What is Bitcoin?

Is it safe to transact over the internet just by merely trust? Is Bitcoin even a currency? What is it for? Should I invest on it? These are just some of the questions lingering in the minds of people who are starters in the cryptocurrency world. Bitcoin is becoming a household name because it is an innovative payment network and a new kind of money.

Doing online transactions like hotel bookings, paying bills, and purchasing goods can be done easily without middle men – meaning no bank interference. That is what Bitcoin is all about. Bitcoin is a cryptocurrency and a worldwide payment method. It works anywhere where the internet does. All you need is a fast and quick internet access, and you are way to go! It works 24 hours a day, 365 days per year. It also has good uptime. Transactions are made peer-to-peer, but they are broadcast in a public ledger known as the Blockchain, and transactions are irreversible instantly. Bitcoin is also easy to use as it does not require ID or registration to use most of the time. Wallet software will always do cryptographic checks on all incoming transactions; therefore, transactions are hard to counterfeit. It can be sent anywhere, anytime, (almost) for free, and with little regard for national borders or government/bank-imposed restrictions.

Bitcoin was created in 2009 by a person or entity by the name of Satoshi Nakamoto. Still clueless whether this pseudonym is used by a male, female, or a group of people who designed and created the first cryptocurrency. This technology uses a P2P or peer-to-peer electronic cash system that allows online payments to be sent from one party to another without going through a financial institution. What is needed is an electronic payment system based on cryptographic proof with immediate trust, allowing any two willing parties to transact directly with each other without the need for another third party.

If someone is interested to jump start with Bitcoin, how should they do it? Here are some easy steps to get started:

  1. Set up a Bitcoin wallet where you could store your bitcoins. In the Bitcoin world, it is referred to as a “wallet,” but it could also be referred to as simply a kind of a bank account. Depending on the security levels you want, different wallets provide different levels of security. Some of the options are: a software wallet stored on the hard drive of your computer, an online web-based service, or a vault service that keeps your bitcoins protected offline. It uses a number of keys to protect the account.
  2. Now that you have learned the basics, it is now time to get Bitcoins! Since Bitcoins are just so popular, its price is liable to change rapidly and unpredictably. It can be bought from either exchanges or directly from other people via marketplaces. It can be paid in a variety of ways, ranging from hard cash to credit and debit cards to wire transfers. It can also be bought with other cryptocurrencies, depending on who you are buying them from and where you live.

You are all set! Learn more about cryptocurrencies, and get the best deal out of your money.

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