The Complete Beginner's Guide to Bitcoin

Bitcoin is the type of cryptocurrency, now all of you have another doubt what is cryptocurrency? I.e. a virtual currency or a digital currency. Or in very simple terms it is an online version of cash.

You can use this one to buy and sell the products and services, but not too many shops accept it even some countries banned it. Apart from the consequences, some of the companies beginning to buy because of its growing influence.

How does it work?

Every bitcoin is a computer file that is stored in a digital wallet on your smartphone or a computer.

It is possible to transfer or receive bitcoins from one another. At the same time, each of these transactions is stored in the public list called blockchain technology.

Now you are raising one question if the transaction is stored in a public list, and then is it secure?

Yes, it is secure, because it is very difficult to copy, make a fake one, or spent one that you don’t own. Because the list is public, the system should keep track of all the coins and their corresponding owners.

Then the next question is how to get these coins? There are 2 ways to get these coins

1. Buy them using real money
2. Bitcoin is created by computer. So another way is you have to solve the complex mathematical problem. This process is called mining.

If you started the mining process now, it should years before you got a single bitcoin, which means your electricity bill will take over the benefits of bitcoin.

Consider all these consequences, why is it so popular?

The answer to this question is, Bitcoins are like gold because people believe it has value, you all know that “if we think it is valuable, then it is a most precious one to us.” But recent interest from financial institutions in bitcoin, make it a serious player in the currency spaces.

One final word to you is the bitcoin is mostly like our share market because its value is not a constant one. So think before you spent it.

“Practice makes perfect”. If you want to master something, make sure to find a course or a project that will let you get your hands out of the dirty.

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