WHAT IS BITCOIN AND HOW
TO BUY IT
Bitcoin (BTC) is
a decentralized cryptocurrency / digital
currency payment system designed by Satoshi Nakamoto. The
software-based currency was released to the public in 2009. Since
then, updates and improvements have been made by a network of developers,
partially funded by the Bitcoin Foundation.
What is a 'Cryptocurrency
/Digital
Currency'
A cryptocurrency / digital
currency is a digital or virtual
currency that uses cryptography for security. A cryptocurrency is difficult to
counterfeit because of this security feature. A defining feature of a
cryptocurrency, and arguably its most endearing allure, is its organic nature;
it is not issued by any central authority, rendering it theoretically immune to
government interference or manipulation.
Investing in Bitcoins
There are many Bitcoin supporters who believe that digital
currency is the future. Those who endorse it are of the view that it
facilitates a much faster, no-fee payment system for transactions across the
globe. Although it is not itself any backed by any government or central
bank, bitcoin can be exchanged for traditional currencies; in fact, its
exchange rate against the dollar attracts potential investors and traders
interested in currency plays. Indeed, one of the primary reasons for the growth
of digital currencies like Bitcoin is that they can act as an alternative to
national fiat money and traditional commodities like
gold.
What's a Bitcoin Worth?
In 2017 alone, the price of Bitcoin rose from a little under $1,000 at the beginning of the year to close to $19,000, ending the year more than 1,400% higher. The price of one bitcoin (BTC) reached a new all-time high of $19,783.06 early Sunday before dropping back below $19,500, according to Coindesk’s price index. As of this writing, bitcoin’s price has risen more than 5% in 24 hours, and is up 1,824% since Jan. 1 of this year, when a single Bitcoin could be had for just under $1,000.
Where do I store my Bitcoins?
Bitcoins are stored inside a Bitcoin wallet. Just like you use an email software to manage your emails (i.e. Outlook or Gmail), you need a Bitcoin wallet to manage your Bitcoins. A bitcoin wallet helps you send, receive and store Bitcoins. Bitcoin wallets come in many forms. Mobile wallets, desktop wallets, web wallets and even hardware wallets. Where ever the wallet is installed (e.g. your mobile phone) that's were your Bitcoins are stored. Don't have a Bitcoin wallet yet? The most popular Bitcoin wallet today, Blockchain.info allows you to send / receive Bitcoins through your browser or mobile phone. This is what’s known as a hybrid wallet – meaning the company stores your wallet online but they do not have access to your private keys. However since the wallet is loaded from their servers some trust in the company is still needed. Recommended for beginners who are trying out Bitcoin.
HOW TO BUY BITCOIN ?
Bitcoin can be divided up to 8 decimal points, meaning you can buy 0.5 Bitcoins, 0.02 Bitcoins or even 0.00000001 Bitcoin (the smallest amount of Bitcoin available, also known as a Satoshi). these site is best for bitcoin buying.
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