What is Bitcoin?
I've been publishing blog posts about Bitcoin here at casinobillionaire.com on a regular basis. I am trying to cover different applications including online casinos, poker, sports, and other gaming sites. I started to get a lot of e-mails from readers telling me they are interested in Bitcoin but don't know exactly what is Bitcoin. For this reason, this blog post is nothing more, nothing less than an easy tutorial for those who want to learn what is Bitcoin, how to use it, buy it, and sell it. I'll also explain what you should do to keep your Bitcoin safe. After you read this short and user-friendly guide, you will better understand this Blockchain cryptocurrency and will definitely know what is Bitcoin and how does it work. So let's start:
1 - What is Bitcoin?
Bitcoin is a decentralized digital currency which doesn't require third parties to operate, which means you don't need to rely on banks, big corporations or governments to move your money around. With Bitcoin, your money is actually yours. Bitcoin was the first cryptocurrency in the world and has been operating for eight years without a single break, based on an extremely safe decentralized network called Blockchain created by Satoshi Nakamoto.
2 - What is Bitcoin used for?
Bitcoin has several features and uses, but we're going to address a very specific one: Bitcoin as a currency. But what are the advantages of Bitcoin as a currency? There are a lot! We're going to talk about the most important ones: payment freedom, lower fees, security, privacy, control, and transparency.
No Bitcoin can be seized; you can send it to whoever you want while paying lower fees. In addition, it is safe and provides more privacy, control and transparency during transactions. However, Bitcoin can also be used as an investment for those who would like to diversify their assets in order to have a better ROI. Bitcoin has brought excellent returns and it is prone to become more and more popular in the long term.
3 - How to buy and sell Bitcoins?
Nowadays, there are three effective ways to get Bitcoins: through mining, exchanging other currencies for it or simply buying it from others. You need to have a Bitcoin wallet to receive, send and store your BTC. Below I will write more about BTC wallet and also recommend you a good one.
4 - Is Bitcoin safe?
A very common question revolves around how safe Bitcoin is. Is it safe to have Bitcoins? The answer is Yes, and I go further saying that is the most secure way to hold your cash. Bitcoin is safer than the money you currently have in your bank account. The security level provided by Bitcoin is way higher than the one provided by traditional banks. Bitcoin doesn't have a single flaw. A threat actor would have to hack millions of computers worldwide in order to attack the network, which is impossible, while in traditional banking systems there are just a few main servers and all transactions are hidden from the general public.
5 - Is Bitcoin a good investment?
Personally, I use Bitcoin as money and do not care a lot about investment. I receive payments, buy airfare tickets, book hotels, and more. Sure, I hold some Bitcoins for a long term investment, but I do not trade. But I must admit that Bitcoin is the best investment for you if it meets your investor profile. Therefore, in order to see if Bitcoin is a good option to be included in your investment portfolio, try to figure out if you are the bold kind of investor. Check your personality, together with your financial goals, and decide whether or not you like to invest in assets that may give you high profitability due to their volatility. Another important piece of advice is to count on qualified people as well as honest and reliable companies in the financial market that could best assist you on this matter.
6 - Who created Bitcoin?
On October 31st, 2008, when the world was going through the subprime crisis, a programmer known as Satoshi Nakamoto posted the Bitcoin White Paper, that is, a document explaining how the system would work. Since then, Bitcoin has been adopted by millions of people around the world. Got curious? Learn more about who Satoshi Nakamoto is.
7 - Be your own bank
You can get and send Bitcoins anywhere in the world in a few minutes without having to open a bank account and better than this, paying ridiculous low fees and sometimes no fees at all. With Bitcoin, you are your own bank. Having a Bitcoin wallet is like having a bank that's open 24/7 just for you. No fees, no boring manager and the ability to make transactions at the blink of an eye. Creating a Bitcoin wallet is easy and doesn't cost a thing. You can interact with your Bitcoin wallet just like you do with your bank account, including a smartphone app, desktop/laptop software and even paper wallets.
8 - How do I get a Bitcoin Wallet?
What about creating your own Bitcoin wallet? Coincorner is one of the best wallets to install in your phone and computer. Choose Coincorner as your Bitcoin wallet and start right now. If you intend to buy Bitcoins, you'll need a wallet to keep, transfer and access your money. The safest way to do that is through a Bitcoin wallet. Now it's time to move to the next blog post and learn
how to create a Bitcoin wallet
Conclusion
Bitcoin is safe; Bitcoin is money; you can start using it slowly and test with few amounts to start getting used with this amazing Blockchain cryptocurrency. Your next step is to create your own Bitcoin wallet, buy a small fraction of Bitcoin and learn how to use it. With this short and easy guide, my goal was to offer you a quick way to learn what is Bitcoin, without using a lot of technical terms. If you understand what is Bitcoin (BTC), my goal was accomplished. If you want to explore more about this, I would like to invite you to read my
Bitcoin blog posts where you can find a lot of interesting content including crypto artwork, regulation, games, celebrities investing in Bitcoin. Enjoy!
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