Dec 23, 2017 / by admin / In Business, Design, Social Media / Leave a comment

Bitcoin Starter Guide

Free Bitcoin information for those interested to invest in Bitcoin. Always remember to invest responsibly and never risk more than you can lose.

What is Cryptocurrency?

Cryptocurrency is a digital currency in which encryption techniques are used to verify the transfer of funds, operating independently of a central bank.

Short History of Bitcoin

Bitcoin started out as an idea published in a white paper for a “purely peer-to-peer version of electronic cash” that would “allow online payments to be sent directly from one party to another without going through a financial institution”. In 2007 an anonymous person (or group of people) named Satoshi Nakamoto released a white paper called” Bitcoin: A Peer-to-Peer Electronic Cash System.” Bitcoin used cryptography to form a new record-keeping technology (now know as blockchain) to solve the challenges faced by the financial sector. This new system does not rely on trust from any financial institution. Bitcoin gained popularity when Silk Road (online black market) decided to use it as their main payment method. Individuals were able to send money anonymously through digital wallets without being traced. Fast forward a few year Bitcoins community and popularity grew and in December, 2017 Bitcoin Futures were offered to the public. This allowed institutional investors such as pension and hedge funds to enter the bitcoin market

What is Bitcoin?

Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.

How are Bitcoins made?

Instead of being printed, bitcoin is created digitally, by a community of people that anyone can join. Bitcoins are ‘mined’, using computing power in a distributed network.

What is Bitcoin Mining?

With paper money a government decides when to print and distribute money. Bitcoin does not have a central government. Bitcoin miners use special software to solve heavy algorithms and are issued a certain number of Bitcoin in exchange. Miners are required to approve transactions, so more miners means more security. It is virtually impossible to hack the bitcoin ledger as it require more than 50% of all miners to collude in that crime. Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the blockchain, and also the means through which new bitcoin are released.

What is Blockchain?

When it comes to money, people have to trust a third party to be able to complete a transaction. Blockchain technology is challenging the status quo in a radical way by using math and cryptography. Blockchain provides an open decentralized database of any transaction involving value (money, goods, property work or even votes). This can be thought of as an online ledger.

Who uses Blockchain?

Microsoft, IBM (International Business Machine), Oracle, Overstock, Bitcoin Investment Trust, any many other retailers

Where to buy Bitcoin!

Create a digital currency wallet where you can securely store digital currency. Connect your bank account, debit card, or credit card so that you can exchange digital currency into and out of your local currency.Bitcoin is currently up 2,180.78% this year (+$16,981.31). Click the link below to get started

https://www.coinbase.com/home