All About Bitcoin – What you need to know

A picture of the words bitcoin and the bitcoin symbol

Learn All About Bitcoin Today!! 

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If you have been anywhere on or off the Internet, you must have heard of Bitcoin by now. But you may be curious about exactly what it is, and whether or not you can make Bitcoin work for you. Once you read through this article, you will have a better idea about exactly what Bitcoin is, and how you can put it to work for your financial goals.

A screen shot of a lot of bitcoins

What is Bitcoin?

Bitcoin is a revolution in currency, and is actually the world’s very first cryptocurrency. It is essential money in the form of electronic dollars and cents. This means you can’t actually ever hold a bitcoin in your hand, but you can most certainly spend the bitcoin online, as well as cash it out. As the premier decentralized digital currency, there is no central bank needed to distribute the cryptocurrency.

Bitcoin can be described as a digital or virtual currency, that can be used to purchase services as well as products, however, it is used completely online since not many physical stores currently accept Bitcoin. In addition, some countries have actually banned its use completely. So how do you obtain bitcoins? You can get bitcoins from others who would like to pay you for goods and services using Bitcoins.

However, frequently people obtain Bitcoins from companies that sell them. They can also actually be created from a computer in which the process is known as mining. However, it could be years before a Bitcoin can be harvested using a supercomputer, so many people prefer to just go ahead and purchase their Bitcoins outright from a company. 

How was Bitcoin started?


Bitcoin was established by a group of people and by an individual, by the name of Satoshi Nakamoto, in 2009. It was released into the world as an open source software. However other people were involved in its origins including Hal Finney, a console game developer who was also a member of the “cypherpunk movement.” He read the proposal for the cryptocurrency and became very interested in this new type of virtual currency. Ultimately, Finney offered to mine the very first Bitcoins, which were 10 original Bitcoins from block 70, that were sent over by Satoshi as a test round. 

A picture of a day k of bitcoin on top of a twenty dollar bill

How does Bitcoin work?

A single Bitcoin, is actually a file on the computer that is stored in a ‘digital wallet’, either on a phone or computer. The Bitcoins can be sent to other people, spent, or they can be stored in a digital wallet. Each transaction that is made using Bitcoin, is recorded in the blockchain, which is a public listing repository. The use of the Blockchain makes it easy to trace any transaction that was made using the Bitcoin, so that people won’t spend Bitcoins that they don’t actually own, or make copies of other Bitcoins. 

How to start investing with Bitcoin?

Bitcoin isn’t just a new type of dollar that will one day replace actual government-backed currency. Instead, it is considered by most people to be an investment, something to buy and hold. Although Bitcoin isn’t an actual stock, there are ways you can invest in Bitcoin such as through the Bitcoin Investment Trust (GBTC). This investment trust works just like an exchange-traded fund. 

However, the premiums can be very high when using the Bitcoin Investment Trust, and this can make it very difficult for the average person to use this as a method for investing. Instead, the majority of people simply buy it outright from an actual firm, either in the US, or from trusted companies abroad.

Top 5 Legitimate Bitcoin Companies

Coinbase sells BTC to customers at a higher price, that is usually at 1% over the market price. When using Coinbase, the user opens up a Coinbase account and links their credit card or bank account. After this, funds are transferred in order to purchase the BTC. This is one of the most popular Bitcoin selling companies.

Bitconnect.co is another company that offers Bitcoin sales, and provides for the direct deposit of Bitcoin cryptocurrency. A benefit to using this site is that it is also possible to earn daily interest.

Bitfinex.com is another popular website for purchasing Bitcoin, as well as other cryptocurrencies that are currently available on the market.  

Hitbtc.com has become known as one of the most advanced platforms for purchasing and exchanging Bitcoins.

Coinmama.com is a platform where one can purchase Bitcoin  or another cryptocurrency called Ether, simply by using a credit card.

Gdax.com offers a portal to purchase Bitcoin and features exceedingly low transaction fees.

Signs of scams to avoid

Although there are several positive Bitcoin companies, there are also several different types of Bitcoin companies that should be avoided at all costs. These are companies that are actually fraudulent and are set up to get your money, and leave you without even the hope of owning a Bitcoin. Some of the scams to be on the lookout for include hardware wallet theft, exchange scams, fraudulent ICOs, multilevel marketing, and cloud mining scams.

A picture of bitcoins

Conclusion

Ultimately, making an investment in Bitcoin isn’t much different than actually investing in stocks. When you invest in BTC, an account with an exchange is needed, however, with stocks, an account with a brokerage is needed before depositing funds. When purchasing BTC, your first purchase is your first opening trade.

Since its inception in 2009, Bitcoin has had a meteoric rise to fame and popularity. Many tout it as the next best thing, while others like Warren Buffett,  assume that it will all just end very badly. Whether one decides to invest in Bitcoin or not, is a matter of how much expendable cash there is available.

If there is spare cash to invest in Bitcoin then it just may be the most profitable adventure you ever embark on. However, don’t go spending your rent money and hoping for a quick win. Bitcoin is an investment with many highs and lows and the best approach to investing, is a measured and patient approach that will yield profits over time.

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Do you have something to say about Bitcoin, or something to add? Maybe you have something to add about your success or failures with incorporating what  just shared?

If you do, please take the time and leave your comment at the bottom. I would love to hear whats on your mind! Thanks for reading my post, and good luck with your success!

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