Beginners Guide to Bitcoin
By Space Coast Daily // April 8, 2021
Bitcoin is one of the most popular cryptocurrencies among traders. Loads of people are still sceptical about it, but mostly it is because they do not know a lot about it. Continue reading this article, and we will tell you the main things about this crypto.
If you are already thinking of buying bitcoin you should consider buying it with your own credit card. You might find all of the instructions on how to do it on the exchange platform which you chose.
So what is Bitcoin? As we mentioned before, it is a very popular cryptocurrency, created in 2009 by an unknown person. He was calling himself Satoshi Nakamoto. You cannot physically use Bitcoin because it is a digital currency. One of the main reasons why people are choosing it is because it is not controlled by a bank or government.
At this moment, it can be used in a variety of shops and places, so we can see that Bitcoins‘ popularity is expanding every day. Also, loads of people see this crypto as a great investment. Some of the supporters even say that it is way more secure than usual payment methods, and a lot of people believe that it might be the currency of the future.
So how does it work? Basically, each Bitcoin is a computer file that is stored in something called a „digital wallet“. People can send this crypto to your wallet, and you can also send it to others. Every single transaction is recorded in a public list, which is called the blockchain. It is needed to trace the history of Bitcoins to stop people from spending coins they do not own or making copies.
If you are interested in buying Bitcoin, you should find a secure exchange platform to do it. Also, you may need a digital wallet to store your crypto in it. It is basically like having a virtual bank account.
Another step is to connect your exchange to a payment option. Firstly, you might need to gather your personal documents. Depending on the platform, this could include images of your driver‘s license, your social security number, information about your employer, and source of money.
In any case, the information you require may be determined by the region in which you live. After the exchange has confirmed your identity, you can now connect a payment option. One of the most popular options is to simply use your debit or credit card to do it.
The most important question is – is it secure? Since every transaction is recorded publicly, it is very difficult to make fake Bitcoins or spend ones you do not own.
Although, it is possible to lose your wallet or delete your crypto and lose it forever. Anyway, the value of Bitcoins has gone up and down over the years since it was created. Some people say it is a risky investment, but in the end, it is up to you.