What is Bitcoin? A Simple Guide for Beginners

Hey, guys let us learn about Bitcoin. Here is the simple Guide to Bitcoin cash, Bitcoin price, blockchain etc. Let us start our simple guide to what is Bitcoin? After reading this post you will come to know Bitcoins, How to Buy and sell it, What is Blockchain, Bitcoin Mining, Bitcoin Price etc.

What is Bitcoin?

Bitcoin is one of the most trending topics on these days. It is a cryptocurrency or digital currency.  It is a worldwide payment system.  This currency system works without single administration.  By using Bitcoins the transaction is very easy between the users. This transaction takes place through the use of cryptocurrency.

Bitcoin transaction no need any mediator means Banks or any other forms. You can use Bitcoins to book hotels, shop online and Trade online.

In 2017 the price of Bitcoin has raised drastically into thousands of dollars.  Bitcoin hit a record of thousands of dollars in 2017

The international transactions are very easy using these Bitcoins. Most of the people are showing interest to buy Bitcoins hoping that they will go up in value.

Generally, Bitcoins are unspent outputs of transactions.  Bitcoin is the first decentralized digital currency.

The interesting fact about Bitcoin is it is invented by an unknown person or group of people.  Bitcoin was introduced on 3 January 2009 under the name of Satoshi Nakamoto.

We can exchange Bitcoins into other currencies. Currently, around 2 to 6 million people are using Bitcoins as cryptocurrency wallet.

The bitcoin is a Digital currency that can be stored on your computer or smartphone, Tablets and Clouds.

What is Blockchain?

The blockchain is a ledger that records Bitcoin transactions. It is a distributed database. This verifies the chain of ownership of every Bitcoin amount. It contains the entire Bitcoin network transactions.

Blockchain contains all confirmed transaction records. It helps Bitcoin wallet to calculate the spendable balance.

What is the Difference between Normal and Cryptocurrency

Normal currency is general in physical form. We can see and touch the normal currency whereas cryptocurrency will be in the digital form which we can’t touch and see. We can’t say whether the price will increase or not in future.

For example, if you take PayTm wallet you will be having currency but you cannot touch. Similarly, the Bitcoins present in your wallet but you cannot see and touch physically.

You can transfer Bitcoins from wallet to wallet. Bitcoins do not have a physical form. You can use Bitcoins for purchasing something if another person accepts it. No banks and Government have authority on Bitcoins so these are popular. Bitcoins are decentralized.

Bitcoin Price

The price of Bitcoin changes from the dollar to dollar in the fraction of minutes. This price fluctuates regularly.

Bitcoin price depends on Government. The government can take the decision about Bitcoins. Shoppers can take the decision whether to accept Bitcoins or not.

Suppose more people accepting Bitcoins means then demand will increase. Bitcoin price also depends on mining. Its price also depends on news, people

How to Buy Bitcoins?

You can buy Bitcoins on some websites like UNOCOIN, BUY COINS, ZEBPAY, COINSECURE, COINSECURE, LOCALBITCOINS etc. we can buy and sell Bitcoins on these websites.

Bitcoin Mining

You cannot print Bitcoins. Bitcoins are generated by solving some blocks. No one knows about transaction details. The Bitcoin transaction is so secure.

For example, if you transfer your Bitcoins then it will become one block. The solving of these blocks is called Mining. After each mining, some Bitcoins are generated.

Mining has its own software. If you use mining then it is so secure. Bitcoin mining requires more work. They will charge something for every transaction. They will get rewards for each mining.

Bitcoins are legal or not

Bitcoins are legal in most of the countries. Some countries banned Bitcoins.

No one knows about who is generating these Bitcoins, where these Bitcoins are generating. You have to take own risk for purchasing these Bitcoins.

Conclusion

Finally, we can conclude that knowing Bitcoins is essential because of its growth. After this cryptocurrency, many people show their interest to invest on these. It is your choice whether to invest in Bitcoins or not. Because it has no proper system or control. We don’t know what happens in future. the price of Bitcoin may increase or decrease. so it is your personal choice to invest or not.

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Prakash

I am Prakash Kumar, founder of Adsmartlife.com and manaing many other blogs. I am a Professional blogger from Andhra Pradesh, India. I am a passionate digital marketer and I have been in the digital marketing industry since 2015.

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