How to start with Bitcoin – course for beginners

This article was published on: 09/9/17 8:49 AM

Marcelina ŁukaszewiczWritten by | bitcoin, blockchain

When people heard about Bitcoin a few years ago, most of them didn’t believe it would actually grow as a virtual currency. Surprisingly value of Bitcoin raised about

339261% and is still growing. Maybe it’s time for you to invest and earn some extra money finally?

Birth of the biggest cryptocurrency

Some of you can think that Bitcoin is a young solution for online currency. Nothing further from the truth. First thoughts about cryptocurrency were written down in 1998 by Wei Dai who is a computer engineer. Ten years later mysterious person hiding by name Satoshi Nakamoto found Bitcoin. As he was a member of a mailing list metzdowd.com, he published his manifesto in which he described specific rules of using Bitcoins. To these days it’s hard to tell who Satoshi Nakamoto really is. In 2015 – after big journal investigation – sites Wired and Gizmondo claim that under nickname is hiding Craig Steven Wright. The community of Bitcoin didn’t think that this information is real even when Craig confirmed it.

In 2009 was created a first online tool to manage Bitcoins and conducted the first transaction in Bitcoin network. The basic exchange rate was 1$ = 1309 BTC. In 2010 owners of bitcoins were able to buy first thing using cryptocurrency – pizza for 10 000 BTC.

What Bitcoin actually is

You can’t touch it or keep it in your leather wallet, but definitely, you can pay with it online. Bitcoin is a cryptocurrency using a peer-to-peer network. Nobody owns it nor control it. It is considered as the safest currency in the world, because you can’t produce fake Bitcoins. What’s more, you can feel even safer using Bitcoins seeing that vast majority of users must confirm every change in a protocol of this currency. You don’t have to worry that a government or a bailiff will take your virtual money away from you.

wallet-bitcoin

 

Make some profit

You can get Bitcoins in two ways. If you have a gear with massive computing power, you can “dig out” Bitcoins by yourself. It’s not that easy, because times of using desktops PC or laptops passed by. Now you should use specialized Bitcoin mining hardware. It’s expensive, so at first you should compute if it’s profitable.

An easier way to get your first Bitcoins is to buy them. You can buy it from another user on a forum or by a stock exchange. It always brings some risk with it. Safer way to buy Bitcoins is to use exchange office f.e. BuyCoinNow. Using the cantor will provide you with frauds or unclear situations.

How to keep it

When you will get your first Bitcoins, you have to decide how will you keep them. There are five groups of virtual wallets you can use:

  1. App wallet – you can use this type of wallet only on your computer, but its mobility is very low. F.e. Bitcoin Core, which is basic wallet supported by Bitcoin.
  2. Offline wallet – this wallet isn’t connected to a network and it can be considered as safe.
  3. Browser wallet – this type of wallet exist on a web portal. You only need the browser on your device to use it. The mobility, in this case, is very high. You can use f.e. BitCoinApi.
  4. Mobile wallet – this wallet you can have on your mobile device, so it is giving you high mobility. You can pay with it in a shop or on the website scanning QR code.
  5. Usb wallet – if you want very safe wallet you should choose USB one. It is characterized with low mobility but you can use it on every device with USB slot.

When you finally have basic knowledge you can start to earn some money with Bitcoin. It will take you for financial adventure which can really pay off in the future.

 

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Last modified: August 21, 2018

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