Because Bitcoin has exploded in popularity since 2009, many experts are considering it to be the future of money. If you don’t know about Bitcoin, it’s best that you get a head start understanding this digital currency before it potentially overtakes fiat currency!
Read on for a guide to cryptocurrency for beginners so that you can understand, access, invest in, and spend Bitcoin.
What Is Bitcoin?
Bitcoin is the most popular out of the 12,000 cryptocurrencies that currently exist in 2022. It is a completely digital currency that you can use to buy goods and services both online and in stores. The growing market also makes it a good investment- buying crypto to sell later can make you a lot of money.
Bitcoin has no physical form but rather is part of a decentralized network called the blockchain. When someone makes a purchase with Bitcoin, miners will seal off this transaction in the blockchain to denote that you spent it. Neither miners nor sellers will be able to trace it back to your IP address or personal information- the only record of the Bitcoin will be the transaction itself.
So, in the simplest of terms, Bitcoin is a digital asset that you can use to make secure and anonymous transactions over a network.
Why Is Bitcoin So Appealing?
Bitcoin appeals to users primarily because of how secure it is. Traditional transactions require users to put personal and financial information online because you will need to link to a bank.
This means that sellers- or third-party hackers that get onto a network- can trace the transaction to you. Data breaches are therefore more common with fiat currency than they are with Bitcoin. If a cybercriminal got onto the network where the transaction took place, there would be no information to steal.
Bitcoin also appeals to people because of its convenience. It doesn’t have a physical form but instead only exists in secure eWallets. All users need to do is scan the QR code to buy and sell goods.
Transactions are immediate and no-frills. This means that people can instantly access the goods and services that they purchase when they use Bitcoin. Plus, they don’t need to worry about losing physical bills or a credit/debit card- it’s all online.
How Can You Access Bitcoin?
Traditionally, people would invest in crypto by purchasing it online. These exchanges for buying crypto will anonymously pair you with a seller and complete the transaction automatically. This is unappealing to many people because they do not know who they’re doing business with and believe the seller could be unscrupulous.
Bitcoin OTC is a superior method of purchasing crypto. You go to a counter, talk with a real-life broker, and buy Bitcoin for your crypto eWallet. This means that you get expert assistance and immediate payout.
Beyond Cryptocurrency for Beginners
While cryptocurrency is a solid investment, it can be difficult to get started with buying and selling Bitcoin. However, since it’s well worth the effort and the money, it’s time to get started.
Check out the “finance” tab on our home page to learn more trends in cryptocurrency for beginners. You also may be interested in the “tech” tab if you want to learn more about the blockchain and similar networks.