In this Bitcoin (BTC) description for beginners, you’ll be able to find all essential information about this cryptocurrency, which will allow you to get to know it from its simpler and more understandable side. Without all the technical details regarding blockchain, chains, transactions, etc. I am aiming for you to get to know Bitcoin in the easiest way, so you learn all the basics involved. If you ale looking for its professional, 2000 page description, and the explanation of how it all works on blockchain with technological details, you won’t find it here 🙂
I want to keep it simple!
Bitcoin (BTC) – Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator.
Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
Bitcoin [BTC] is a cryptocurrency with its own blockchain. Thousands of other cryptocurrencies are based on its code and algorithm– so, we can say without a doubt that Bitcoin is the pioneer of cryptocurrencies, which has started it all. It is called The King of Cryptocurrency for a reason.
It is worth to know that the creator of the genius code of Bitcoin stays anonymous. People call him Satoshi Nakamoto, because the person with these initials has uploaded it to the Internet. But no one knows whether it is his real name, or just the nickname. Satoshi Nakamoto has been searched for, by people all around the world. Not only by the fans of Bitcoin and cryptocurrency, but also by the people who want to destroy this market and technology, flagging cryptocurrencies as illegal. Despite all the gossip, even the greatest boffins failed to find out who is the legendary Satoshi Nakamoto.
Bitcoin is a Proof of Work cryptocurrency, what means that it is subject to mining process. Bitcoin can be mined using special miners, based on SHA256 algorithm (adequately configured set of graphic cards, adjusted to mine BTC).
It is important to note that if suddenly all owners of Bitcoin miners stop mining, the network will get overloaded and it will be impossible to process transactions. Why? Because in cryptocurrencies everything starts from mining. Miners, who mine Bitcoin, confirm transactions of thousands of network users too. For that, they receive a specific reward. As you send BTC to another address, you also pay small commission for the transaction. This commission goes to miners. Without Bitcoin miners, there is no mining and no transaction confirmations! And there is no new cryptocurrencies on the market, because they have to mined in the first place.
Remember that mining plays inseparable and irreplaceable role in cryptocurrency world.
Maximum number of BTC coins: 21,000,000 BTC
BTC allows you to send money quickly and efficiently to any place in the world, as long as the other person has BTC wallet address. It’s that easy.
Bitcoin, from the beginning of its existence, so 2009, has gone through splits of its blockchain multiple times, to make it better and more efficient. And as the split is not easy, every time when it happens, Bitcoin divides into two. In result, new cryptocurrency gets created. That’s how, for example, Bitcoin Cash, Bitcoin SV and Bitcoin Gold were born. However, non of these separate cryptocurrencies were able to beat the King. These splits are called – hard forks.
Where to buy Bitcoin (BTC)
You can buy Bitcoin in many cryptocurrency exchanges and markets.
Using bank transfers, for example: Coinbase, Bitbay,
Using Credit Card, for example: Coinbase, Binance , Changelly
Or using cryptocurrencies on hundreds of others Cryptocurrencies Exchange Platforms
Where to sell Bitcoin?
For example here: Coinbase, Bitbay.
Remember that investing in cryptocurrency is a high risk activity: nobody knows whether a price of particular cryptocurrency will go up or down. If you are planning to buy Ripple, or other cryptocurrencies – don’t assume that you will definitely earn.
Unfortunately, it is a new business sector and there are a lot of changes happening every day. There is no profits guarantee and the probability of losing is high. So remember, that you are the only person responsible for you decisions. Never spend your life savings on cryptocurrencies. You shouldn’t buy them using your last funds, or a loan which you won’t be able to pay off. Be careful and don’t spend more than you can afford to lose!
Where to store Bitcoin (BTC) ?
Here you have lot of options, choose the best for you and your coins safety.
Hardware wallets (the most secure!): Ledger , Trezor
Desktop Wallets: Bitcoin Core, Bither, Electrum and more. All official wallets: https://bitcoin.org/en/choose-your-wallet
Mobile Wallets: Mycelium, Elctrum, BTC.Com. Official mobile wallets: https://bitcoin.org/en/choose-your-wallet
Web wallets: Coinpayments , BitGo
Where Bitcoin (BTC) is accepted?
You can find a lot of shops, internet services and much more companies accepting BTC, here: https://cryptwerk.com/pay-with/btc/
Frequently asked questions:
How high can Bitcoin (BTC) go?
Lots of people ask ”How high can Bitcoin go”? Although every investor who buys BTC would like the price to grow as high as possible, there has never been and there will never be a definite answer to this question. All predictions regarding the future price of BTC (same as every other cryptocurrency) are only speculations which do not have to happen in real life.
Is Bitcoin a good investment?
It is difficult to unequivocally say whether the investment in Bitcoin is good or not. It may turn out that the price of this cryptocurrency will significantly increase in the future, so it may be a good time to buy it now. But unfortunately, it may also drop. The price of each cryptocurrency is influenced by the market, buyers, sellers, number of transactions, acceptance of this particular cryptocurrency, events that relate to it, as well as what governments think about it. All those factors are variables, and what we have today, does not have to stay identical in the future.
That’s why Bitcoin BTC may be a good investment, but it does not have to be. The time will tell.
Official website: https://bitcoin.org
Bitcoin white paper: https://bitcoin.org/en/bitcoin-paper (in many languages!)
Discussion about Bitcoin (BTC): https://bitcointalk.org/
Bitcoin actually price, historical charts, and much more: https://coinpaprika.com/coin/btc-bitcoin/
Bitcoin Twitter: https://twitter.com/bitcoincoreorg
Bitcoin Reddit: https://www.reddit.com/r/bitcoin
Important: I am not an investment advisor!
I am just the publisher, and I’m not taking responsibility for any cryptocurrency or company, listed out here. When you join or invest in a cryptocurrency, or any other program of your choice, it is only your responsibility. It means that I am not responsible for your loss. The information provided here is based only on my own research, and you don’t have to agree with them!
I do not recommend spending what you cannot afford to lose!