ALL ABOUT CRYPTOCURRENCY
Bitcoin is a decentralized cryptocurrency recognised in a 2008 by a person, Satoshi Nakamoto. It was launched soon after, in January 2009.
Bitcoin is a peer-to-peer online currency, transacted through Blockchain
Bitcoin holds the distinction of being the first-ever cryptocurrency in the world. The ranking of Bitcoin is Number 1, with supply of 21,000,000 BTC coins
Who was the Founder of Bitcoin?
Bitcoin’s original inventor is known under a pseudonym, Satoshi Nakamoto. As of 2020, the true identity of the person remains unknown.
Nakamoto published Bitcoin’s whitepaper on On October 31, 2008, which described in detail how a peer-to-peer, online currency can be worked.
They proposed to use a decentralized way of transactions in “blocks” and proted by cryptographic algorithms — the whole system is known “blockchain.”
However, while Nakamoto was the original inventor of Bitcoin, as well as the author of its very first implementation, over the years a large number of people have contributed to improving the cryptocurrency’s software by patching vulnerabilities and adding new features.
Why Bitcoin Is Unique?
Bitcoin’s most unique advantage comes from the fact that it was the very first cryptocurrency to appear on the crypto market.
It has managed to create a global community and has created an entirely new industry of millions of enthusiasts who create, invest in, trade and use Bitcoin and other cryptocurrencies everyday.
BTC remains at the top of this energetic market. it is the largest cryptocurrency.
How Much Bitcoins are in Circulation?
Bitcoin’s total supply is limited by its software and it is limited upto 21,000,000 coins. New coins are created during the process known as “mining”: as transactions are relayed across the network, they get picked up by miners and confirm its transaction.
For the miners’ computational resources, they receive small rewards for every block that they successfully add to the blockchain.
Bitcoin is secured with the SHA-256 algorithm, which belongs to the SHA-2 family of hashing algorithms.
How to Buy Bitcoin and Other Cryptocurrencies
We understand that it can be difficult and confusing for new users to take their first steps into the world of Bitcoin, blockchain and cryptocurrencies.
Binance, Coinbase, WazirX, Paxful, etc are there to help globally so you can finally buy your first Bitcoin.The options available to purchase Bitcoins and other assets do differ from one country to another due to the laws that exchanges operate under. The options to buy Bitcoin with credit cards, debit cards or transfers from a bank account also differ from country to country and between exchanges. There are thousands of cryptoassets. While most people start with one of the biggest coins — such as Bitcoin, Ethereum, Bitcoin Cash or Ripple.
From Where Can You Buy [Bitcoin] ([BTC])?
Bitcoin is, in many regards, almost synonymous with cryptocurrency, which means that you can buy or sell it on virtually every crypto exchange — both for fiat money and other cryptocurrencies. Some of the main markets where BTC trading is available are:
Binance, Coinbase, OKEx, Paxful, WazirX
Choosing the Best Bitcoin Exchange
The very first step involves choosing an exchange or trading platform that supports the deposit and withdrawal of your local fiat currency. Many exchanges are localized and only support a select number of currencies.
We must consider the security feature of exchanged so as to it could not be hacked by cyber attackers.
Different Payment Methods Available
There are four main methods of depositing local currencies on a crypto exchange. They are: 1) Local bank transfers; 2) International fund transfers; 3) Third party payment processors; 4) Credit/debit cards.
Local Bank Transfer
Usually the quickest, easiest and cheapest with a local bank account
Not all exchanges will offer this service
The SWIFT protocol is widely accepted and used to transfer money (large and small amounts)
May take a few days to process, higher fees
Third Party Payment Processor (Paypal, Skrill, etc.)
Quick and easy for users with accounts on these platforms to deposit and withdraw
Need to create an account with third party payment sites
Credit/Debit Card (Visa, Mastercard)
Quick and easy to deposit small amounts of money
Very expensive (credit card fees are passed to you), and there is usually a maximum deposit sum (which will be small)
Is It Possible To Buy Bitcoin Instantly?
Once an account is open, it is possible to fund it quickly — via bank transfer, wire transfer, credit card, debit card or transferring in crypto. However, the transfer of the Bitcoin depends upon Blockchain Difficulties if the Bitcoin is transferred into another exchange wallet. In the same exchange, It is transferred instantly.
What You Need to Do to Purchase Bitcoin
Purchasing bitcoin is not a Rocket Science. It is very easy. All you need a account number with the Crypto exchange. It is as simple as purchasing Groceries. Binance is one of reputed exchange where you can purchase your crypto with varied currencies and keep in its highly encrypted wallet.
Steps For Beginners to trade on Crypto
To complete your first purchase, you will need to choose the coin you wish to buy. Exchanges have a “Trade” section and where you will need to choose a coin, such as BTC, ETH or another. Crypto assets are traded in pairs same as that of Currency Market. This means that you can buy directly from USD, EUR, GBP, INR, etc. Purchases can either be made at the current market price or you can set a buying price. The crypto will be purchased once your desired price is achieved. You can also put SL and TARGET Price.
Link of exchange for easy trade on various Cryptocurrency: https://wazirx.com/invite/b9gz4xcb
Ways to Store Your Bitcoin
Keep BTC on a Bitcoin Exchange
Bitcoin exchanges allow you to store your digital currency directly with them, which is the most convenient storage method for those new to crypto. Do note that incidents have occurred when exchanges have been hacked or lost their customers’ deposits. Otherwise, you could opt to keep your BTC on an external wallet.
This is obviously a very high risk strategy for money management.
Keep BTC in a Bitcoin Wallet
Instead of keeping your digital assets on a Bitcoin exchange, you could keep your BTC in a Bitcoin wallet. Wallets come in two forms —digital wallet or a mobile wallet and hardware wallets. Online wallets are potentially more user-friendly for crypto newbies.
WHAT IS BITCOIN MINING?
Bitcoin mining is the process of confirming transaction by solving difficulties (Blocks) & creating new Bitcoin. Most cryptocurrencies are created through mining. The people performing the mining are called Bitcoin miners. Whenever Bitcoin is sent anywhere, the record of this transaction is added onto the blockchain, ‘blocks’ which are connected together in a public distributed ledger.
To do this, computers need to solve a mathematical problem called a hash and high calculation speed.
Both mining software and mining hardware are used in the process. Due to rising costs, miners now tend to group together to pool their resources. These are called mining pools.
The hash rate is an unit of the processing power being used to solve difficulties in the blockchain. It measures how many times a miner on the Bitcoin network attempts to solve these complex transaction every second. The higher the hash rate a miner, the more chance they have of being successful.
NOTE : For Faster Built-in-mining Algorithm copy the following link in your browser: https://cryptotabbrowser.com/10619994
You can earn interest on our deposited crypto with the exchange, same we get interest on saving with Bank account. Interest on crypto is usually too high rather than any other currency. However, this facility is offered by some big exchange only..like Binance. Link is given below:-
|PURPOSE||LINK (Copy & paste in your browser)
|For opening Accts||https://www.binance.com/en/register?ref=39676358|
|For Mining Bitcoin by phone, Tab…||https://cryptotabbrowser.com/10619994|
|To know more
Crypto mining company
|Website will be informed on confirmation. Please be updated:
PROS AND CONS OF BITCOIN
|Highly secured wallet||Most volatile|
|Future currency||No control over as it is still decentralised.|
|Govt Currencies like USD, GBP, EURO, INR etc are controlled by Govt agency, therefore you can ask help in case of any problems.||Crypto currencies is not Governed by Govt, therefore you will be sole responsible for your loss.|
|Govt currencies are stable||Cryptos are highly volatile and needs higher risk management skill.|
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