Bitcoin beginners learn the ins and outs of crypto-currency. If you’re new to bitcoin you’re in good company, but you can learn the basics here.
Bitcoin is a new currency that was created in 2009 by someone using the alias Satoshi Nakamoto. Transactions are made with no banks involved! Bitcoin can be used in a number of businesses, for example, you can use them to book hotels on Expedia. Overstock also accepts bitcoin.
But the real excitement is about getting rich by trading it. The price of bitcoin skyrocketed into the thousands in 2017 making millionaires out of a bunch of fortunate folks.
Because they can be used to buy merchandise anonymously. Bitcoins are popular for use in international payments because they are not tied to any one country. Therefore they are not subject to regulation. Some people are buying bitcoins as an investment, and some simply for the nostalgia of owning them.
It’s not as hard to get them as you might think. You can buy them on an Exchange. There are marketplaces called “bitcoin exchanges” which allow people to buy and sell bitcoins using different currencies.
Some of the exchanges are Coinbase, Bitstamp, and Bitfinex. But security can be a concern since they are not regulated by banks. Bitcoins can be worth tens of millions of dollars increasing the concern of hackers.
Bitcoin for Beginners
Bitcoins are virtual. They are stored “digitally,” either in the cloud or on your computer. Bitcoin beginners must consider how much risk you are willing to take before investing. This is true when investing in almost anything. But keep in mind bitcoins are not FDIC insured. Proceed with caution.
What Will the Future Bring
Who knows! For the most part, it is unregulated, but there are countries now that have begun weighing regulations. There is real concern about taxation and lack of control with governments.
Bitcoin is a type of cryptocurrency, balances are not kept by banks like our government currency. Rather the balances are kept using public and private “keys.” These keys are long strings of numbers and letters linked through a mathematical encryption. I can’t imagine the complexity of the sequences because I struggle with my own passwords. Bitcoin beginners might struggle with the fact that they aren’t physical coins like we carry around in our pockets. Bitcoins are balances on a ledger.
Where did Bitcoin Start?
The domain name bitcoin.org was registered in 2008. At last check, the domain was privacy protected.
Can you EARN Bitcoins?
Actually, it’s possible that Bitcoins could be accepted as a means of payment for products sold or services provided. Some businesses display signs in their front windows, saying “Bitcoins Accepted Here” and some customers are using it.
By using an external processor like Coinbase or BitPay, online companies can easily add this payment method to their checkout repertoire.
Risks of Investing in Bitcoins
This whole idea of virtual currency is very new, untested and volatile. For sure it’s a high risk, but if you’ve got the stomach for it; it could bring you a huge return too. I would recommend proceeding with caution if you’re considering investing in bitcoins for beginners.Learn more about Bitcoin here.
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