Getting started with ₿uying cryptocurrency?
Getting started with ₿uying cryptocurrency?
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This site is for beginners who already made their minds to acquire Bitcoin. Included are tips to help you protect your funds, links to exchanges, videos, and tools to assist at the beginning of your journey. This primer is a foundation only to get you started, there is more to learn as you progress.
Bitcoin is a cryptocurrency. A cryptocurrency is a digital asset that uses cryptography to secure transactions on a network that can’t be double-spent. Bitcoin is not owned by a company, a nation, or an entity and does not have a leader. It is an open-source protocol where anyone on earth can run a Bitcoin node and participate without permission.
In 2009 the genesis block was mined and the Bitcoin network has been running. Each transaction is recorded in a block that a miner adds to the blockchain. The entire record of Bitcoin exists on each Bitcoin node in the network making it a decentralized cryptocurrency
Decentralized means that each node on the Bitcoin network has a complete history of all transactions that have taken place. This means the network keeps working whether a few nodes drop or not.
The Bitcoin whitepaper was written by Satoshi Nakamoto where they explain in finer detail how Bitcoin works. It is recommended to read it so you understand Bitcoin, it’s only 9 pages.
The whitepaper explains only 21 million Bitcoin will ever be minted. Each Bitcoin can be denominated into 100 million units. The name of each unit is called Satoshi. This enables buying parts of a Bitcoin at a time. If the price is currently $43,885.80 USD per coin, you can spend $10 and get 22,802 Satoshis. This is also known as stacking sats, an effective way to accumulate Bitcoin over time without large funding.
Bitcoin vs Bitcoin Cash vs Bitcoin SV vs . . .
Bitcoin vs Bitcoin Cash vs Bitcoin SV vs . . .
Bitcoin is open-source software, anyone can use it. You can copy it right now and change the name, modify some settings and have Bitcoin Plus Ultra and no one can stop you. You should spend time learning this history as I aim only to make you aware of it. For example, Doge is a modified version of Bitcoin. My advice to beginners is to stick to Bitcoin(BTC).
Blockchain simply put is an “add” only database. Once a block is added, it's immutable and cannot be removed. It will persist on the blockchain for the duration of the network.
In simple terms, an algorithmic way to keep secrets or confirm validity. I won’t go into depth here, however, to understand cryptocurrency you will need to research this topic. Cryptography is a keystone to what gives Bitcoin and other cryptos their security. Look this up on YouTube.
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