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The once trusted banking system became evil villains overnight. To some people, Bitcoin was the answer to this madness. An independent peer-to-peer cash payment system away from the control of banks and governments.
he world is changing and technology developing. People are always looking for ways to make life easier, simpler, better, and more transparent. The financial crisis in 2008 shook the world into chaos. Millions of people became homeless and jobless.
In August 2008, the domain "bitcoin.org" was registered. Two months later, the site released a whitepaper titled: Bitcoin: A Peer-to-Peer Electronic Cash System.
Created in January 2009 by an unknown person or entity called Satoshi Nakamoto, Bitcoin is a completely decentralized digital currency.
A decentralized digital or cryptocurrency means it does not belong to a central bank, a single administrator, or a government. It cannot be altered, changed, or manipulated. Instead, it runs on a transparent open network called a blockchain.
Bitcoin can be used as a currency and a means of payment and exchange. It is also considered an asset and investment. Major institutions are adding Bitcoin and other cryptocurrencies to their investment portfolios.
Many people are also considering Bitcoin as "digital gold". It continues to gain traction amid geopolitical tensions and world crises. People can use Bitcoin to buy almost any product or service the same way they can use cash or a credit card. By using Bitcoin, it puts the seller and buyer back in charge.
Bitcoin eliminates the middleman, cuts transaction fees, and stops corruption through transparency.
Bitcoin is revolutionary. It does not follow the old traditional ways of banking. It puts regular people back in charge and in control of their own money. And it takes power away from unreliable bankers and corrupted governments. Here are 5 Bitcoin basics that shapes the way Bitcoin is:
All fiat currencies have an unlimited supply. From the Euros to the US dollar, the central banks can print as much money as they want. This manipulates currency values and to pay off the national debt. Printing money out of thin air is what causes inflation.
Citizens holding these fiat currencies have no say in the inflation of their money. They are the ones who have to live with the consequences the governments create.
You cannot print Bitcoin out of thin air. It is the complete opposite, Supply wise, Bitcoin is like gold. It has a fixed supply and the market determines the price. Bitcoin has a limited supply of 21 million.
Once all 21 million bitcoins are mined, there will be no more to mine. The 21 million bitcoin will be the circulating supply.
Decentralization means taking the power away from a single entity and distributing it among the general public. It puts the people back in charge.
The banking and the financial system put in place now are centralized. There is always a person or group with more authority or higher power. They can manage, change, and control the system. The centralized system is not always reliable as it is prone to human errors and mistakes. The errors can be intentional or accidental.
Bitcoin uses blockchain technology as an alternative way to govern money. By eliminating the third party, it is more resilient and efficient. It offers everyone a chance to become one of the network's many payment processors.
These payment processors are miners. Miners use computers to solve mathematical equations to verify and log transactions. Transactions are recorded onto the blockchain to avoid any human error.
Bitcoin transactions cannot be reversed or changed. Unlike other purchases made with cash or credit cards, bitcoin transactions cannot be "refunded" or "canceled." This is because there is no middleman to oversee the transactions and approve the "refunds." Once the money is sent over through Bitcoin, it is an unstoppable transaction. All transactions are recorded on the blockchain or network. Even governments and authorities cannot stop or change it.
This guarantees the reception of the payment. The beneficiary of the transaction cannot scam the sender by claiming that they never got the money. To get money back from a bitcoin transaction, the other party must be willing to send back the bitcoins in a separate transaction.
The bitcoin network is completely transparent. All Bitcoin transactions are public and traceable. They are also stored on the bitcoin blockchain forever. The bitcoin blockchain act as a public ledger for every financial transaction.
Anyone can use a Bitcoin block explorer to track past Bitcoin transactions. All they need to know is the Bitcoin address. Each bitcoin address is unique and is created privately by the user's wallets.
Blockchain technology isn't just for logging bitcoin transactions. Blockchain can be implemented in any industry. It can provide and improve transparency from file storage to property ownership. Blockchain technology is also used in supply and distribution chains.
How can something be transparent and anonymous? While all Bitcoin transactions are transparent and public, only bitcoin addresses are used. Bitcoin transactions do not log actual names or businesses that transact with bitcoin.
To send money using the current banking system, both the sender and receiver need to show proof of identity. Bitcoin transaction only needs the wallet's address to complete the deal.
The easiest and most convenient way to buy Bitcoin (BTC) is through a reliable cryptocurrency exchange. Cryptocurrency exchanges can offer a variety of payment methods. Users can choose from bank transfers, to credit cards, money orders, sometimes PayPal, and more.
Depending on your country of residence, certain restrictions may apply. Check out our list of trusted bitcoin exchanges to find the best online exchange for you.
For a higher fee, you can buy and sell Bitcoin at Bitcoin ATMs. Find a Bitcoin ATM near you here. You can also buy Bitcoin through OTC (over the counter) services. When meeting people to buy Bitcoin with cash, please be careful, take precautions, and use common sense (there are many scammers waiting out there).
Another option to get a hold of Bitcoin is by earning it through Bitcoin Mining.
There are hundreds of bitcoin wallets available at the moment. Some more popular than others. You can choose to store your bitcoins on a software or hardware wallet.
We always recommend using a hardware wallet as it is the safest option, though some come with a hefty price tag. Reputable software wallets are also a good option. Many use 2-factor authentication. Software wallets can be hacked, so please take precautions and do proper research.
Never keep any bitcoin or cryptocurrency on online exchanges. Cybercriminals tend to target these exchanges first. Online exchanges hold the most amount of funds.
Different wallets are offering different features. Are you looking for a wallet for a daily use? or a long-term storage? You can compare different wallets and find a wallet that suits using our trusted bitcoin wallets feature.
What language is bitcoin written in?
A: Bitcoin is not a code. It is not written in any code. The Bitcoin-Core is coded in C++.
What is the difference between Bitcoin and Ethereum?
Bitcoin is a digital currency. Ethereum is an open-sourced platform for smart contracts and applications. For more information on Ethereum, check our your ETH Guide.
What unit is used to describe the smallest amount of bitcoin?
Satoshi is the smallest unit of Bitcoin. 1 Satoshi is 0.00000001 Bitcoin.
What is a bitcoin address?
A Bitcoin address is a unique identifier or key. It is a virtual location where Bitcoin can be sent.
What is bitcoin backed by?
The Bitcoin blockchain ledger backs up Bitcoin. It is not backed by a physical commodity or precious metals.
What can you buy with Bitcoin?
Bitcoin ia digital currency, You can buy almost anything with Bitcoin these days.
Can you buy Bitcoin at Walmart?
At the moment, you cannot buy Bitcoins at Walmart. When people say buy Bitcoin at Walmart, they are referring to a peer to peer market place.
What is Bitcoin Twitter?
Bitcoin is becoming more and more popular. It is the biggest cryptocurrency by market cap. Bitcoin stood the test of time through world crises and political disturbances.
Many people ask, "Should I buy bitcoin?" or "Should I invest in Bitcoin?"
The bankers against decentralization will tell you bitcoin is a scam. Bitcoin believers will tell you it's the best thing you can do with your money. But at the end of the day, remember it is YOUR money.
Do your research, do what makes you feel comfortable, and control your own money. After all, that is what Bitcoin is all about.
Bitcoin is a decentralized cryptocurrency. Learn about Bitcoin and how it works. Our guides will teach you Bitcoin basics, how it's mined, and how you can incorporate Bitcoin in your life.
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