Getting Started with Bitcoin
What is Bitcoin?
Simply put, Bitcoin is a form of digital cryptocurrency, which was created electronically to be held electronically. While FIAT currencies (normal money) are printed and centrally controlled, be sure that Bitcoin is not. Seeing as Bitcoin has no central authority controlling it, many have spotted tremendous business opportunities as well as general consumer benefits while using the cryptocurrency.
Bitcoin’s most valuable characteristic is it’s decentralized from. While FIAT currencies are controlled in an institutional manner. As a result, Bitcoin isn’t controlled by a single institution, which obviously puts many people at ease.
How does Bitcoin work?
Bitcoin is a decentralized cryptocurrency created by Satoshi Nakamoto, a supposed software developer who still hasn’t been confirmed as an individual, however, speculations and false identifications have previously taken place. As explained above, it’s ‘decentralized’ characteristic is extremely valuable both theoretically and financially for end-to-end users, since Bitcoin as a currency isn’t controlled by a central authority.Bitcoin is obtained through mining, which is a digital process run by an open community of miners, of which anyone can be part of with the right machinery. By using incredible amounts of digital computing power across this distributed network, Bitcoin is ‘mined’ in blocks, which can often be distributed between miners depending on the arrangement/type of mining.
Bitcoin is obtained through mining, which is a digital process run by an open community of miners, of which anyone can be part of with the right machinery. By using incredible amounts of digital computing power across this distributed network, Bitcoin is ‘mined’ in blocks, which can often be distributed between miners depending on the arrangement/type of mining. This distributed network under the name of ‘Blockchain’ is also responsible for processing transactions, hence why no central authority is required.
Bitcoins, however, are not unlimited – according to the protocol/algorithm which makes Bitcoin work, there can by 21 million bitcoins mined in total, of which they can be divided into mBTCs (1000th of a Bitcoin) or Satoshis (1 hundred millionth of a Bitcoin). You may have come across Satoshi’s if you are familiar with Bitcoin Faucets.
How/where can I get Bitcoin?
As previously mentioned in our Bitcoin Gambling Guide, there are various ways of obtaining Bitcoin. Further to free-to-use bitcoin faucets, users can purchase Bitcoin from exchanges, or alternatively from peer-to-peer trading portals. Where faucets may seem like the cheapest and simplest way to get Bitcoin, amounts are extremely small at only several thousand Satoshis at a time. Bitcoin exchanges and trading platforms offer users instant purchasing power, moreover the ability to enter the Bitcoin market seamlessly.
Check out our Useful Bitcoin Links for a list of recommended purchasing portals and faucets, along with our Bitcoin Gambling Guide on purchasing bitcoins.
Should I buy Bitcoin?
There is no right or wrong – one should only purchase Bitcoin if there is a goal in place which one needs Bitcoin for. Alternatively, Bitcoin can be a brilliant investment alternative once the individual is aware of the risks, trends and characteristics. Bitcoin has gained notorious reputation for becoming a gambler’s best friend, seeing as bitcoin gambling advantages outweight the cons marginally.
In conclusion, if you believe in the benefits of Bitcoin, get your hands on it and use it.