Bitcoin Basics Every Crypto Starter Should KnowMarcus SmithThe Capital – Medium

By Marcus Smith on The Capital

Ten years ago, Bitcoin arrived in the crypto business. Since then, the whole virtual money landscape has changed, with a significant number of industries, businesses, and institutions following this global shift that shows no sign of slowing down.

And while Bitcoin’s influence is mostly seen on a macro-level, its micro ripples are starting to take form as people gradually inject BTC into their daily financial undertakings. Why is that?

Let’s try to break down the Bitcoin buzz. If you’re curious to learn about Bitcoin and why it’s become so massive today, this guide should give you a proper background.

Bitcoin is all digital

Bitcoin is basically a virtual currency, or ‘Internet money’ as some would say. One can say that Bitcoin is the peak of digital finance, but I guess it’s too early to say that. However, its revolutionary features make it way ahead of its time, as it is the first virtual currency to pave the way for fully-digital money transactions.

Bitcoin is a decentralized platform

The central idea that revolves around Bitcoin is that it’s a completely decentralized platform. This means that Bitcoin is not under the authority of the government or of financial institutions like banks. People have more control of their own money by engaging in peer-to-peer (P2P) transactions with other Bitcoin users without earring the approval of a central authority.

Bitcoins can be created

If you learn about Bitcoin all too well, then you would know that one can earn the right skillset (and mathematical prowess) to create a new Bitcoin. This process is called Bitcoin mining, which requires users to solve extreme sums in order to mine a Bitcoin. However, due to Bitcoin’s limited supply, the process of mining is becoming more difficult so as to effectively regulate the production of new coins.

All Bitcoin transactions are recorded

Every Bitcoin payment made in history is recorded, thanks to blockchain technology. Bitcoins spent are Bitcoins that can no longer be retrieved, which makes for a more secure platform with healthy circulation. However, this doesn’t erase the fact that Bitcoin has been the target of online thieves. Although this could easily throw people off and be discouraged to learn about Bitcoin, Bitcoin’s security measures make it hard for anomalies to take place or hackers to take advantage of.

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Bitcoin Basics Every Crypto Starter Should Know was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.

By Marcus Smith on The CapitalTen years ago, Bitcoin arrived in the crypto business. Since then, the whole virtual money landscape has changed, with a significant number of industries, businesses, and institutions following this global shift that shows no sign of slowing down.And while Bitcoin’s influence is mostly seen on a macro-level, its micro ripples are starting to take form as people gradually inject BTC into their daily financial undertakings. Why is that?Let’s try to break down the Bitcoin buzz. If you’re curious to learn about Bitcoin and why it’s become so massive today, this guide should give you a proper background.Bitcoin is all digitalBitcoin is basically a virtual currency, or ‘Internet money’ as some would say. One can say that Bitcoin is the peak of digital finance, but I guess it’s too early to say that. However, its revolutionary features make it way ahead of its time, as it is the first virtual currency to pave the way for fully-digital money transactions.Bitcoin is a decentralized platformThe central idea that revolves around Bitcoin is that it’s a completely decentralized platform. This means that Bitcoin is not under the authority of the government or of financial institutions like banks. People have more control of their own money by engaging in peer-to-peer (P2P) transactions with other Bitcoin users without earring the approval of a central authority.Bitcoins can be createdIf you learn about Bitcoin all too well, then you would know that one can earn the right skillset (and mathematical prowess) to create a new Bitcoin. This process is called Bitcoin mining, which requires users to solve extreme sums in order to mine a Bitcoin. However, due to Bitcoin’s limited supply, the process of mining is becoming more difficult so as to effectively regulate the production of new coins.All Bitcoin transactions are recordedEvery Bitcoin payment made in history is recorded, thanks to blockchain technology. Bitcoins spent are Bitcoins that can no longer be retrieved, which makes for a more secure platform with healthy circulation. However, this doesn’t erase the fact that Bitcoin has been the target of online thieves. Although this could easily throw people off and be discouraged to learn about Bitcoin, Bitcoin’s security measures make it hard for anomalies to take place or hackers to take advantage of.https://twitter.com/thecapital_iohttps://medium.com/media/3b6b127891c5c8711ad105e61d6cc81f/hrefBitcoin Basics Every Crypto Starter Should Know was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.Read Moreblockchain, bitcoin, btc, crypto, cryptocurrencyThe Capital – Medium

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