Bitcoin for Newbies, What's in your Wallet?
If you wish to know exactly what is Bitcoin, how you can get it and how it can assist you, without going to pieces into technical information, this guide is for you. It will discuss how the system works, how you can utilize it for your revenue, which frauds to prevent. It will likewise direct you to resources that will assist you shop and utilize your very first pieces of digital currency.
Exactly what is Bitcoin in a nutshell?
Little marvel that Bitcoin emerged in 2008 simply after Occupy Wall Street implicated huge banks of misusing debtors' loan, fooling customers, rigging the system, and charging boggling charges. Bitcoin leaders wished to put the seller in charge, remove the intermediary, cancel interest charges, and make deals transparent, to hack corruption and cut costs. They produced a decentralized system, where you might manage your funds and understand exactly what was going on.
Bitcoin has actually come far in a reasonably brief time. Sites promote it, publications such as Bitcoin Magazine release it's news, online forums talk about cryptocurrency and trade its coins.
Issues consist of burglars hacking accounts, high volatility, and deal hold-ups. On the other hand, individuals in developing nation might discover Bitcoin their most reputable channel yet for getting or providing cash.
Exactly what is Bitcoin extensive?
At its most basic, Bitcoin is either virtual currency or recommendation to the technology. You can likewise utilize Bitcoin (or BTC), where you refer the buyer to your signature, which is a long line of security code secured with 16 unique signs.
Bitcoin Transactional Characteristics:
- Permanent: After verification, a deal cannot be reversed. If you send out loan, you send it. No one can assist you, if you sent your funds to a fraudster or if a hacker took them from your computer system.
- You get Bitcoins on so-called addresses, which are arbitrarily appearing chains of around 30 characters. While it is generally possible to examine the deal circulation, it is not always possible to link the genuine world identity of users with those addresses.
- Global and quick: Transaction is propagated almost quickly in the network and are validated in a couple of minutes. It does not matter if I send out Bitcoin to my neighbour or to somebody on the other side of the world.
- Secure: Bitcoin funds are locked in a public crucial cryptography system. A Bitcoin address is more safe than Fort Knox.
- Permissionless: You do not have to ask any person to utilize cryptocurrency. It's simply a software application that everyone can download for totally free. After you installed it, you can get and send out Bitcoins or other cryptocurrencies.
Where can I discover Bitcoins?
- A cryptocurrency exchange where you can exchange ‘routine' coins for bitcoins, or for satoshis, which resemble the BTC-type of cents. Resources: Coinbase and LocalBitcoins in the United States & Canada, and BitBargain UK and Bittylicious in the UK.
- A Bitcoin ATM (or cryptocurrency exchange) where you can alter bitcoins or money for another cryptocurrency. Resources: Your best choices are BTER and CoinCorner
- A classified service where you can discover a seller who will assist you trade bitcoins for money. Resources: The recommended website is CoinBase.com
- You might offer a product and services for bitcoins. Resources: Sites like Purse.
- Care! Bitcoin is infamous for frauds, so prior to utilizing any service try to find evaluations from previous consumers or publish your concerns on the Bitcoin online forum.
How does Bitcoin work?
In this method, all users are mindful of each deal, which avoids stealing and double-spending, where somebody invests the very same currency two times. The procedure likewise assists blockchain users rely on the system.
How can I save my Bitcoins?
To see how the system works, think of somebody called Lucy who's experimenting with Bitcoins. She'd register for a cryptocurrency wallet to put her bitcoins in.
The Bitcoin Wallets
There are 3 various applications that Lucy might utilize.
- Full Client — This resembles a standalone e-mail server that deals with all elements of the procedure without depending on third-party servers. Lucy would manage her entire deal from starting to end by herself. Not surprisingly, this is not for novices.
- Light-weight Client — This is a standalone e-mail customer that links to a mail server for access to a mail box. It would save Lucy's bitcoins, however it requires a third-party-owned server to access the network and make the deal
- Web Client — This is the reverse of “Full client” and looks like webmail because it absolutely counts on a third-party server. The 3rd party changes Lucy and runs her whole deal.
You'll discover wallets that can be found in 5 primary types: Desktop, mobile, paper, hardware and web.
Each of these has its drawbacks and benefits.
How do I offer and purchase things with Bitcoins?
Here's the amusing thing with Bitcoins: there are no physical traces of them since dollars. All you have are just records of deals in between various addresses, with balances that reduce and increase in their records that are kept on the blockchain.
To see how the procedure works, let's go back to Lucy.
Example of a Bitcoin deal.
She'd send him her Private “Key,” a personal series of numbers and letters, which includes her source deal of the coins, quantity, and Bill's digital wallet address. That “address” would be another, this time, the public series of numbers and letters. This “mining” procedure offers Bill a rating to understand whether or not to continue with Lucy's deal.
Exactly what is Mining?
Mining, or processing, keep the Bitcoin procedure safe by chronologically including brand-new deals (or blocks) to the chain and keeping them in the line. Blocks are sliced off as each deal is settled, codes translated, and bitcoins exchanged or passed.
Miners can likewise produce brand-new bitcoins by utilizing unique software application to fix cryptographic issues. This offers a wise method to release the currency as well as offers a reward for individuals to mine.
The benefit is agreed-upon by everybody in the network however is usually 12.5 bitcoins in addition to the costs paid by users sending out deals. To avoid inflation and to keep the system workable, there can be no greater than a repaired overall variety of 21 million bitcoins (or BTCs) in flow by the year 2040, so the “puzzle” gets progressively more difficult to resolve.
Exactly what do I have to understand to safeguard my Bitcoins?
Here are 4 pieces of recommendations that will assist your bitcoins go even more.
As you'd make with a routine wallet, just shop percentages of bitcoins on your computer system, mobile, or server for daily usages, and keep the staying part of your funds in a much safer environment.
Backup your wallet regularly and encrypt your wallet or smart device with a strong password to secure it from burglars (although, sadly, not versus keylogging hardware or software application).
Shop a few of your bitcoins in an offline wallet detached from your network for included security. Consider this as a bank, while you, normally, keep just a few of your loan in your wallet.
Update your software application. For included security, usage Bitcoins' multi-signature function that permits a deal to need numerous independent approvals to be invested.
Investing a long time on these actions can conserve your loan.
Exactly what else do I have to understand?
Secure your address: Although your user identity behind your address stays confidential, Bitcoin is the most public type of deal with anybody on the network seeing your balances and log of deals. This is one reason you need to alter Bitcoin addresses with each deal and secure your address. You can likewise utilize numerous wallets for various functions so that your balance and deal history stay personal from those who send you cash.
Your verification rating: As stated, you get a verification rating of about 10 minutes prior to you make your purchase. Various wallets have their own reading.
Government taxes and guidelines: Government and regional towns need you to pay earnings, sales, payroll, and capital gains taxes on anything that is important– and that consists of bitcoins. As of 2016, New York state is the only state with a bitcoin guideline, typically referred to as a BitLicense.As revealed in the Table above, absolutely no is the least with the number 3 being the most dependable for typical bitcoin transfers.
Exactly what are the downsides of Bitcoin?
Bitcoin got off on the wrong foot by declaring an apocryphal individual (or individuals), Satoshi Nakamoto as its creator. Nakamoto has actually never ever been discovered.
Bitcoin‘s software application intricacy and the volatility of its currency deter lots of individuals from utilizing it, while its deals are frustratingly sluggish. You'll have to wait at least 10 minutes for your network to authorize the deal.
Rip-offs to keep an eye out for
The 4 most normal Bitcoin frauds are Ponzi plans, mining rip-offs, rip-off wallets and deceitful exchanges.
- Ponzi Scams: Ponzi rip-offs, or high-yield financial investment programs, hook you with greater interest than the dominating market rate (e.g. 1-2% interest daily) while rerouting your cash to the burglar's wallet. They likewise have the tendency to emerge and duck under various names in order to safeguard themselves. Avoid business that provide you Bitcoin addresses for inbound payments instead of the typical payment processors such as BitPay or Coinbase.
- Bitcoin Mining Scams: These business will use to mine outrageous quantities of bitcoin for you. You'll need to pay them. That's the last you'll see of your loan (without any bitcoins to reveal for it, either).
- Bitcoin Exchange Scams: Bitcoin Exchange Scams deal includes that the common bitcoin wallets do not provide, such as PayPal/Credit Card processing, or much better currency exchange rate. Needless to state, these rip-offs leave you in the hang while they siphon your dollars.
- Bitcoin Wallet Scams: Bitcoin fraud wallets are comparable to online wallets– with a distinction. The address, in other words, leads to them, rather than to you.
Of all these, wallet rip-offs are the most popular with fraudsters handling to pinch millions.
Exactly what are the benefits of Bitcoin?
The finest thing about Bitcoin is that it is decentralized, which suggests that you can settle worldwide offers without messing around with exchange rates and additional charges. You can begin accepting bitcoins immediately, without investing loan and energy into information, such as setting up a merchant account or purchasing credit card processing hardware.
Bitcoin leaders desired to put the seller in charge, remove the intermediary, cancel interest charges, and make deals transparent, to hack corruption and cut costs. Safeguard your address: Although your user identity behind your address stays confidential, Bitcoin is the most public kind of deal with anybody on the network seeing your balances and log of deals. As of 2016, New York state is the only state with a bitcoin guideline, frequently referred to as a BitLicense.
I sincerely hope that after you have read this post Bitcoin for Newbies that You have a better understanding of What Are The Bitcoins?
Anyone totally new to bitcoin would have walked out very knowledgeable as so.eone almost 5years into bitcoin with the if formation you have shared here with us all. What you share is really good to see and thank yohfronsahri g here with us all. A great overview you have given to the concept of bitcoi. And how it came to being. Thanks
Hello, I heard from several sources, some things about bitcoin. They consider it the job of the future, but it still doesn’t seem too appealing to me. I guess it’s because so far I haven’t had the correct and specific information on how to deal with it. Your article helped me to understand that, it is definitely necessary to invest time to understand the concept of a business of this type. I think you managed to persuade me to throw myself into this topic.
This has truly been a great explination of BTC, I have learned a lot, as someone who finds cryptocurrency to be so profound and interesting, I must say that this has been a read that I will never forget. I love cryptocurrency and i am confident that one way it will replace our fiat currency, this is why I love to read about crypto and all its details. Thank you tony
Honestly this has been such a difficult and confusing topic for me to fully comprehend. Because of that i have to go peruse a lot of articles that explains and put into consideration on what Bitcoins are and what they’re used for. Now i get to know its importance and uses. I have seen so many people talk about how expensive they are and saying that we should invest in them because it’s what our future would be run by. Well i am going to look into this, now i have gotten a full idea of how it is.
The Internet is full of systems, sites, courses, and also scams and I wanted to find an objective article about the Bitcoin
thank God I have found this article with a good explanation about what the Bitcoin really is.
What I don’t like about Bitcoin and I guess this is what keeps me out of this thing, is the fact that Bitcoin is infamous for frauds.
The Internet itself is full of scams and on top of that should I deal with Bitcoin? I guess I will keep away from Bitcoin… To me, it is still shady.
Hi Tony,
I’ve heard a lot about bitcoin and how is going to be the future of money since 2017. I also invest in some bitcoin mining companies, only to discover one day that all of the companies are Ponzi scheme; bitclub network and omnia tak. So now a day I no long have interest in putting into anything bitcoin-like or crypto.
Sorry but that’s just the just for me.
LOL – I love your opening “what’s in your wallet?” Well, as a complete newbie, I will be staying away from bitcoin. I am surely in the group that would get stuck in some sort of scheme, or waste time and money on something that wasn’t really worthwhile. It’s obvious that there are possibilities for anyone that wants to give it a try.
Bitcoin has really come into world recognition I remember when I first got to know about Bitcoin far back 2010 as at then people where been given free Bitcoin as it has no value but today look at Bitcoin it has the highest value ever held by a currency. Thanks for sharing this awesome article.
Thanks a lot, Tony for your valuable and very thorough article about Bitcoin! Your description is very clear and comprehensible. What I like most about dealing with Bitcoins is the fact that it is decentralized and you don’t incur any exchange rates or interest fees. Another good thing is that you can receive them immediately without any delay in starting a merchant account etc. This post was very helpful to me, thanks for gathering all the info!
when you are new to any business, it is very important that you have someone to point out all the advantages and disadvantages as well as the possible difficulties on your new path. It means a lot to me that I can read a lot of useful information from you about things that I do not deal with, but I know people to whom this article would mean a lot and I would recommend that they read it. Whoever deals with cryptocurrencies, it is easy for him to understand, but when you are new to something, it is not so easy.
You have given a very thorough description of this interesting currency. One of my sons first introduced me to Bitcoin with his home mining operation years ago. I admit that at first, it seemed more like a virtual system that could fail at any point. But over the years, I’ve come to understand the benefits and potential issues of Bitcoin. Many merchants in our area, including our own farm, accept it as valid currency.
Your article gave me something I can easily share with people who are not very familiar with Bitcoin. Thank you!
I believe that Bitcoin is the currency of the future. Those who got in early made a very good investment but it is not to late to begin investing in it.I would advise anyone interested in doing so to take the time and investigate and understand Bitcoin before diving in. It would be to your advantage. There is some very good advice here for newbies.
I am actually a newbie with bitcoins so I am happy that I came over your article. I had thought that they were comparative to cash in that they can be exchanged for merchandise and administrations and it looks like I was for the most part right almost that. It could be a bit frightening to think that the transactions are lasting as I am beyond any doubt botches happen. But I too assume that on the off chance that you’regetting paid you need to have certainty that the reserves will not be take back. I don’t think I will fair on the temporary fad of bitcoins however, but perhaps before long I will have no choice.
Bitcoin is a great thing and I have made some money with it I realy wished I would have known about bitcoin in 2010 I would have purchased lots of it. I have heard of some folks that purchased bitcoin and forgot all about it and to there new discovery they were millionaires and never knew. That would sure be nice if that were me I would think to my self all the time kicking my self for not putting any money into it. If you would have put 1.00$ into bitcoin in 2010 that dollar would now be around 50,000 dollars now. Just imagine if you would’ve put 100 dollars Into the investment. This is a great article on bitcoin it realy provides great information on how it works and the things you can do with it. Keep up the good work tony.
All the best ,
Jonathon
I think I loved the title. ‘ Bitcoin for newbies. It gave me hope that I have a chance to understand the world of bitcoin. I have heard of it a lot of time but to date I still do not understand much. And the article did not disappoint I guess by now I can atleast explain the basics of bitcoin, how it works and what to watch out for. Thank you .,
Hi Tony
A very comprehensive beginner’s guide to bitcoins, as you can imagine it can get quite complicated. It can be a good investment if you know what you are doing in the first place. An online currency is a concept that is difficult for some to understand as you can not see it, feel it or touch it. I really appreciate all the warnings about avoid scams and securing your purchases, as there are thieves everywhere including online. Like all investments it is a risk.
Thanks
Antonio
Bitcoin is one to the most valuable crypto currency that we have now and it’s price has risen drastically over the years, it is good to know about crypto currency now because it has been pictured that in the nearest future, crypto is going to be the currency we’ll all be issuing. Well, I don’t think that possible, thanks for sharing.
I don’t know much about Bitcoin because I’ve never delved into a more detailed knowledge of investing in it. Now that I’ve read this article, I know a little more, but still not enough to convince myself of getting down to business.
Bitcoin is an unfamiliar field to me, although it has been present and current for over 10 years. I was never really drawn to go into detail.
Nina
What I can see from your article is that bitcoin business is not for beginners, in spite of using a third party. There is too much risk, just starting implementing it. As for me, it will require a lot of time consuming effort to understand how it really works.
Having said so, Bitcoin is not for me. Simple as that. There is too much material to dig in, while expecting anything in anytime.
If for the experts mining in bitcoin is an issue with all this numbers to make sure no one abuse of the system. Imaging a guy who pretends at the beginning invest and receive a decent ROI.
Bitcoin started out small but due to its anonymity it has grown so much and people love it a lot. Here in South Africa, one bitcoin is worth R172 604.96 or $10 305,50 which really blows my mind. I begin to wish I had hoped on the trend in the beginning but I am sure it will keep growing cause of what is happening in the world right now with COVID 19 so it might not be too late to start. Thank you for the informative article.
We’ll, in he last couple of days and weeks now, the Bitcoin has had quite a decline and it has been really bad for investors but seeing that you wrote this post a long time ago when everyone would see Bitcoin as good, I can understand your point of view but right now, I would advice everyone not to go in on this for now.
Bitcoin, like you said, truly has come a long way and is now widely known and trusted. Its main attraction is the fact that it makes storing money and transactions nearly seamless. Crypto currency is the new age and this has been made possible lately because of how it has been valued and how it has helped various economies.
When I first heard the term Bitcoin in 2008, it sounded like a fad. Especially as it had nothing to do with physical coins. I wish I had paid more attention to what was happening back then. If I had invested $100 in 2010, guess how much that would he worth today? Over 18 MILLION DOLLARS! I don’t think there is any other investment that comes remotely close.
But here is the problem. If I did invest back then, the chances are I would have sold it all when it his say $100,000. The moral regarding investments is to always sell half and keep the rest.
Getting back to your article, it goes a long way to explaining how Bitcoin and Cryptos work. I do have some Cryptos in Finance. And will be adding more using dollar averaging. But I will not be buying Bitcoin. There are others that are worth pennies now that in 10 years will have grown in value significantly.
Cheers.
Edwin
Thank you for giving so much introduction and overview here and I value it all here. I really believe that a lot more can be place in here together. I value this a lot. To be honest, what you shared here is great here. I like all you have shared in here and I honest feel that you have given intro to how bitcoin works and all. Thank you so much for sharing here
People who hear about Bitcoin and not understand do not know what they miss and that is really bad if you ask m. Crypto is going places an with btc and the leading one, anyone who had the chance to invest in it should take the chance and make the most of it all . nice review
i have seen a lot of bitcoin investment ads and that people make a lot of money out of it. What l did not understand was how the system works and what it was. Now that l have come across your article giving detail for detail on bitcoin, you have done justice in explaining the whole system and how it works, l have gained an insight. Thank you for yet another great article.
Crypto currency is the new age and this has been made to been made to be quite popular lately because of how it has been valued and how itt has helped the economy. Thanks for sharing this, I actually didn’t know much about Bitcoin, now I do, it’s good to read through and I’ll share.
Bitcoin has it all. The future currency as being called by everybody out there because it gives so much diversity to he way that money is being used. I like all you have shared here and definitely would be worth giving a trial to. Saving inbitcoin is the way and knowing how to exoooitit generally. Thanks so much
Hi TonyLee Hamilton,
Kyle says that bitcoins and all cryptocurrencies are Ponzi schemes. But I differ. They are actually a very valuable and useful form of global currency. It’s just that governments across the world don’t want to allow crypto as they lose their power over their currency, that’s all.
I wish people would understand this and not support their governments in banning cryptos like it was done in India.
Aparna
The excitement that I had for bitcoin 3years ago was over whelming.That very excitement was turnished shortly after when I lost a lot of money in it. Am not saying its not a business venture, in fact there are self made millionaires out of bit coin alone. I think I rushed for something that I hadnt fully understood. I was a victim of the bit coin mining scam. perhaps I would have done things differently had I read this post. Thanks for sharing Tony
Bitcoin has been something I have seriously been trying to understand for some time now. I had never had it explained to me and always wondered what importance it help in the online world. Thank you so much for sharing this article as it has finally given me some insight as to how Bitcoin works and what can be done with it. I am not sure if I will ever try to use Bitcoin, but this article made me slightly more comfortable with the idea.
Good day Tony, I really enjoyed reading your article ‘Bitcoin For Newbies’ and learning from it. Thank you for taking the time to share this piece of vital information. I think crypto currency in general is a great platform that has really shown to be the new way of banking and making business transactions while being 100% legit and trustworthy.
Hello there!
That is a very unique, informative and educative article you have there. A lot of people only here the name ‘Bitcoin’ everywhere but they have no basic idea what it is, they have little knowledge about cryptocurrencies in general and are usually eager to know about it. This is a very wonderful article that can bring them to the knowledge of the basic things they actually need to it.
Thanks for that well-detailed article.
Simply a month ago I lost more than 8 BTC to a Bitcoin venture plot wanting to portray benefit however this turned as a trick. I was so crushed by this circumstance and required my BTC recuperated, fortunately for me a companion acquainted me with a virtuoso recuperation organization who helped me recoup all my Bitcoins some way or another in only a day. On the off chance that you need such assist feel with liberating to reach me
Initially when Bitcoin started, it was never regarged as it was thought to crash very soon but then it took the world by surprise. Those who started it are now benefiting from it richly. Bitcoin mining is not really as easy as it seems so I prefer investing rather than mining and from the way crypto currency is fast adding value it is likely to write-off the era of paper currency. Thanks for sharing such an in-depth message about Bitcoin it was really helpful.
Hi Lee, this is the most simplified version of what Bitcoin is all about. Honestly, I have read some complicated explanations online that have left me more confused, but your explanation is simple and to the point. It is true that whether we like it or not, the world is changing, and more and more people and organizations are adopting other means of payment such as Bitcoin. We have no choice but to learn and understand what its all about. Thank you
It is becoming a regularity for individuals and organizations to use crypto currencies for exchange in finances. we still cannot however ignore the fact that some people are new to this changes. i love the simplicity with which you have made every explanation in this article. thank you very much
Wow!
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Thank you
Bitcoin has been around for years, and in the US can remember years ago causing issues for too many scam-related payments. This currency is a good online business who are selling digital services to different clients in other countries. It is nice to see a detailed review of Bitcoin and now has helped me understand this service better. I will be sharing this with others.
Wow!
This information is really valuable and very awesome to see. You know, not very many people know about the advancement of the world to the crypto stage where everyone is advancing too already. This is really awesome to see and to he very honest, I value all you have shared here and I must say that it is very worthy and well worthy to read.
Thank you
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I totally fit the audience for which ‘Bitcoin for Newbies’ was written. Bitcoin is far enough outside of my experience for me to be extremely leery of it. In fact, I tend to consider it the realm of scams and financial disasters.
So I was not sure I was going to like the article at all.
After reading through ‘Bitcoin for Newbies,’ I am clear that it is a complex process. I find that the only untrustworthy aspect of Bitcoin is the humans and all the protocols for security revolve around protecting yourself from those who are willing to use the complexity of the system to their advantage.
I understand it a little better now. I know that I do not know enough to play the Bitcoin game — right now.
I have a couple of bitcoins myself and have to say that I don’t know what it actually is. I’ve done a lot of research and still, it sounds a bit of witchcraft to me. Although I do have to say that within this article you tackle some great points like mining and scams. Which is also good to mention as well as there is a lot more than just buying and selling your bitcoins. And also the danger of losing money to people who’d like to get rich quick, unfortunately.
For me, this is still such a complex topic for me to fully understand. I have read so many articles that explain and put into perspective what Bitcoins are and what they’re used for but I still can’t associate them and their use. I have also see so many people talk about how expensive they are and saying that we should invest in them because it’s what our future would be run by. Any thoughts on that?
Thanks for this article I have been reading in recent times about cryptocurrency . Bitcoin as well. My greatest fear is the spasm and the complexity of trading. It seems a viable option but i find it too complex and so I do not want to venture right now. i guess as time goes by it will become less complex I continue to follow the industry.
Hello Tony, thank you for sharing this informative and resourceful review article . This article is centered on Bitcoin for newbies. There really is a lot I didn’t know about Bitcoin. I’m glad I know them now. Thank you for this overview on what Bitcoin is and how it works. We want to make money and crypto is really a good means to get a good investment lately.
There are various opportunities for newbies to benefit from online as far as they have the dedication and the time to sort after the good ones. Bitcoin is a very valuable currency that most are investing in now and it’ll be nice as a newbie to learn all about it, it’s good that you shared this article
I really appreciated this guide for beginners – I bookmarked it! I have to say that I don’t feel comfortable with Bitcoins and crypto in general as I feel comfortable with stocks and other investments. I mean, I am really fascinated because the fact that you can use them worldwide without dealing with exchange rates, banks and so on is a real benefit! But I need to deepen my knowledge!
I’ve always been confused about Bitcoin, it just never made sense to me. This article has given me a bit more understanding about Bitcoin. I took a moment to google Bitcoins in USD and 1 Bitcoin equals $11,139.50. The value has gone up significantly from 2008 when it was just cents for 1 BTC. Thanks to reading your article, I see how risky this cryptocurrency is and I don’t like the idea that the public can see all transactions. That is just really strange to me.
Wow, you seem to know so many things about so many things Tony and learning about Bitcoin from you is just another additional information for me from your vast knowledge of the many things that you Know. As you would have guessed, I am a newbie to what Bitcoin is and I’m happy to learn about it from you.
I am intrigued with the concept of bitcoin. However from day one I have been leary of this strange world of cyrpto. Years later since it has been on the market the risk is still very high and the whole concept is still very mysteriously to me. Have you had much luck in bitcoin yourself?
I have been wary of getting involved with bitcoin and crypto currencies, mainly because of the volatility and risk surrounding it. I also feel that I do not understand enough about the whole blockchain market and how it all works and fit together.
This interesting post on bitcoin for newbies, is helping me to understand the concepts of “mining” and a “wallet” better, although I am still not convinced that I want to dive in.
Thanks Tony for the interesting insight into Bitcoin. I myself looked at it more than 8 years ago, but I couldn’t understand heads or tails of it so I just didn’t do anything. Big mistake – I regret it to this day! I wish there were posts like this out there or at least I read them to make the concept seem less daunting. I am sure your post will help a lot of people looking to get into the world of crypto!
Hello Tony Lee Hamilton, thank you for sharing this informative and resourceful review article . This article is centered on Bitcoin for newbies. There really is a lot I didn’t know about Bitcoin. I’m glad I know them now. Thank you for this overview on what Bitcoin is and how it works! I would love to share this post across various platforms
Interesting review on bitcoins. I personally find the whole forex trading etc a bit confusing but this has been an eye opener. It’s unfortunate that in some countries you need to go through a broker to gain access which can be quite a frustrating process and worse off you may never know who is legit or not. Hopefully over time these countries can catch up.
Hi Tony,
I don’t get it why sometimes normal people as you and me are against bitcoin. I understand that big corporations and the whole banking system will be disrupted by a cryptocurrencies or a similar technology. And I understand that crypto could affect their interests. But normal people as us should say, “Ok, let us see how this crypto thing performs… but not reject it from the beginning”. During this quarantine I have been researching a lot about crypto. I’m still a newbie, but the more I research (I read both sides, those that approve crypto and those that disapprove it), the more I see the world going in this direction.
I appreciate this information. I was interested in bitcoin a few years ago, however I was discouraged to venture beyond casual interest by friends and acquaintances who at the time seemed more knowledgeable on the subject than I was.
Some of the negatives that I was warned about at the time were The fraud aspect, Some thought that it was a fly by night deal and almost operated like a ponzi scheme, and some said that mining was an important aspect of gaining bit coin, but that it was very hard.
To be honest I regret listening to the naysayers and not checking it out for myself. Articles like this one make it seem a lot less daunting.
Hello there! this is an amazing review you have got here. I am sure this will be beneficial to other readers as is it to me at the moment. I have been scared of investing in bitcoin since I heard about it because of the fraudulence activities going on especially in my country. I will try and take the step.
Thank you so much for giving so much information about bitcoin and the fact that how it operates. Definitely the future of the world currencies and the fact that the unit is decentralized makes it so much better because you don’t have to answer to anyone. You are there up on your own and getting better while developing nicely. this is great to see here and the information is great.
Hi Tony and thanks for this. The information on typical Bitcoin scams was new to me. I do agree there are significant risks involved in Bitcoin. If someone does hack your account and is able to steal your coins then they are gone. As I understand it the cryptocurrency exchanges are particularly vulnerable and under constant hack attacks. Some months ago I put a small amount of money into Bitcoin and a similar amount into Ether. This is really out of curiosity. I know that many people are trading Bitcoin a bit like Forex. My intention is to hold for a few years. I made the purchases shortly after the prices dropped along with everything else in late March this year I’ll see how it goes.Thanks again and best regards, Andy
Bitcoin is one of those topics I’ve been striving to learn more about because I believe a virtual currency is where we will eventually be headed! I just don’t know alot about it nor know where to go for trustful information.
Thank you for this overview on what Bitcoin is and how it works!
I read another one of your articles about the Q Initiative. What are your opinions on it compares to Bitcoin?
Thank you so much for sharing a beautiful and insightful article with us. The prime element of this article is about Bitcoin for Newbies. It is truly impressive that you covered this subject so well in your post. I’ve learned a lot from reading your article and developed a lot of knowledge about Bitcoin. I like The Bitcoin Wallets of the points mentioned in your article. Cryptocurrency is very popular nowadays which is why I also trade with this bitcoin and I also have a bitcoin wallet.
I’ve read your article and enjoyed it so I’d like to share it with my friends by sharing it in the Facebook community so that everyone knows about your article and gets to know it.
Yes yes, crypto currency are a very beautiful new wave that a whole number of people are making their money from. I know a friend who sends himself to school through owning and trading Bitcoin. I didn’t ever understand the nature of this currency so I decided I shouldn’t even dabble in it but now I think it’s a good one. I’ve learnt a lot from this post Tony.
Hey Tony, I have been involved in bitcoin deals and I have lost so many times as well because I really don’t have a full knowledge of it. The other time I let my wallet ID known to someone and that was how I lost my bitcoin. With such articles we newbies stand a chance to doing better with bitcoin deals. On the other hand, mining seem really cool and it will be great to get a real means of mining which saves you money and brings you money as well. Lucy would be a great dealer by the way. Thanks for sharing such article
Thanks for the article Tony. Great stuff.
I have thought about getting into Bitcoin investing many times and every time I think about it I am deterred by first the complexity of it all, and second the extreme volatility.
Though currency in general is just a made up thing that society agrees on the idea of an intangible, purely electronic version has yet to make its way into the mainstream. Perhaps one day we’ll achieve what currency should be: secure, steal proof, and stable.
Crypto currency exchange is what value is all about nowadays, knowing that Bitcoin has been for about a decade or so and getting to this age with it’s development, I think it’s good to know how to use it for better, shutting out threats from fraudster and keeping your Wallet safe. It’s very important to know about bitcoin and I’ve gained a lot from this article. I’ll consider investment some of my money in it.
Hi Tony,
Thanks for a very important article.
People who have never lived in Developing Countries will not understand the importance of something like Bitcoin that overcomes these two constant frustrations:
1. the lack of cooperation from banks in Developed Countries. Clients are treated as if they have no rights to THEIR OWN MONEY! And people have great trouble getting transactions effected across continents
2. the challenge of exchange rates which are not only becoming more and more unfavourable, but which fluctuate dangerously on a day-to-day basis
Just one question: since you wrote the paper, was the purported Creater of Bitcoin eventually discovered?
Hi Tony, thanks for your Bitcoin for newbies post. Bitcoin started out with a very bad rap, it was posted as digital currency for illegal gains. Now I’ve personally used Bitcoin and my experience wasn’t a bad one! I’ve read every word of your post because I do plan to revisit the Bitcoin world but to trade it. Your post as helped me look out for the wallet and ponzi scams, that I know does exist! Thanks again, great advice 👍
You have broken down all the concept of bitcoin here and how it really operates. What makes it spectacular and the more reason why I value it better than everything else. Bitcoin is the world next leading currency and it can change the fate of money and cashless policy. Hence, this is really awesome to see here. Thanks so much for sharing this out. I learned a lot more about bitcoin here
Wow! Quite interesting here to see is the concept of this bitcoin and how it really operates herem to be honest, I don’t know what bitcoin means before because I never even bother myself about crypto or anything else. However, this is superb to see out here. Thanks so much for sharing this piece of information here. Now, I have so much more knowledge on how the whole concept of crypto plays out
I am literally a newbie with bitcoins so I am glad that I came across your article. I had thought that they were similar to cash in that they could be traded for goods and services and it looks like I was mostly right about that. It is a bit scary to think that the transactions are permanent as I am sure mistakes happen. But I also suppose that if you are getting paid you want to have confidence that the funds will not be take back. I don’t think I will just on the bandwagon of bitcoins yet, but maybe soon I will have no choice.
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You are welcome Wilson, thank you for sharing your opinion my friend.
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People need to be careful with Binary options brokers, Cryptocurrency traders, ICO, Forex and so on. I was once a victim of this scam company, I invested 345,000USD with the hope of getting more of the money. The company denied me access to my account and refused my withdrawal request. I couldn’t get my money back from them until I had to reach out to a certified binary options recovery expert who guided me on steps to take to recover my money back. I have gotten over 339,000USD
Thank you Caleb for sharing and for reminding us to be careful with Binary Options Brokers my Friend.
I am glad that you were able to recover most of your investment back Caleb.
Tony
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn $5000 into $35000 in less then four weeks,please note that cryptocurrency trading is bitcoin unlike binary and forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guildline on how to invest smartly, this is opportunity life time knocking on your door cantact me via email
Thank you Donald,
I appreciate the offer my Friend.
I am actually focusing on other avenues that are bringing in a steady and growing income for myself as well as those Friends that I am help.
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Thank you Donald for sharing and for offering your expertise and opportunity in the cryptocurrency bitcoin for newbies area of interest my Friend.
You are welcome back anytime Donald,
Tony