How To Install Bitcoin Core on Ubuntu

In this article, I will talk about what Bitcoin is, what a Bitcoin wallet is, how to install Bitcoin core on Ubuntu and how to use it. Let’s get started.

About Bitcoin

Bitcoin is a crypto-currency. You can also call it a virtual currency as well. It was created by Satoshi Nakamoto. The advantage of bitcoin is that you don’t need to rely on any banks to send or receive money on the Internet. You are your own bank. There are no transaction fees in Bitcoin. So the person you send Bitcoin to will receive the exact amount you send, and if someone sends you Bitcoin, you will also receive whatever amount they send. There are no limits to how small or how big each transaction can be. You can send or receive a very small amount of Bitcoin, for example 0.000000001BTC. Another advantage is that the whole transaction process can be completed anonymously. Bitcoin is not cheap. As of this writing, 1 BTC = 7527.76 US Dollar and the value of a Bitcoin is still rising. Oh yeah, BTC is the code of Bitcoin crypto-currency just as USD for American dollar.

Where to get Bitcoins

There are a couple of ways to get Bitcoins. For example, you can mine Bitcoins with special computers. That is not for everyone, as the computers used for mining Bitcoins are not cheap and they don’t guarantee you any Bitcoins. You can also buy Bitcoins from people who mined it already. That is not safe most of the time as that person may cheat. So there are websites that act as a middle man. That way both parties get what they want.

About Bitcoin Wallet

A Bitcoin wallet is where you keep all your Bitcoins. This is the most important part, as if anything happens to your wallet, all of your Bitcoins will be lost forever and no one will be able to recover them. You can have a 3rd party company like Coinbase to make a Bitcoin wallet for you or you can create your own wallet. The upside of having a 3rd party wallet is, they keep your wallet safe and secured. The chances of losing your Bitcoin is low. The downside is that you don’t have full control over your own wallet. The 3rd party company manages it themselves and gives you some control over it, usually through a web interface.

You can also create your own wallet. The advantage is that you have full control over your wallet. The downside is that, you have to ensure that the wallet is safe and secured, and it’s not corrupted due to hardware failure. You also need a high speed broadband connection, because the wallet is about hundreds of gigabytes of data. They must be synced with the Bitcoin network. Bitcoin Core is this type of wallet.

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