Bitcoin for Beginners and Dummies


What is a Bitcoin?

While the Bitcoin price is so unpredictable, the whole world is curious. Bitcoin, a revolutionary crypto technology of block-chain, is a simple public ledger yet very complicated and no-one definition completely encapsulates it. By similarity it is like being able to send any coin, gold or silver via an e-mail. It is just a comprehensive network that permits a new payment method and a complete digital currency. This is the world’s first de-centralized peer-to-peer payment system that is powered truly by the users with no central authority or agency regulating it. Bitcoin is the first functional cryptocurrency implementation and it is currently the most prominent triple access book-keeping system at present.

How to Buy Bitcoins?

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This first step is to subscribe for a Coinbase account. This will give you a secure location to store your bitcoin. Also, enables an easy payment method to convert your US Dollars into a crypto currency or out of bitcoin.

  • Connect Your Banking Account

After you sign-in, link your banking account. You would need to fulfil some simple verification steps before you can actually use the account. Once the verification is complete, you can buy Bitcoins.

  • Buy and Sell Bitcoins

After buying your first bitcoin, they will complete your purchase (block confirmation) and deliver your bitcoin. Sells work the same way however it is reverse. The price of bitcoins change over time, as it is highly volatile. Coinbase, show you the current bitcoin exchange price before you actually buy.

What is a Bitcoin Exchange?

A bitcoin exchange is an online marketplace where people can buy or sell their bitcoins using different local currencies or altcoins. A bitcoin exchange is a digital system that acts as an intermediary between cryptocurrency buyers and sellers.
The main function of Bitcoin exchanges are, it act as a platform that match buyers with sellers. It is similar to a traditional stock exchange, but here traders can choose to buy and sell bitcoins. When a market order is chosen, the trader is permitting the exchange to buy or sell his coins to get the best available price.
With a limit order set, the investor directs the digital exchange to trade his bitcoins for a price below the current ask price or above the current bid price, depending on whether he or she is buying or selling.
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What is Bitcoin Mining?

Bitcoin mining is a whole lot like a huge lotto where you can participate with your special computer hardware with other miners on the bitcoin network to earn bitcoins. Bitcoin mining is simply the process of verifying other Bitcoin transactions by solving complicated mathematical puzzles. A powerful Bitcoin mining hardware can attempt more tries per second to win this contest even though the Bitcoin network itself re-sets roughly every two several weeks. The Bitcoin mining obtains transactions that are documented in Bitcoin’s public journal, called the block chain. Check out more information on Bitcoin Mining by CoinsIQ.

How to buy bitcoin with PayPal?

We hope, you’ve been looking into Bitcoin and want to get involved with this cryptocurrency ecosystem, well who does not. But how exactly can you buy bitcoin? One of the greatest drawbacks of Bitcoins was, to find vendors or companies who actually use Bitcoins as a regular currency. Now that many companies and stores accepts bitcoins, the marketplace has just gotten bigger. Now you can buy bitcoins so easily.
With PayPal you can convert your bills into bitcoins. There are multiple ways you can use PayPal to get your first Bitcoins – here we go through one of the most popular and accredited marketplace.
Localbitcoins is a Bitcoin marketplace where you can pick sellers to buy Bitcoins from. This site has loads of options to choose from: seller name, payment method they use, and the price per Bitcoin they offer.
Read this blog post, if you need some more information on how to buy bitcoin with paypal.

How to buy bitcoins with credit card?

The price of Bitcoins fluctuates highly every day. Owing to this very reason, by the time people are able to finally buy the Bitcoin, the prize of the bitcoin change significantly. This is why many times people say, it is just not worth it to invest in Bitcoin at the point in time. Well, you can buy bitcoins with your credit card or debit card instantly. Before, you choose a bitcoin exchange or a marketplace, be sure you read this blog post on How to Buy Bitcoins with Credit Card, Checking or Cash.

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