Bitcoin: The Beginner's Guide to Purchasing, Selling, Storing, Mining and Exchange Trading the Virtual Currency (Quick and Easy Series)
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Learn EVERYTHING there is to know about Bitcoin!
What is a Bitcoin?
Bitcoin (BTC) is a digital currency, also considered a peer to peer electronic cash system. The currency was first described and established by developer Satoshi Nakamoto in 2008, in a paper. It was Satoshi who established the fact that Bitocin is a digital currency and an electronic cash system. Today, Bitcoin is a transferable currency which is powered by an open source cryptographic protocol. Unlike other currencies and precious metals, Bitcoin is not managed by a central authority nor has no governance.
Every Bitcoin is divided into 100 million Satoshis (smaller units of Bitcoin). Satoshis are defined by eight decimal places. Satoshis can be transferred through computer, smartphones and other electronic devices without the need of informing or using a middleman or an agent such as a bank or a financial institution.
How are Bitcoin created?
Bitcoin are generated automatically by servers known as bitcoin miners. These servers run on an internet based network. They confirm bitcoin transfers by initiating codes to a log. This log is updated and archived every now and then.
Who uses Bitcoin?
Generally, Bitcoin can be accepted by anyone in any nook or corner of the world, provided he or she has access to the internet. As of now, it is being used by many individuals and merchants worldwide. Some use it as a means of transferring money while some use it as a means of investment.
How do Bitcoin function?
Bitcoin are received and sent through websites and applications once they are bought. Users need to have a Bitcoin account.
Much like paypal and unlike Western Union, Bitcoin transactions are made to bitcoin addresses or keys. Basically, the sender will not know the identity of the receiver but just the key he has to send the payment to. These keys are readable and approximately of 33 characters in length. They usually start with a number but have alphabets too.
What does your Bitcoin guide offer?
We cover all the basics including:
How are Bitcoin stored?
How to setup Bitcoin wallets.
How to purchase Bitcoin?
How to earn Bitcoin?
Where can I spend Bitcoin?
How are Bitcoin transactions processed?
How do I trade Bitcoin?
and much more!
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