Bitcoin, the new internet money, which is invisible, but the value worth Dollar.
Have you notice how Bitcoin price fluctuate? Or You have not hard of Bitcoin ever before. What ever it is, here are some features of Bitcoin, and how to get started with it.
Lets get started with the basic history of Bitcoin. It was in 2008 that Satoshi Nakamoto, (a pseudonym) sent an eight page document to a cryptography mailing list and titled “Bitcoin: A peer-to-peer electronic cash system”. Thus, started the digital currency. It uses cryptography to create security within the software. Among the many cryptocurrencies, Bitcoin is the most popular digital cash.
It is decentralize, safe and secure if backed up properly, an open space, it is inflation proof, works 24/7 world wide. It contain both private and public key, therefore, allowing complete privacy. It is the new financial institution, and yet, Bitcoin ATM is open for users.
To get started with how to get a Bitcoin, first, a secured well known Wallet must be bought, for example; Coinbase, Exodus. Coinbase thought being decentralized often ask for personal details. In case a large amount is needed to be stored, a Hard wallet is preferable, the most popular Hard wallet is Ledger, which is done offline. Though it cost a little higher in price it is worth having one. It is handy, and can be placed in a safer storage. The only problem with Hard wallet is when going on abroad. They get notice easily under big security like the Airport.
After finding the right suitable Wallet, one must install and sign up. Backing up the Wallet is a must for safety measure. Creating the seed or the recovery paraphrase gave a safer account. The seed must be remembered. Once the account is verified, transaction is on the way. Through Coinbase one can buy and sell at the same time. Bittylicious is one site to buy and sell Bitcoin. So, first get a Wallet through a website, buy a Bitcoin, and store that Bitcoin in the wallet. The next important notice to make is, one must not store the Bitcoin in an exchange, as they could get hacked. The wallet may be backed up properly.
We have the miners who mined the block, thus, generating Bitcoin ecosystem. The UTXO or Unspent Transaction Output stored every transaction which can be easily traced backed without going back to its original. Blockchain allows two factor authentication process which gives users double security.
In creating a Bitcoin account it is mandatory to have proof reading, research, and to never store coins in an exchange to keep away from fraud and hackers. To close with a contradicting statement might gain users knowledge in some way; to not made a move in Bitcoin may have benefits in later years when Bitcoin price goes up, at the same time buying and selling Bitcoin when the price fluctuate at any time possible also give the coin holder a benefit and chance of buying at a low price and selling at a higher rates. As Bitcoin allows privacy, and as a decentralization institute, it all depends on the users.
Video Source: CNET