It seems that lately people can’t stop talking about Bitcoin qualities and Bitcoin price. And that’s for a good reason: Bitcoin is considered as the currency of the future and has infinite benefits that everyone should know about. But it can seem very complex from an outside perspective, especially for people who are unfamiliar with it. By using this simple guide, you can familiarize yourself with bitcoin and everything you need to know about it.
Bitcoin is a virtual currency, or, more correctly, a peer-to-peer system for money exchange and payments online that doesn’t need a central authority to control it like real-life currencies do. It has a very strong and tech-savy community built around it, but it has been quickly expanding to a much broader audience because of its various appeals.
What makes Bitcoin so special?
What makes Bitcoin unique is its peer-to-peer network that controls the transactions, rather than a centralized one like non-online banks. This means that payments are not reversible, transaction fees are incredibly low, and accounts can’t be frozen. Since there is no one controlling it as a central system, volunteers and programmers develop the main Bitcoin software under the approval of its main developer. These contributors are called “miners” and they vote through their processing power the changes to make to the currency. Since these changes will affect them too, they will only bring positive changes to Bitcoin. This type of system makes it basically impossible for anyone to hack or exploit Bitcoin.
How can you get started with Bitcoin?
It is very simple to start using Bitcoin, as the currency was developed to be accessible for everyone. You will have to start by setting up your Bitcoin wallet, which is a software you can install on your phone or computer. If you choose to utilise a web wallet or a hosted wallet, you should be aware that these are ran by a third-party entity. The main wallet you might want to consider as a beginner are Electrum, Coin Wallet and Blockchain.info, although there are many more that you should consider researching.
How can you buy Bitcoin and what is the price of Bitcoin?
Like all currencies, the price of Bitcoin is changing. At the moment,(Nov 23,2017) one Bitcoin equals about 8210 USD, but of course, you don’t have to buy one bitcoin. You can divide one bitcoin as much as you want. Once you’ve understood that, you will have to find a broker. You can do this on websites like Coinbase, Bitfinex, Localbitcoin, Paxful, Coinmama, Binance and Kucoin. At this point, all that’s left to do is buy Bitcoins. Even though the price of Bitcoin does change, you can always track it on bitcoin websites and even by googling it. Bitcoin doesn’t have to be unaccessible!