Bitcoin Guide : Beginner’s Guide to Bitcoin, Everything You Need To Know

Bitcoin is a digital currency, that require no bills to print or coins to mint. The amazing this thing is that it’s completely decentralized without government, financial institution or any other authority interference.

It’s well secured because there  are no human interference to abuse the process, the system are anonymous. It mainly uses blockchain  technology and encryption keys to connect sellers and buyers.

The blockchain is a distributed ledger where cryptocurrency transactions are validated and recorded in a distributed peer to peer (P2P) network extending across the globe for secure reasons.

All the computers involves in this P2P network are called nodes and have a very key role when it comes to verifying each transaction and generating and saving a permanent record of it.

Major technology giants and banks are investing heavily in blockchain technology, as a bad wagon effect, the race is on to create blockchain-based products for banks as well.

A Bitcoin gets “mined.” just like diamonds or gold. It is “mined” by powerful computers that are connected to the internet and isn’t issued from the top down such as traditional currency.

There is no single point of failure in the distributed ledger.

If one of the nodes on the network fails, the network is not impacted and no information is lost. Note that all the data remains available with no downtime. Which means that the data in the distributed ledger cannot be changed, which prevents internal fraud and cyber threats.

What Can I Do With Bitcoin?

This is really the biggest paradigm shifts in modern human history, as the way the world actually thinks about money and stored value might be changing in a tidal wave of recognition. You can use bitcoin to buy things from almost more than 100,000 merchants, though still few major ones. Also, you can sell it and you can just hang on to it while the value appreciate. The amazing thing is that there are no inherent transaction fees with it, although exchanges like Coinbase typically charge a fee when you buy or sell. 

Transactions are processed fast and funds can be transferred anywhere within a matter of minutes. Distance and geography doesn’t impact the speed of the transaction.

How can I store my bitcoins?

This is how the system works, if you are trying out Bitcoins or how to mine bitcoins for free. You need to sign up for a cryptocurrency wallet to put your bitcoins in.

The Bitcoin Wallets

Below are the three different applications that Alice could use.

  • Full client – This is like a standalone email server that handles all aspects of the process without relying on third-party servers. Alice would control her whole transaction from beginning to end by herself. Understandably, this is not for beginners.
  • Lightweight client – This is a standalone email client that connects to a mail server for access to a mailbox. It would store Alice’s bitcoins, but it needs a third-party-owned server to access the network and make the transaction.
  • Web client – This is the opposite of “full client” and resembles webmail in that it totally relies on a third-party server. The third party replaces Alice and operates her entire transaction.

Where can I find Bitcoins?

The first thing to do is to read this in-depth Bitcoin Guide – Investing Shortcuts-for buying Bitcoin. It is very easy to get started. As a beginner, just downloads the required software for free and can start receiving and sending funds immediately. There are no accounts to be opened and no documentation to be submitted.

You can access your first bitcoins from any of these four places.

  • A cryptocurrency exchange where you can exchange ‘regular’ coins for bitcoins, or for satoshis, just like the BTC-type of cents. Resources:  Coinbase and Coinsquare in the US & Canada, and BitBargain UK and Bittylicious in the UK.
  • A Bitcoin ATM (or cryptocurrency exchange) where you can change bitcoins or cash for another cryptocurrency. 
  • A classified service where you can find a seller who will help you trade bitcoins for cash.  
  • You could sell a product or service for bitcoins. 

Bitcoin has exploded over 2,000% in 2017… Learn How You Can Still Get In Early and Take Advantage of This Huge Growth Opportunity! Visit the official website.

 See how Bitcoin could make many more Millionaires on its explosive growth path

  • Get untapped tricks to jumpstart your Bitcoin portfolioimmediately!
  • Learn why it has quickly grown 10X past many expert predictions’…
  • How Bitcoin and ‘Alt-coins’ will soon shift the entire financial landscape. 

Get Your FREE Beginner’s Guide to Bitcoin! 

Learn more  https://healthfactsday.com/bitcoin-guide/

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Comment by Olman Grand on September 13, 2021 at 10:56am

Hello friend, thanks for sharing, if we are talking about where to store your bitcoins I can only recommend you to check BitcoinHarvestLtd's website, link here. there you can find good information about what is Bitcoin and I believe they are the best bitcoin wallet available for anyone who deals in this cryptocurrency.

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