Basic principles for understanding Bitcoin...

in #cryptocurrency3 years ago

Basic principles for understanding Bitcoin.

You've probably heard a lot about cryptomonedas and their general function. However, if you want to learn about Bitcoin as one of those most popular cryptom currencies worldwide, pay close attention to what you will learn today in this post.

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Mainly, do you know what a Bitcoin is? Well, it is a decentralized virtual currency created in 2009 by a man known as Satoshi Nakamoto, although that was not his true identity.

On the other hand, unlike the cryptomonedas you may know, Bitcoin does not work with a central institution, but with a well-known distributed electronic database.

It can also be said that Bitcoin is among the first origins of cryptomoney, as it is very successful to this day. Also, thanks to the great security with which Bitcoin was created, it cannot be monopolized, tracked or used twice by one person.

Anyway, it's obvious that there's a lot you need to know about Bitcoin; and, that's why taking into account each of the principles that make you understand Bitcoin is very important for you to get into the world of kryptom coins.

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7 basic principles that will make you understand Bitcoin better.

Although it may not always work out well, the use and operation of Bitcoin can be very beneficial to you as a Bitcoin user.

That's why you should keep in mind that Bitcoin is today one of the best means of exchange and monetary transactions you can use in your field of work or income.

Now, these are 7 basic and very essential principles for you to understand Bitcoin the best way.

How Bitcoin works.
One of the main features of Bitcoin, is that it is a system of accounting unit, which allows you to make payments online irreversibly and instantly.

On the other hand, Bitcoin acts as a protocol, which works very well as a standard framework for making electronic transactions without the intervention of other people.
Bitcoin is also a network, which serves as a decentralized database for anyone to do business with.

Value of a Bitcoin
The value of a Bitcoin is believed to be technically unknown, as it is defined by those market forces.
That is to say, in order to know the value of a Bitcoin, you must take into account that it depends exclusively on the supply and demand of it.

In addition, it can be said that, at present, Bitcoins are traded at a rate of about 15 million in just one month.

Using Bitcoin
Normally, today you can buy almost anything you want with Bitcoin, such as computers, household items or furniture.

Also, some of the portals where you can buy all those furniture or services are: amazon.com, Dell.com, Overstock.com, newegg.com, brawker.com, purse.io.com, and others.
Today, more and more new ways are being created to use Bitcoin to purchase the goods and services you want or need.

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Obtaining Bitcoin.
Generally, there are only two ways you can get Bitcoin these days, although that's practically a process you have to follow in order to own Bitcoins.

So, the first way to get Bitcoin is to buy it in an online marketplace, such as bitfinex.com, bitstamp.net, okcoin.com, huobi, coinbase, btc-e or bter.

Another way to get Bitcoin, is to mine it, which is the process in which the system usually overcomes the situation of fraud or double spending.

Sell Bitcoins
This part is very simple, since you only need simple steps to make a Bitcoin sale in this case.

And, the first thing you need to do is to be registered on any Exchange such as bitstamp.net, okcoin.com or coinbase.com.
Also, to validate the whole process you only have to send your passport data, and you will have the opportunity to sell Bitcoin with just one click.

Bitcoin savings.

Although many people would like to make a saving in this case of Bitcoin, you should know that this is not exactly possible in most cases.

Bitcoin is a system of transactions and payments, not savings, and this means that Bitcoins cannot be accumulated in any way.

However, there is a way to save Bitcoin, and that is by doing so through a strategy on saving at least five years, and if not you will pay more than $320-340 per unit.

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Minar Bitcoin.
You could consider only three steps to mining Bitcoin, the first of which is to know the history of Bitcoin mining, and the evolution of that method to this day.

The second step is to understand that Bitcoin is just a market, and therefore you should not invest even more than you would like to lose.

The last step is to learn from using a return on investment calculator in mining; and, you can get one in Bitcoinwisdom, which has a pretty good one.

Although it can be a very complex process, which is simple for some people, this means of payment and transaction usually has many advantages in business, and therefore it is highly recommended to include it in your profit system.

As for the Bitcoin in general, this kryptonite has some quite particular attributes, which give a very complete technique to its operation in the virtual market, thanks to its handling that over the years has been evolving with technology.

Finally, as you must know, Bitcoin is not the only kryptonite in the world of financing and technological investment, since there are more or less sixteen kryptonites that, although some of them have yet to mature, others have reached a very high value in the market.

So, if you want to increase something in your economy, consider that Bitcoin can help you anytime you want.

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