So, you want to be a part of the Bitcoin community? Want to grab a piece of cake for yourself? If your final decision is to
buy Bitcoin , you are welcome. A word of warning, though! It’s a risk – but perhaps a risk worth taking.
Contrary to popular belief, Bitcoin will not make you rich overnight. A couple of people once invested at the right time and managed to earn millions. This may also happen again, but it takes a lot of devotion in order to be among the lucky ones.
For starters, you need to understand the basics of Bitcoin first. So, let’s roll!
Ten things you should know!
1.There is no counterfeit with cryptocurrencies.rn2.You cannot block and freeze
Bitcoin wallets .rn3.Refund and reversed transactions are not possible. Once it’s done – it’s done.rn4.No third party or middleman such as banks exist.rn5.The transactions must be confirmed several times before they are processed (by blockchain).rn6.The transactions are not really anonymous. If someone links your address to you, your balance is exposed.rn7.There are various ways to earn and spend Bitcoin.rn8.Bitcoin is becoming a standard method of payment all over the world.rn9.Bitcoin is evolving.rn10.It is not the only cryptocurrency out there.rnNow that you are aware of the basic rules, let’s dissect some things further.
The Blockchain technology
You are probably aware that Bitcoin does not exist physically. There is no paper money or coins that would replace this cryptocurrency. So where is Bitcoin located actually?
Not many people quite understand the details of Bitcoin’s technical part. What you need to know is that it is based on blockchain technology which uses thousands of computers all over the world (mining computers) to process payments.
In other words, instead of one single entity processing everything, you have a chain of networked computers that are not centralized.
Bitcoin wallets
Wallets are online pieces of software where you get to store your Bitcoins. There are various wallets for each crypto, and you can find them all over the Internet. Some of them are exclusively made for mobile devices.
Once you register for a wallet, you get a set of characters that represent your address which is pretty similar to the email address. However, you get to send and receive payments instead of emails.
Bitcoin acquisition
You are probably wondering how to get Bitcoins? Well, there are several ways available. Read on!
Exchanges
These are platforms where you can obtain Bitcoin for fiat currency or exchange one crypto for another. Most of them are a medium which connects buyers and sellers. People who register on these are often looking to either buy some Bitcoin and hold it until the price is up or immerse in the process of continuous buying and selling of cryptos. It all comes down to buying when low and selling when high.
If you want to use exchanges, make sure you opt for a newbie-friendly platform for trading cryptocurrencies against fiat currencies. The registration process there is simple and they offer a lot of tutorials for the new members. Some of the options include Coinbase, CEX.IO, Coinmama.
Workrn
People nowadays pay for services in Bitcoin. You can do virtually anything and get paid in cryptocurrencies. However, things that can be done remotely are usually the best-paid ones.
Mining
Miners are people who buy expensive computers (and additional equipment) and subdue them to the Bitcoin blockchain. If you happen to love tech and enjoy buying computer hardware, you should consider this way of earning Bitcoin.
Although it is getting less popular nowadays, the miners earn the most if you exclude the big players. Miners often only have to set up their equipment and let it to the job. You do not need a lot of IT knowledge to run it – just the basics combined with passion and devotion.
On the other hand, it is a huge investment risk, as it also depends on the current state of Bitcoin.
What to do with Bitcoin?
You can purchase anything, as long as the store where you buy allows payment in Bitcoin. There are a couple of really popular marketplaces all over the web, such as Open Bazaar.
Giving tips is also a popular way to spend cryptos. People all over the web such as influencers, bloggers, and YouTube stars are creating extraordinary content for us for free. Some of them are interested in earning a few Bitcoins with their activities. Why not give a helping hand to those who you enjoy watching, reading or listening?
Although the future is not predictable when it comes to cryptos, enthusiasts believe that we will be able to walk into any store one day and purchase anything with Bitcoin and other altcoins.
Bitcoin newsrn Have you ever wondered how Bitcoin’s price is determined? The answer is hype. When the value of the “digital gold” skyrocketed back in 2017, it was due to the number of people and news articles that were about it. This resulted in a massive buying (and selling, for that matter).
Our point is – read the news. Blockchain technology has a huge potential that is yet to be explored.
Apart from the tech, there is also a financial aspect to it. News outlets often write about Bitcoin millionaires and their actions which affect the overall price (these people are known as whales).
Conclusion
Nobody can predict the future, especially when it comes to Bitcoin and other cryptocurrencies. We are all on shaky ground here.
Now that you know the basics, feel free to explore the rest yourself. Make sure to register on an online exchange and buy a small amount of Bitcoins. After that, it is all planning, tactics, and reading. Who knows – maybe you will become a Bitcoin millionaire one day. Good luck!