Bitcoin : All the Basic Things You Should Know about Bitcoin

Description: Do you want to invest in Bitcoin? Do you know the basic things in Bitcoin? A must read information about Bitcoin.

The world is seems to be crazy about Bitcoins that makes it more stronger. Recently, Bitcoin has crossed the border of $19,891/BTC on December 17, 2017 that is also a record high for cryptocurrecny world. You may not believe that a cryptocurrency called bitcoin which was worth .003$ in 2010, $2 in 2011, $13 in 2012 is now trading around $8000+. If you had invested of just $100 to buy BTC in 2010, can make $266 million USD today at the rate of 1 BTC = $8000 which is the current trade price. As of May, 2018, you can see this data as on media and press, according to CNBC and Washingtonpost, investment of $100 in 2010 was worth $75 million USD in May, 2018. You can clearly see, after the six months period from May, 2017 to November 2017, it goes from $75 million to $266 million which is more than x3. That means a user who invested $100 in 2010 and hold it upto 6 Years and few months i.e., till May, 2017 makes $75 million and if it holds additional 6 months, makes $266 million. Clearly show its volatility and how the world is now become crazier about this cutie. Just imagine you have invested only $100 in 2010 in bitcoin and you have sell it around its peak point lets consider $19000/BTC, you earned $633,333,333, it is approximate $633 million.





all the basic information about bitcoin


It is obvious that you absolutely heard about bitcoin in the past at-least around in 2014 or 2015, but you hadn't look over it seriously or you might think another shit is launching over the web. Now, you think you were wrong, and you should take it seriously. But, what makes it so successful? Why users are buying Bitcoins? The answer is, its functionality. In this post, we will discuss everything about bitcoin (but point to point) i.e., what is bitcoin, how transaction made, what bitcoin mining is and how the bitcoin transactions are secure.

What is Bitcoin?

The fiat currencies like USD, EUR and INR can be controlled by the government, banks or by the private authorities, so the fiat currencies are centralized currencies. Bitcoin is a decentralize cryptocurrency that means nobody i.e., banks, government or private sectors can control this decentralize currency. Bitcoin is founded by Satoshi Nakamoto in 2009. Bitcoin is not a physical currency like any other fiat currencies. You can't keep bitcoin to your home or to your bank's locker. In simple word, you can say that bitcoin is an online currency or internet currency that you can exchange to/from anyone. Bitcoin investors are assuming that bitcoin may be the future of global currency, and now bitcoin has become so much popular worldwide. Twitter CEO Jack Dorsey says bitcoin will eventually be the single global currency. Many of the e-commerce sites has already added bitcoins as a payment, you may also buy or sell products in exchange with bitcoin in the near future to many websites.

Where to Store our Bitcoins?

If you can't store your bitcoins in your home, pocket or bank's locker, then where can you store your bitcoins? The simple answer is Bitcoin wallet. Anyone can create an account in the site that offers free bitcoin wallet. There are so many sites that offer you a bitcoin wallet i.e., bitcoin.com, blockbchain.info or coinbase.com. Once you have setup your account, you will get a bitcoin address for your wallet. If someone wants to send you few bitcoins, you just tell them your bitcoin address associate with the wallet. You can also send money to anyone in the world. You can also buy fresh bitcoins using your credit card or bank transfer.

Bitcoin Values and Transaction Fees

Currently bitcoin traded over $8000. It is not necessary to send/receive or buy minimum of a bitcoin. Bitcoin has 8 decimal values unlike the fiat currency. The smallest unit of bitcoin is Satoshi like cent for US dollar. 1 billion or 100 million satoshi is equal to a Bitcoin (1 BTC = 0.00000001 Satoshi). There are many sites on the internet that allow you to earn staoshi free of cost that you can instantly withdraw to your bitcoin wallet. They offer like earn 100 satoshi in 5 minutes. I will talk to earn bitcoins free later on upcoming posts.

Now, let's come to the point. There is a limit of total number of bitcoins circulation in the market similar as fiat currencies. The maximum limitation of bitcoins is 21 million, so it cannot be created once it reaches to 21 million. As of 22 May, 2018 there are already 17.05 million bitcoins are available for exchange.

Now, let's talk about the transaction fees to exchange bitcoins. Since, you know bitcoin is a decentralized currency which has no rule from any government or bank so the fees will be absolutely less in compare with the fiat currency due to the exception of various types of taxes.

What is Bitcoin Mining?

When you send your bitcoins to someone bitcoin address, then it needs to be verify before the bitcoins debited from your account and credited to the recipient's bitcoin address. Who verify this process is called bitcoin minors and the minors will get commission in order to verify the payments. There are many bitcoin minors on the web even you can also become a bitcoin minor, and earn commissions for verifying payments.

But the question is that what does the minor do in order to get the commissions. In simple words, they have modern computers with high graphic processing unit and processor that is used to verify the transactions.

These are the very basic of bitcoin that you must know before considering or entering into the world of Cryptocurrency. In the later article, I will tell you deeply how you can mine your bitcoin in easy way and the more description about bitcoin. Join our Facebook Page or subscribe to our newsletter for upcoming post.

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