Ultimate guide for newcomers and intermediate viewers to learn about Bitcoin 2018-2019
Posted on April , 7 2018 at 12:00 PM
Bitcoin was the first of what is now known as cryptocurrency. It is a currency that works without the use of a centralized bank or administrator instead it works on through a process known as blockchain which is a ledger spread among the computers with in the bitcoin network.
The domain Bitcoin.org was first registered in august 2008, and information about the yet to be released bitcoin was posted on a cryptography mailing list in november of that year. Bitcoin was first released in 2009 as an open source software by an unknown person or group of people going of people going by the name Satoshi Nakamoto. The bitcoin has three levels. First of the normal Bitcoin which has a fluctuation value, next is the millibitcoin which is worth 1/1000 of one bitcoin. And final the Satoshi is the lowest level of bitcoin and is worth 1 ⁄ 100000000 of a bite coin. Satoshi’s goal was to create a currency system that was decentralized in an attempt to make tranzactions and storage of bitcoin safer, and he did this via the above mentioned blockchain which a decentralized ledger that stores its information spread amount all the computers that have made bitcoin transactions(these computers are known as nodes)
As time went on Bitcoin became more and more popular as more people either bought or mined Bitcoin.(Mining is a process in which you pass code for Bitcoin back through the inscription system to see if you find a new coin. If you do you keep it) As more people bought and mined Bitcoin the price rose exponentially until it peaked around 20,000 us dollars to one bitcoin.
Satoshi’s original idea of decentralized currency system has only somewhat come to fruition. Due to high transaction fees and long waits on transactions there are not many businesses that accept Bitcoin as payment, and therefore it is very difficult to use Bitcoin as a currency. Due to this most people use bitcoin as an investment, they treat it like a stock. Many people buy Bitcoin while it is at a lower price and then they sell at a higher price for a profit like they would do with a stock on the stock market. This has become the most popular use for bitcoin and is the way that Bitcoin can help you the most. Treating Bitcoin like a stock or an investment is the best use of Bitcoin for you while you can still use it as a currency keep transaction fees and limited users will make things more difficult for you. That's why it it best that you treat it like a stock.
Bitcoin has peaked and is currently on the way down in the market scene it is low I would currently recommended purchasing while the price is lower. I believe that the chances are high that Bitcoin will eventually start rising in the market.My recommendation would be wait until Bitcoin starts to go back up buy then and then sell when it is high again.
Most Common Asked Questions
Where Bitcoin Started
The history of bitcoin dates back all the way to the year 2008
where bitcoin is accepted
Bitcoin is accepted is many places heres a list of companies that accept bitcoin : Microsoft, Reddit, Playboy and many more. Here is a Map to tell you your local places
where bitcoin is illegal
Bitcoin is illegal in these five countries Bangladesh, Bolivia, Ecuador, Kyrgyzstan, and Nepal
where bitcoin money goes
Bitcoin money goes to someones bitcoin wallet, its like regular money
where bitcoin store data
"Stored in the public blockchain (held on every computer running the Bitcoin client) is the record of every transaction ever made, including any transactions that sent you coins" According to a stackexchange user
how bitcoin is taxed
Bitcoin is not taxed because it's not regulated but there is fee's for wallets where someone can add extra charge for
how bitcoin looks like
Bitcoin has no physical shape because its a digital currency
how bitcoin works
It is a currency that works without the use of a centralized bank or administrator instead it works on through a process known as blockchain which is a ledger spread among the computers with in the bitcoin network.
how bitcoin works in india
Like the answer above stated
how bitcoin is mined
how bitcoin affects the economy
Unlike other currencies bitcoin is not owned by one country or group of people, so in a way no one can tax it
when bitcoin started
Bitcoin started in 2008-2009 by an Unknown creator
when bitcoin lightning network
The lightning network is OUT NOW
when bitcoin goes down what goes up
When bitcoin goes down all other coins goes down , bitcoin has such a large domiance every coin follows its rule
when bitcoin runs out
Using the rate in which bitcoin is being bought May 7, 2140.
when bitcoin mining stops
Bitcoin mining will stop around 2060-2070 when its getting harder to mine more bitcoins into the market
when bitcoin will go up
Sadly know one knows its a mystery just like when are you going to die ?
are bitcoin a good investment
Bitcoin is a good investment, but at the same time its not because it can go all the way to 20k and crash down to 6k in a matter of months
are bitcoin profits taxable
No because know one owns bitcoin its a wild market
are bitcoin traceable
All Bitcoin transactions are public, traceable, and permanently stored in the Bitcoin network
are bitcoin safe
Yes they're safe its impossible to hack the bitcoin network
are bitcoin legal
They're legal in all countries except for these: Bangladesh, Bolivia, Ecuador, Kyrgyzstan, and Nepal
what bitcoin to invest in
You can invest in Bitcoin Cash, and Gold but the main one will always be the top
what bitcoin price
The price of bitcoin
can bitcoin be stolen
Only if someone steals your bitcoin wallet
