BITCOIN BASICS

By Steve Allen

Powered by Investing.com

For someone not familiar with Bitcoin, the first question that comes to mind is, "What is Bitcoin?" And another common question that is often asked relates to the Bitcoin price. It started out a under 10 cents per Bitcoin upon its introduction in early 2009. It has risen steadily since and has hovered around $4000 per Bitcoin recently. So regarding Bitcoin value or the Bitcoin rate this is a most remarkable appreciation of value and has created many, many millionaires over the last eight years.

The Bitcoin market is worldwide and the citizens of China and Japan have been particularly active in its purchase along with other Asian countries. However, recently in Bitcoin news the Chinese government has tried to suppress its activity in that country. That action drove the value of Bitcoin down for a short time but it soon surged back and is now close to its previous value.

The Bitcoin history chart is very interesting. Its creator was an anonymous group of brilliant mathematicians (using the pseudonym Satoski Nakamoto) who designed it in 2008 to be "virtual gold" and released the first Bitcoin software in early 2009 during the height of the USA economic crisis. They knew that to have lasting value, it like gold had to have a finite supply. So in creating it they capped the supply at 21 million Bitcoin.

Bitcoin mining refers to the process by which new Bitcoin is created. With conventional currency, government decides when and where to print and distribute it. With Bitcoin, "miners" use special software to solve complex mathematical problems and are issued a certain number of Bitcoin in return.

A question that then arises is, is Bitcoin mining worth it. The answer is NO for the average person. It takes very sophisticated knowledge and a powerful computer system and this combination of factors makes it unattainable for the masses. This applies even more to bitcoin mining 2017 than in past years.

Many wonder, who accepts Bitcoin? This question gets asked in various ways, what are stores that accept bitcoin, what are websites that accept bitcoins, what are some retailers that accept bitcoin, what are some places that accept bitcoin and where can I spend bitcoin.




More and more companies are beginning to see the value of accepting cryptocurrencies as a valid payment option. Some major companies that do are DISH network, Microsoft, Expedia, Shopify stores, Newegg, Payza, 2Pay4You, and others.Two major holdouts at this time are Walmart and Amazon.

Ethereum is the strongest rival to Bitcoin in the cryptocurrency market and many wonder at the question of Bitcoin vs Ethereum. Ethereum was created in mid-2015 and has gained some popularity but still ranks far behind Bitcoin in usage, acceptance and value.

A question that often comes up often relates to Bitcoin scam. This author has a friend who made a purchase from a company that promised 1-2% growth per day. The company website listed no contact information and after a couple months the website simply vanished one day and my friend lost all the money he had invested which was several thousand dollars.

One has to know how to buy Bitcoins, how to purchase Bitcoin or how to buy Bitcoin with credit card in order to get started. Coinbase is a very popular site to do this. Their fee is 3.75% and the buying limit is $10,000 per day. This would probably be the easiest way to buy bitcoins.

Others would like to buy Bitcoin with debit card. Coinbase also provides this service and has clear step by step instructions on how to proceed with either your debit or credit card.
There are those who would like to buy Bitcoin instantly. This can be done at Paxful, Inc. and can be done through W. Union or any credit/debit card.

Other common questions that come up are what is the best way to buy Bitcoins, the best way to get bitcoins or where to buy bitcoins online. The easiest way is probably to purchase it through a digital asset exchange like the previously mentioned Coinbase. Opening an account with them is painless and once you link your bank account with them you can buy and sell Bitcoin quite easily. This is quite likely also the best place to buy Bitcoins.

One must know what a Bitcoin wallet is and how to use it. It is simply the Bitcoin equivalent of a bank account. It allows you to receive Bitcoins, store them and send them to others. What it does is store a collection of Bitcoin privacy keys. Typically it is encrypted with a password or otherwise protected from unauthorized access.

There are several types of digital wallets to choose from. A web wallet allows you to send, receive and store Bitcoin though your web browser. Another type is a desktop wallet and here the wallet software is stored directly on your computer. There are also mobile wallets which are designed for use by a mobile device.

A question that occasionally comes up is that of Bitcoin stock or how to buy Bitcoin stock. By far the most common way to proceed in this area is to buy Bitcoin directly and not its stock.

There is one entity called Bitcoin Investment trust which is an investment fund that is designed to track the market flow of Bitcoin. Some analysts however are calling this a risky way to become involved in this marketplace.

The Bitcoin exchange rate USD is a closely watched benchmark both on a daily basis and long term over the last 8 years since its introduction to the world's financial marketplace. A popular company to receive the most current rate in Bitcoin valuation is XE. They show Bitcoin to USD valuation and also the complete Bitcoin price chart, the Bitcoin value chart and the Bitcoin to USD chart. If you ask, "How much is one Bitcoin?" you will always know from their continuously updated charts.

Similar questions that come up in this area relate to the bitcoin rate history, the bitcoin price chart live, the bitcoin to dollar exchange rate, the bitcoin dollar chart and the bitcoin 5 year chart. The previously mentioned website, xe, is also a good source for answers to these questions.

Regarding Bitcoin cash, ie. to get USD from selling Bitcoin, Bitwol is one company that enables you to do this. WikiHow is another company that will take you through this process.

Bitcoin projected value is a subject often discussed. In January of 2015 the price of one bitcoin was $215. Currently it is around $5000. This is a phenomenal increase and one far beyond what most experts would have projected at that time. Currently in reviewing forecasts from experts around the world a common answer seems to be that the top value will settle in at around $10,000 and one expert even projected a value reaching $100,000

 

Crypto Currency Trading Bookstore Brought To You By eBay

Bitcoin Standard: The Decentralized Alternative to Central Banking by Saifedean

 

$22.06
End Date: Wednesday Aug-15-2018 23:57:01 PDT
Buy It Now for only: $22.06
Buy It Now | Add to watch list

Bitcoin Rising: Beginners Guide to Bitcoin

 

$14.99
End Date: Thursday Aug-2-2018 2:58:35 PDT
Buy It Now for only: $14.99
Buy It Now | Add to watch list

Trading Cryptocurrencies Bitcoin Ethereum Litecoin - Clem Chambers - paperback

 

$5.99
End Date: Saturday Aug-4-2018 10:05:02 PDT
Buy It Now for only: $5.99
Buy It Now | Add to watch list

BEFORE BABYLON, BEYOND BITCOIN - BIRCH, DAVID - NEW HARDCOVER

 

$23.21
End Date: Monday Jul-30-2018 1:31:17 PDT
Buy It Now for only: $23.21
Buy It Now | Add to watch list

The Bitcoin Bible

 

$11.83
End Date: Monday Aug-6-2018 23:00:30 PDT
Buy It Now for only: $11.83
Buy It Now | Add to watch list

Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond

 

$16.73
End Date: Saturday Aug-18-2018 11:47:14 PDT
Buy It Now for only: $16.73
Buy It Now | Add to watch list

Mastering Bitcoin for Starters by Alan T. Norman

 

$4.00
End Date: Sunday Aug-19-2018 13:18:48 PDT
Buy It Now for only: $4.00
Buy It Now | Add to watch list

THE BITCOIN GUIDEBOOK - DEMARTINO, IAN - NEW PAPERBACK BOOK

 

$16.01
End Date: Thursday Jul-26-2018 14:54:44 PDT
Buy It Now for only: $16.01
Buy It Now | Add to watch list

DIGITAL GOLD: BITCOIN AND INSIDE STORY OF MISFITS By Nathaniel Popper

 

$14.95
End Date: Friday Aug-17-2018 19:23:23 PDT
Buy It Now for only: $14.95
Buy It Now | Add to watch list

Before Babylon, Beyond Bitcoin : From Money That We Understand to Money That...

 

$23.22
End Date: Wednesday Aug-15-2018 0:36:32 PDT
Buy It Now for only: $23.22
Buy It Now | Add to watch list

Cryptoassets : The Innovative Investor's Guide to Bitcoin and Beyond by Chris...

 

$22.46
End Date: Tuesday Aug-14-2018 9:38:23 PDT
Buy It Now for only: $22.46
Buy It Now | Add to watch list

Bitcoin: And the Future of Money VeryGood

 

$7.23
End Date: Thursday Aug-9-2018 13:23:09 PDT
Buy It Now for only: $7.23
Buy It Now | Add to watch list

Satoshi Nakamoto: the Bitcoin Founder by Bill Stonehem (2016, Paperback)

 

$13.98
End Date: Saturday Aug-18-2018 9:43:01 PDT
Buy It Now for only: $13.98
Buy It Now | Add to watch list

The Essential Guide to Bitcoin Mining: A Cryptocurrency Tutorial(paperback book)

 

$14.95
End Date: Friday Aug-10-2018 17:02:56 PDT
Buy It Now for only: $14.95
Buy It Now | Add to watch list

The Book Of Satoshi The Collected Writings of Bitcoin Creator Satoshi Nakamoto

 

$19.05
End Date: Sunday Aug-12-2018 14:17:32 PDT
Buy It Now for only: $19.05
Buy It Now | Add to watch list

The Book of Satoshi: The Collected Writings of Bitcoin Creator Satoshi Nakamoto

 

$21.84
End Date: Saturday Aug-18-2018 18:37:58 PDT
Buy It Now for only: $21.84
Buy It Now | Add to watch list

Digital Gold : Bitcoin and the Inside Story of the Misfits and Millionaires...

 

$12.64
End Date: Tuesday Aug-14-2018 18:37:02 PDT
Buy It Now for only: $12.64
Buy It Now | Add to watch list

BITCOIN - PAGLIERY, JOSE - NEW PAPERBACK BOOK

 

$12.66
End Date: Thursday Aug-9-2018 1:12:05 PDT
Buy It Now for only: $12.66
Buy It Now | Add to watch list

Bitcoin Essentials by Albert Szmigielski (English) Paperback Book Free Shipping!

 

$45.14
End Date: Thursday Aug-9-2018 15:50:46 PDT
Buy It Now for only: $45.14
Buy It Now | Add to watch list

Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Tryin

 

$10.87
End Date: Thursday Aug-9-2018 10:52:03 PDT
Buy It Now for only: $10.87
Buy It Now | Add to watch list

Blockchain Revolution: How the Technology Behind Bitcoin and Other Cryptocurrenc

 

$16.32
End Date: Friday Aug-3-2018 6:59:16 PDT
Buy It Now for only: $16.32
Buy It Now | Add to watch list

THE BITCOIN STANDARD - AMMOUS, SAIFEDEAN - NEW HARDCOVER

 

$22.04
End Date: Thursday Aug-16-2018 15:48:48 PDT
Buy It Now for only: $22.04
Buy It Now | Add to watch list

The Age of Cryptocurrency: How Bitcoin and Digital Money Are Challenging the Gl

 

$7.55
End Date: Wednesday Jul-25-2018 14:11:51 PDT
Buy It Now for only: $7.55
Buy It Now | Add to watch list

Bitcoin Decoded: Bitcoin Beginner's Guide to Mining and the Strategies to Make M

 

$16.97
End Date: Monday Jul-30-2018 18:35:39 PDT
Buy It Now for only: $16.97
Buy It Now | Add to watch list

Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Tr...

 

$10.87
End Date: Tuesday Aug-7-2018 21:39:57 PDT
Buy It Now for only: $10.87
Buy It Now | Add to watch list

Bitcoin: Technical Background and Data Analysis by Federal Reserve Board (Englis

 

$23.03
End Date: Sunday Aug-5-2018 21:58:50 PDT
Buy It Now for only: $23.03
Buy It Now | Add to watch list

The Bitcoin Guidebook: How to Obtain, Invest, and Spend the World?s First Decent

 

$8.83
End Date: Saturday Aug-18-2018 20:23:11 PDT
Buy It Now for only: $8.83
Buy It Now | Add to watch list

Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond

 

$19.04
End Date: Tuesday Aug-7-2018 12:47:14 PDT
Buy It Now for only: $19.04
Buy It Now | Add to watch list

Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires

 

$19.99
End Date: Thursday Jul-26-2018 10:47:12 PDT
Buy It Now for only: $19.99
Buy It Now | Add to watch list

Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond (Hardback or

 

$22.75
End Date: Sunday Jul-22-2018 23:41:16 PDT
Buy It Now for only: $22.75
Buy It Now | Add to watch list

Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Tryin

 

$13.74
End Date: Wednesday Jul-25-2018 14:38:11 PDT
Buy It Now for only: $13.74
Buy It Now | Add to watch list

Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Tryin

 

$9.53
End Date: Monday Jul-23-2018 12:45:26 PDT
Buy It Now for only: $9.53
Buy It Now | Add to watch list

THE BITCOIN BIG BANG - KELLY, BRIAN - NEW HARDCOVER BOOK

 

$27.02
End Date: Monday Jul-23-2018 19:04:45 PDT
Buy It Now for only: $27.02
Buy It Now | Add to watch list

Bitcoin: And the Future of Money (Paperback or Softback)

 

$13.08
End Date: Tuesday Jul-24-2018 3:54:06 PDT
Buy It Now for only: $13.08
Buy It Now | Add to watch list

The Age of Cryptocurrency : How Bitcoin and Digital Money Are Challenging the...

 

$13.48
End Date: Tuesday Aug-14-2018 19:15:10 PDT
Buy It Now for only: $13.48
Buy It Now | Add to watch list

Back To The Top Of The Page

eBooks & Software Available For Immediate Download & Enjoyment!

Buy Sell Magic

Buy With No Credit

Trader On Chart

Real Estate