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Bitcoin Explained

A simple and easy to understand introduction to Bitcoin.

 

What is Bitcoin?

Bitcoin is a digital currency that can be transferred amongst the participants on the bitcoin network. Bitcoin was developed in 2009 by a presumed pseudonymous person/s called Satoshi Nakamoto. Since Bitcoin has been around since 2009 it is now also considered as a store of value by many and people use it to buy or pay for things easily. Some people also refer to it as the future of money.

How do Bitcoins work?

Each Bitcoin is basically a computer file which is stored in a ‘digital wallet’ app on a smartphone or computer. People can send Bitcoins (or part of it called satoshis, 1BTC = 0.00000001 sat) to your digital wallet, and you can send Bitcoins to other people’s wallets. Every single transaction is recorded in a public ledger called the blockchain.

What is a blockchain?

A blockchain is a public ledger in which all Bitcoin transactions are stored and verified since Bitcoin’s inception. It is publicly available and can be scrutinized by anybody with a computer connected to the internet.

How do I get Bitcoins?

There are several ways to obtain Bitcoins:

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What is Bitcoin Mining?

Bitcoin mining is a process of adding and verifying transaction records on the Bitcoin’s public ledger called the Blockchain. In return the “miner” gets rewarded with FREE Bitcoin. It exists so that every transaction can be confirmed, and every single user of the network can access this ledger. Basically Bitcoin mining is lingo for the discovery of new bitcoins — just like finding gold. In reality, it’s simply the verification of bitcoin transactions.

Is Bitcoin Mining profitable?

If you’ve ever wondered whether Bitcoin mining could be profitable for you, the short answer is “no.” In the early days of cryptocurrency, smaller players could mine Bitcoins successfully with a simple computer, as the difficulty rate was very low. Now that the difficulty rate has increased substantially, ASIC computers are being used and even they are not profitable anymore. The equipment you’d need and the electricity costs alone can eat up your profits quickly.

Are Bitcoins safe?

Bitcoin is as safe as it can get. Some effort though is required to protect your privacy of your Bitcoin wallet like setting up 2FA, SMS messaging, email messaging etc. All Bitcoin transactions are stored publicly and permanently on the network, which means anyone can see the balance and transactions of any Bitcoin address, although the owner’s details are not visible. Unfortunately most people lose their Bitcoins via phishing, Bitcoin scams(HYIP etc.), Bitcoin software/apps etc.

Can you convert Bitcoins to cash?

Bitcoins can easily be converted to cash. There are several ways to convert bitcoin to cash, but the easiest way is to sell bitcoin on any cryptocurrency exchange, such as Binance, Bittrex, Coinbase or Kraken. This is the quickest and easiest method if you want to sell bitcoins and withdraw the resulting cash directly to a bank account.

Is Bitcoin Legal?

Legality of Bitcoin will depend on the laws and rules of your specific country. As of February 2020, Bitcoin was legal in the U.S., Japan, the U.K., Canada, and most other developed countries. For tax purposes, bitcoins are usually treated as property rather than currency. Bitcoin is generally not considered legal tender.

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