5 Things New People Starting Out With Bitcoin Should Know
updated on:7 Nov 2020
The modern world is fast and advanced. We are looking for new ways every day to ease our lifestyle. The Internet is the biggest revolution of the century and we use it in multiple ways to get work done fast. The system of paying bills or transferring money online is very common. In fact, people now prefer keeping their credit cards with them only instead of carrying cash. This makes our lifestyle more convenient, faster, and also secure. While keeping cash in credit cards is a very unique way of carrying money, it is not the only way to handle cash. A very popular and everyday growing industry is cryptocurrency. This article is specifically related to the growing popularity of cryptocurrency and bitcoin, in general.
WHAT IS CRYPTOCURRENCY?
Let’s just start with knowing what cryptocurrency actually is. Generally, cryptocurrency is an internet-based system to control your financial transactions. The system uses cryptographical functions to deal with all the financial matters. Furthermore, the crypto method of handling financial transactions does not involve any central authority. The system uses blockchain technology. Blockchain technology claims to keep your transactions away or immune to the government or their ways of controlling money.
Cryptocurrency also charges less processing fees. It claims to save you from heavy taxes or additional fees which the government or any other organization charges for every transaction. Sending or receiving money is also very easy with cryptocurrency. Two parties can easily exchange money via public or private parties. The crypto industry is growing rapidly every day and it is gradually attracting large companies to invest and make it grow.
This system of cryptocurrency and also bitcoin was invented by Satoshi Nakamoto. Satoshi, who had no idea at first about what his new invention actually was now, claims it to be a revolution. In fact, he also said that he wanted to invent a system many people failed to develop before. Bitcoin or crypto method of dealing currency is also known as digital money. This system claims as well as works to make this world free from cash and make every money-related matter digital. Perhaps the most revolutionary statement regarding cryptocurrency was that this system is not controlled by people or organizations which we trust. Neither does this method involve any extra affairs. The entire system is secured by Math. Cracking through the cryptocurrency security method is very unlikely.
WHAT IS BITCOIN?
Bitcoin is the most popular kind of cryptocurrency. It was also created by Satoshi Nakamoto who introduced the concept of cryptocurrency to the world. It was found in 2009 and is now of immense value. The concept of making transactions with bitcoins is very similar to what is discussed above. The entire process is done with no middle man involved and is done by cryptographical functions being done at the back.
You can do pretty much anything with bitcoins now. You can shop online, buy tickets, furniture, or even hotel rooms. The biggest hype about bitcoins is trading them and making a lot of money. The price of bitcoin is reaching the sky ever since 2017 and onwards. In simpler words, only one bitcoin can make you pretty rich. The price of 1 bitcoin equals about 15.5k USD as you are reading this article.
Dealing with bitcoins is very easier and less complex. It is fast, efficient, and is completed right away. Bitcoin is not dependant upon any country rules or organization protocols. One of the reasons people buy bitcoin is actually because they consider it as an investment that is going to increase in value over time without doing anything.
HOW TO BUY BITCOINS?
There are two very popular ways of buying bitcoins. The first method is to buy them or mine them. Bitcoins can be purchased or sold through many market places. These websites or market places are every authentic and official. They allow you to purchase bitcoins through different currencies, for example, Dollars or Pounds.
It is true that security is very much assured on these websites. However, it still remains a very major concern. In fact, bitcoins were stolen from Bitfinex in 2016. The system was hacked and therefore, a huge sum of money was stolen.
However, Buybitcoins.app is a very popular and indeed, very secure platform to purchase your bitcoins. You can purchase bitcoins online or locally. The service facilitates the US the most. You can buy and even sell This platform has made dealing in bitcoins very easier for US residents. You can deal with top BTC traders around the world and get yourself deals with your preference. Dealing at such platforms can guarantee profits. Their systems are much secured and very authentic. This website is one of the most secure platforms to deal with bitcoins.
Bitcoin mining is the second and very popular method of bitcoin earning or mining, in this case. We mentioned above that bitcoins are very dependent upon mathematics. Bitcoin mining is basically using heavy computer systems that work non-stop to solve complex math puzzles. This problem solving leads to generating more and more bitcoins. The purpose of these heavy computer machines and advanced systems is to mine bitcoins only and nothing else.
If your system is winning at solving these problems then you are most likely to earn between 10-12 bitcoins every 10 minutes. However, a thing to keep in mind is that there are a lot more complexities in mining bitcoins. The information mentioned here is a generic explanation to help to understand how this works. Bitcoins are a digital currency, and hence your bitcoins are stored in a digital wallet. This is known as Bitcoin Wallet.
Bitcoin is a revolution without a doubt. However, there is no assurance over its future. There is even no guarantee that the value of bitcoin is going to be in thousands or tens of dollars any minute. Governments have no control over this method of handling finances. Therefore, actions can be taken against it at any time.
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