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Simplifying Bitcoin for Beginners - Crypto Tips

By CryptoFinally | CryptoFinally | 10 Sep 2020

 As a beginner you’ll want to lay your hands on all information you can get on Bitcoin and other forms of cryptocurrencies. This article would help you with just that. 

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What is Bitcoin?

Bitcoin (BTC) is popularly known as a digital currency, it is used and distributed by electronic means.

It is a peer to peer decentralized network. There isn't a single person or institution that can control it.

It cannot be printed and has limited amounts. Only 21 mln Bitcoins can ever exist.

Who formed Bitcoin?

Bitcoin started as open-source software that was made by unknown programmers under the name Satoshi Nakamoto in 2009.

Who has control over Bitcoin?

One of the main advantages Bitcoin has from other currencies is the fact corporations, world governments, and banks have no control over it. None can take people's money or additional fees for transactions. Transactions done on Bitcoin are highly transparent. Each transaction is stored on the Blockchain. These are public ledgers distributed massively.

Because Bitcoin isn’t controlled, all users have complete and utter control over their finances.

How does Bitcoin work?

In the wallet of users, they only see the number of bitcoins they own and the results of transactions done.

Behind what the users can see, the network shares the blockchain, a public ledger. This ledger has all transactions that have ever been processed. All records of transactions digitally kept are known as blocks.

The wallet of each user can state how valid their transactions are. Your transactions and their authenticity are guarded by digital signatures and they all correspond to addresses they are sent to.

As a result of the trading platform and verification process, Bitcoin transactions take some minutes before they're complete. This protocol has been designing to wait ten minutes before you’ll be able to mine a block of Bitcoin.

Characteristics of Bitcoin

  1. Decentralized

One of the main objectives of Nakamoto was for this network to be free of all government bodies. For each business, a person, machine involved in transactions become part of this community. Even if any part of this network has problems, money would still be in circulation.

  1. Transparency

Bitcoin being anonymous is a relative term. Each transaction made with Bitcoin and all other cryptocurrencies must be saved in the Blockchain. If you want to invest much in the crypto world, you are advised to get a proper crypto wallet that you’ll use to buy, invest, and store your Bitcoin.

Related: Buying Bitcoin & Best Crypto Wallets: Bitcoin for Beginners - CryptoFinally Group Chat - 

Related: Bitcoin Hardware Wallets & Seed Phrases: Bitcoin for Beginners - CryptoFinally Group Chat


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