s bitcoins, but it needs a third-party-owned server to access the network and make the transaction.
- Web client – This is the opposite of “full client” and resembles webmail in that it totally relies on a third-party server. And the third party replaces Alice and operates her entire transaction.
You can’t stop things like Bitcoin. It will be everywhere and the world will have to read just. World governments will have to read just.” John McAfee, Founder of McAfee
Where Can I Find Bitcoins?
Asking where to buy bitcoin cash? And the first thing to do is to read this in-depth Bitcoin Guide which is a investing Shortcuts for buying Bitcoin.
And it’s very easy to get started.
So, as a beginner, just downloads the required software for free and can start receiving and sending funds immediately.
And there are no accounts to be opened and no documentation to be submitted.
So with bitcoin Guide, you can access your first bitcoins from any of these four places.
- A cryptocurrency exchange where you can exchange ‘regular’ coins for bitcoins, or for satoshis, just like the BTC-type of cents. Resources: Coinbase and Coinsquare in the US & Canada, and BitBargain UK and Bittylicious in the UK.
- A Bitcoin ATM (or cryptocurrency exchange) where you can change bitcoins or cash for another cryptocurrency.
- A classified service where you can find a seller who will help you trade bitcoins for cash or buy bitcoin cash.
- You could sell a product or service for bitcoins.
Bitcoin Guide – Buy Bitcoin With Credit Card
Coinbase (USA, Canada, Europe & UK) and CoinMama (worldwide) are the fast and smooth process to buy bitcoin with credit card.
So, all you need to do is just to visit the Buy Bitcoin page.
And be sure that you have your BTC wallet address ready to send the bitcoin to after purchasing it.
But once you have that ready, you can start to buy your first bitcoin.
So, there are five proven exchanges for buying bitcoins with your credit card.
1. Create an Account on Coinbase
2. Navigate to account settings
3. Click “Credit/Debit Card”
4. Enter your Credit/Debit Card Information and
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