Introduction To Bitcoin (BTC)

in #bitcoin2 years ago (edited)

Intro to Bitcoin.png
Newbies are in doubt if Bitcoin is still worth Investing? So Fellas, before clearing your doubts about investing and trading, you must first of all know about What Is Bitcoin? Since a long time you’ve been hearing of Bitcoin creating boom. It’s been on the news, on the headlines, you’ve overheard people talking about it; perhaps everywhere or you might have caught someone trading Bitcoins and Altcoins. So here is all the information you need to know about what is Bitcoin and getting started…

Beginners guide to What is Bitcoin:-

[Bitcoin -The currency of the Internet / A New Type of Money]

You read correct people… I said “money”. Aahan!! Caught your attention? Great, so let’s get started…

An appropriate answer to the question “What is Bitcoin?” is that Bitcoin is anonymous, decentralized digital money that is distributed worldwide. That’s a short and sweet statement which bears some explanation too.

Decentralized means they are issued and managed without any central authority. Hence, there is no government, company, or bank in charge of BTC as there is for Dollars, Euros and every other currency on the planet. You might be interested in investing in them if you like cryptography, distributed peer-to-peer systems, or economics (Really?)…perhaps the biggest reason to be interested is Earning Money (may be fate wants you to be future billionaires …)

To create a Bitcoin account, you need not register with a bank. As you get started, a Bitcoin address has to be created that will be controlled only by you via various methods that we’ll talk about later on.

BTC was created by a group of researchers and not by any government. Thus it is controlled by certain rules that are built into Bitcoin software, and those rules are administered by every BTC client on their own. The researchers who developed it were basically interested in the idea of creating a Decentralized currency that was out of reach of any organisation.

BTC can’t be put in our pocket wallet; indeed, we can’t touch them as well. They exist totally on online wallets or computers and are exchanged/ traded through the BTC network. The BTC network can be accessed on the computer with the help of a number of online Bitcoin services or by installing software. These software programs are incredibly secure, easy to use and free.

Above all Bitcoin as an online currency can be traded or exchanged for goods and services. It is now accepted at a large number of online stores, local shops and by some retailers too. Additionally, they can be traded for other currencies, such as Dollars, INR and Euros etc…

For the first time the word Bitcoin appeared in the white paper which was published on 31 October 2008. Bit and Coin together form the word Bitcoin.

From 2014, the ticker symbols BTC and XBT replaced the word Bitcoin. Millibitcoin (mBTC) or Satoshi is used for small amounts of Bitcoin. A Satoshi named in homage to Bitcoin’s creator represents 0.00000001 Bitcoin or one hundred millionth of a Bitcoin.

We hope you are satisfied with this blog on what is Bitcoin. We tried our best to brief the Introduction to Bitcoin for you. If not enough, Follow up and keep viewing for even more exciting information about your one and only BTC…

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