This is a Bitcoin Beginners guide to saving money. Bitcoin has been making a lot of waves in the news recently with it reaching an all-time high price of $1200 per Bitcoin. Do you know how much Bitcoin you own? If you do, great! If not, however, don’t be too concerned as it’s not that hard to get started and I’m going to show you just how easy getting your first Bitcoin can be.
Before we get into Bitcoin though let’s take a step back and talk about why Bitcoin has value at all. In the early days, Bitcoin was completely worthless but today there are many people willing to part with their hard-earned cash for this digital currency in exchange for real-world goods and services. Let’s take a look at what Bitcoin is and how it came to be. You can also check https://bitcoin-buyer.live/ for knowing authentic methods for bitcoin trading.
How Bitcoin Works
Bitcoin is a decentralized, encrypted digital currency that is a form of electronic cash with no physical coins or notes involved. This means that Bitcoin can be sent from one person directly to another without going through any banks or clearing houses as they are simply transactions from one Bitcoin wallet to another with each wallet holding its own balance. Basically, Bitcoin allows you to exchange money with anyone else in the world instantly, securely, and anonymously which can’t be said for bank transfers!
In addition, Bitcoin largely remains out of government control meaning that if your country’s economy goes down the pan then at least you will still have access to your money without getting taxed on it first (unless it’s real-world goods you want to buy anyway). Bitcoin was first released as open-source software in 2009 and is still being actively developed. Bitcoin is now considered a serious contender in the currency wars that have been going on since 1971 when US President Nixon terminated all direct convertibility from U.S. dollars to gold domestically. Since then, most countries have been printing more money than what they are actually worth, meaning that each currency becomes less valuable by the day.
When Bitcoin was invented by Satoshi Nakamoto it allowed electronic transactions but without having them go through any bank or other central authority so Bitcoin can be bought without needing anything more than just an Internet connection! One of the best things about Bitcoin is that you can actually use them anonymously which sounds weird to say at first but Bitcoin isn’t linked to your personal identity and there is no credit card number that some malicious actor can collect in order to steal from you later. Bitcoin wallets don’t hold any sensitive information about their users which means that Bitcoin has actually become a preferred method for making donations to charitable organizations such as Wikileaks and the American Red Cross, which have had their accounts frozen by the US government!
How Bitcoin Got Started
Bitcoin was invented back in 2009 but didn’t go on to become what it is today until 2012 when more people started using the currency. By 2016 Bitcoin’s value jumped up by 9,000% meaning an investment made of $100 USD back then would be worth $9,000 USD now! Bitcoin was developed by Satoshi Nakamoto who we know very little about or whether that is even his/her real name! Bitcoin isn’t actually regulated by any central authority but instead, it is monitored by anyone who wants to check up on it.
This means that Bitcoin is largely considered an apolitical currency that is influenced less by politics and more by the users themselves. Bitcoin was set up in such a way that there are only 21 million Bitcoin available meaning its value will continue to rise over time as each Bitcoin becomes harder and harder to get your hands on!
Some people might be thinking “if Bitcoin doesn’t have a central regulatory body how do they decide how much Bitcoin should cost?”. Bitcoins are brought into circulation through a process called mining where computers running Bitcoin software with each other to solve extremely difficult cryptographic problems to validate Bitcoin transactions.
Bitcoin miners are rewarded for this work with a certain amount of Bitcoin every time they help solve a Bitcoin transaction which is how Bitcoin mining currently sustains itself! Bitcoin wallets aren’t as hard to come by as Bitcoins themselves as there are plenty of different Bitcoin wallets available for all types of users. Some Bitcoin wallet providers even allow you to buy Bitcoin directly from them meaning that you can save yourself the trouble of having to start mining them first!
