Whenever there’s a new thing introduced in this world. Several people would not be adequately aware of that thing, no matter how beneficial it is or can be for them. With the help of this article, we are going to discuss one such thing only, which is Bitcoin.
I am sure almost everyone must have heard about Bitcoin, and a lot of people must be making their mind to join it and get started with it. But the biggest reason because of which they are unable to give it a shot is just that they are a beginner and do not know much about Bitcoin.
If you are also one such person, then this article is entirely for you, as in this article we are going to thoroughly discuss everything about Bitcoin that a beginner would need to know. So do follow this article till the end to know everything about getting started with Bitcoin.
What is Bitcoin?
Bitcoin is known as a cryptocurrency all over the world. Moreover, we can say that it’s a form of virtual currency and you would be able to store this bitcoin in the form of digital cash on several virtual platforms, banks or wallets which are specially designed for storing this cryptocurrency.
Although a lot of people were confused that bitcoin is a hard-looking substance such as a big coin, which we see in the pictures of bitcoin. But the main thing is that those big coin looking substance have several private codes. These private codes are the reason with the help of which you would be able to access your bitcoin cryptocurrency or virtual cash.
This was all about a general introduction about bitcoin. But do you know about this fact that there are a lot of people who can and are making their computers process transactions of bitcoin for others? There are several people out there who are creating high-quality, powerful computers with the help of which they can make bitcoin transactions for others and in reward of which they are getting bitcoin. This whole process is called Bitcoin Mining.
Who created Bitcoin?
When Bitcoin was introduced at that time, no one was aware of the inventor of this cryptocurrency, everyone had just one virtual name, and that was Satoshi Nakamoto. But now it is revealed that Craig Wright, an Australian entrepreneur, is the inventor of bitcoin, as he revealed that he is the one behind the name of Satoshi Nakamoto.
Before knowing the actual name there were a lot of Fake people who said that they are Satoshi Nakamoto, but it was found that they are not the real inventor of bitcoin. Moreover, in the starting days, we were not even aware that Satoshi Nakamoto is just the name of a single person or a group of persons who created bitcoin.
Moreover, with the help of clues and forums that Satoshi Nakamoto left behind. We came to knew that the work on Bitcoin was started in 2007 and that was before two years the first block was mined.
Is Bitcoin real money?
In short, yes, bitcoin is real money. This is because we call something real money when we can do all the things with it which we can do with cash. So yes, with the help of bitcoin we can buy almost everything. There are several places where they are making bitcoin to be used for purchases, and many places have already started accepting bitcoin for their purchases. Such as there are some coffee shops which uses bitcoin for coffee purchase and there are many more such places.
A lot of people think that bitcoin is the money of the internet which is an entirely true fact, but you would be able to use it in the place of real money also.
Features of Bitcoin
Let us have a look at the features of Bitcoin-
- We can notice that several governing authorities of various countries are trying to take advantage of some part of cryptocurrency for providing some benefits to their country’s citizens. But there is no governing authority on which bitcoin is dependent or who controls the bitcoin platform. Bitcoin platform is not free to use as you need to buy this cryptocurrency first to use it, but it is accessible to everyone without any complications.
- Almost every bank can access the personal data of its customers with the help of provided identification documents. But in the case of bitcoin, it’s the opposite. As we would not have to link your bitcoin account with any identification document. With which no one would be able to have a look at your finances and any personal details.
- If we used or shared your bitcoin wallet address publicly, then other people would be able to track how much money you have in your bitcoin wallet. If you have no issues regarding it, then you can continue using it in the way you were using it. While if you want to hide this fact, then you can take several measures to stop it.
- The most significant characteristic of bitcoin is that it can cope up with this faster moving world. This cryptocurrency platform offers you speedier payment processing, where other such platforms take several days for processing your payment request. We would be able to process our payments within just a few minutes on this bitcoin platform.
- A lot of cases were there where the money receivers scam the sender that they never got the money, but in the case of bitcoin, you would not be able to face this issue ever. This is because on this platform, once we shared a payment to someone, we would not be able to get it back in any way. So whenever you are trading on this bitcoin platform, make sure you are sending it to the right recipient.
How to get started with bitcoin?
Here we have come to the essential part of this article which is how to get started with bitcoin. It’s specially designed for beginners who are new to bitcoin and want to start using it for various purposes. So do follow the below-listed points to know everything about bitcoin and it’s usage.
1. Get a Bitcoin wallet
Before everything, you need to get a bitcoin wallet, as this is the only place where you would be able to store and securely keep your bought bitcoin cryptocurrency. With the help of private and public keys, no one would be able to access your bitcoin wallet. This means your cryptocurrency would be in the right hands ultimately. Moreover, no matter you have bought bitcoin, but if you haven’t got a bitcoin wallet for that, then you would not be able to store them.
2. Get your first Bitcoin
After you have purchased a bitcoin wallet for yourself, then the next step is to get your first bitcoin. There are a total of three different ways with the help of which we can get our first bitcoin, and those ways are as follows-
- You can directly buy a bitcoin with the help of direct cash exchange.
- You can even sell a product in exchange for bitcoin.
- You can take advantage of the process of bitcoin mining. Although it’s one of the hardest ways, but yes, it’s also a way to get your first bitcoin.
3. Secure your wallet
Once you have bought your first bitcoin and kept it in your bitcoin wallet, then next you would have to do to secure your bitcoin wallet and take proper control on the public and private keys. With the help of which you can completely secure your bitcoin wallet and save your data.
4. Send or receive or buy products using Bitcoin
Hence, at last, you would be able to send and receive bitcoins from one person to another. Moreover, you can use your bitcoin for buying something, sending money to someone and for many more purposes. In case those who are unaware of how to share or receive this cryptocurrency. You need to share your public bitcoin address with the help of which you would be able to send and receive bitcoin quickly.
Here’s an advice for you whenever you want to send or receive bitcoin make sure you share the public bitcoin address and keep the private key safe and don’ share it with anybody.
Who is using Bitcoin?
Some top companies accepting Bitcoin as payment are,
Wikipedia– Wikimedia, the company that operates the world’s largest open-source encyclopedia, Wikipedia, accepts donations in Bitcoin.
Microsoft– The company allows the use of Bitcoin to top up your Microsoft account. In the past, the company halted its acceptance of cryptocurrency but shortly after resumed its service.
Several persons are using bitcoin for regular usage. Some of those are as follows-
- Several business owners use bitcoin for daily sales and purchase of their products.
- People use bitcoin as a safe investment, which they will withdraw in real money whenever they notice some profit.
- Several coffee shops, malls, and other such places are using bitcoin so that their customers can take advantage of the services provided by them.
There are many more places where we would be able to see bitcoin being used daily. Moreover, in the coming time, we are going to notice a considerable enhancement in bitcoin usage.
Top 10 benefits of bitcoin
Here is the list of top 10 benefits that we would be able to get with the usage of bitcoin, let us have a look at them one by one-
- A lot of people might have faced several problems while opening a regular bank account for themselves. But in the case of bitcoin, we would be able to open our new bitcoin wallet account with the help of just four easy steps.
- The value of bitcoin is still fluctuating, but it is seen that several times the value is increasing, and bitcoin has a vast scope in the future.
- We would be able to take advantage of faster payment processing, with the help of which we can save a lot of our time. This is because, in the regular bank, it takes several days in payment processing, but in the case of bitcoin bank, you would be able to take advantage of these processes within just minutes.
- With the help of the bitcoin industry, you would be able to access other digital currencies also. as bitcoin is expanding, it’s supported with different currencies and methods too.
- We would be able to take the benefit of stocks and bonds with the help of bitcoin. There are several small businesses that are taking advantage of these stocks, bonds, and IPOs.
- We can use it anywhere, and various government authorities are working on the projects to use bitcoin for regular usage completely.
- As every digital product has it’s own advantages; the same is the case with this digital currency. It offers several benefits that we would never be able to get with any other form of currency.
- With this bitcoin industry, there has been an introduction of smart contracts, which are useful for several business owners.
- No need to go to the bank, we would be able to manage everything about our bitcoin wallet and currency from anywhere in this world. We need internet access and a secured device to work on.
- No one would be able to keep track of your financial dashboard. Several government authorities are tracking your money with the help of your regular banks, but in the case of bitcoin, it’s not like that.
Transactional properties of bitcoin
No matter how much money we have securely stored in your bitcoin wallet. But if we are unable to make the transactions successfully, then there is no benefit of that money, and for making transactions, you need to have a look at some transaction properties of bitcoin. Here is the list of those properties-
- We would not be able to get any transaction made with bitcoin reversed. No matter we have made a wrong transaction or anything else.
- We will directly get our money on a particularly given address and nothing else. There is no identification connection to our bitcoin accounts or wallets.
- It’s one of the fastest ways of payment processing, and it’s spread all over the globe.
- If we never share your private key, our money will be completely secured, and no one would be able to do any scamming with us.
Some unknown facts about Bitcoin
Here is the list of some more interesting and unknown facts about bitcoin-
- What do you think who might have used the first bitcoin transaction? Basically, it was used for a pizza purchase.
- For several years, the inventor of bitcoin was a mystery.
- We would never have to provide our real identity or name while making any bitcoin transactions.
- Never lose your bitcoin private key.
- Bitcoin supply is finite, and that is 21 million bitcoins.
- We can use bitcoin for several reasons. Such as purchasing something and many more.
- Right now 1 Bitcoin equals to 8,465 USD or 6,03,678 INR.
Here we have come to the end of this article in which we discussed all Bitcoin for beginners which states that it’s entirely for those who are new to bitcoin industry and want to take advantage of it. In this article, we had a look at who created bitcoin; it’s benefits and several facts about it.