Bitcoin

WHAT IS BITCOIN?


Bitcoin Is A Decentralized Digital Currency,
It Is Like Virtual Cash Or Gold,
It Is Transferred From One Person To The Other,
It Has No Bank Or Government Prerequisites Or Control,
Bitcoin Is A Crypto-Currency.
The First Bitcoin Was Issued In 2009 And The Founder Of Bitcoin Is Satoshi Nakamoto
When Bitcoin was launched 1 bitcoin was worth $1 , 2017 we have seen 1 Bitcoin reaching  $4000 , imagine that rise. But good thing about bitcoins is, you will always get them for the money you have .. example : if you have $10 your bitcoin balance will be like 0.0025.. read bitcoin price history by clicking here
Every Currency Has A Limit And With Bitcoin We Have A Limit Of 21 Million
A Predetermined Amount Of Bitcoins Are Released Every 10 Minutes, Halfed Every 4 Years, Until The Year 2140
The Bitcoin Protocol Or Network Is Impossible To Hack,
Bitcoin Is Controlled By Consensus Of Market Participants,
No Government Controls Bitcoins So They Have No Taxes,

IN SUMMARY:

  • Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like rands, dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
  • It’s the first example of a growing category of money known as *cryptocurrency*
  • It is an international Currency or Worldwide – not limited on based in a single country

WHY IS BITCOIN IMPORTANT?


Millions Of People Do Not Have Access To Banking Services (Bitcoin Is The Solution To This Problem)
It Solves The Problem Of Cross Currencies Purchases And Transfers That Comes From Cross Currency Exchanges That Are Very Expensive

WE MENTIONED THE TERM CRYPTOCURRENCY ABOVE, YOU MIGHT BE WONDERING…

WHAT IS CRYPTOCURRENCY?


Well, Cryptocurrency is a digital currency where the encryption techniques are used to regulate the generation of units of currency.
The verification of transfer of funds is an important part of cryptocurrency which provides authenticity and transparency to the equation.
Instead of fiat currency, cryptocurrency is produced by solving mathematical problems based on cryptography.

HOW DOES BITCOIN WORK?


Bitcoin once you have them you buy or purchase with them from bitcoin accepting stores, exchange them to cash in any exchange like localbitcoins to do transactions you will be using an app or computer program that provides a personal Bitcoin Wallet that allows a you to send and receive bitcoins and also store them.
This is how Bitcoin is used by most users.
Behind the scenes, the Bitcoin network is sharing a Public Ledger called the “Block Chain“.
This ledger contains every transaction ever processed, allowing a user’s computer to verify the validity of each transaction.
The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses, allowing all users to have full control over sending bitcoins from their own Bitcoin Addresses.

A couple of terms or words that might be new to some of you were mentioned above, terms like:
  • Block Chain
  • Bitcoin Wallet : Which is where you store your bitcoins
  • Bitcoin Address : which is like an account number cause it is what you use to receive bitcoins.
If you do not fully understand these terms yet, do not worry, we will cover them in the up coming lessons.
For now, just make sure you understand how Bitcoin works.

PLEASE WATCH THIS SHORT VIDEO BELOW– HOW DOES BITCOIN WORK:

WHAT IS A BITCOINWALLET?how-to-create-a-bitcoin-wallet-on-localbitcoins

A “Bitcoin Wallet” is basically the Bitcoin equivalent of a bank account.
It allows you to receive bitcoins, store them, and then send them to others.

HOW TO CREATE A BITCOIN WALLET ON LOCALBITCOINS.COM:

Step #1:
  • Click and open the LocalBitcoins.com website.
  • Click the Sign up free button.
  • Carefully complete the registration form and click the Submit button.
Step #2:
  • Carefully complete the registration form and click the Submit button.

NOW THAT YOU HAVE CREATED YOUR BITCOIN WALLET, IT’S TIME TO LOAD SOME BITCOINS MY FRIEND!


HOW TO BUY BITCOINS?

Step #1:
  • Login to your LocalBitcoins Bitcoin Wallet.
  • Click on Buy bitcoins
  • Preferably, buy from an online seller, with good rating like 100%
  • Click the Buy button
  • Specify the amount either in BTC or USD (or your country’s currency)
  • If you are happy with the seller’s Terms of Trade, click the Buy bitcoins for button. Also see payment methods the seller have. You can also change Country to your own country to find sellers in your own country

 CONFIRM HOW MUCH YOU WANT TO BUY, WRITE THE MONEY YOU HAVE:

Once you send request or click Buy , you will be able to communicate with the seller. ensure you read terms as you see them next to the trade request.

HOW TO SELL BITCOINS?

So let’s say you have been collecting some Bitcoins through Bitcoin Mining, Bitcoin Exchange communities or even Trading.
Now you want to sell some of them and turn them into normal cash so you can spend your moolah!
  1. Login to your Bitcoin Wallet
  2. Click on Sell Bitcoins
  3. Choose the buyer you wanna trade with, preferably someone with a good rating.
  4. Click the Sell button
  5. Specify the amount either in  USD or BTC you want to sell to them
  6. Click the Send Trade Request button

PUT THE AMOUNT YOU WANT TO SELL:

WATCH THIS VIDEO THAT SHOWS YOU HOW TO BUY BITCOINS:

 

HOW TO SEND BITCOINS?

  • So let’s say you have bought some bitcoins.
  • Now you want to send them to any other wallet.
  • Login to your Bitcoin Wallet and click on your account balance.
  • Click on Send Bitcoins.
  • Add the persons BTC address in the Receiving Bitcoin Address field.
  • Specify the amount either in BTC you wish to send them.
  • Click the Continue button.

 

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