What is Bitcoin

Bitcoin, Bitcoin, Before we go

In this modern world, there are millions of people investing and working enthusiastically on Bitcoin every day. The value is still raising up and breaking out the record of history.

Before you get, buy, sell or receive Bitcoin. Understanding Bitcoin is the most important matter for you. You will understand that why the transaction of Bitcoin gets delayed. You will appreciate the features of Bitcoin and won’t be defrauded by somebody on the internet. Don’t feel stressful, let me walk you and discover this Bitcoin world.

What is Bitcoin?

The Bitcoin was innovated by a person or a group called Satoshi Nakamoto. Bitcoin was published in 2008 and released open-source software in 2009.

Bitcoin is digital crypto-currency and a peer-peer payment system. Any country in the world does not own Bitcoin. People who have “Bitcoin Wallet” can transact each other without a central repository or single administrator because Bitcoin trading is confirmed by “Miners” in “Blockchain” or called “global ledger“.

What are features of Bitcoin for users?

  • Decentralized: Bitcoin is designed not to need a central authority. Miners produce the amount of Bitcoin in mempool. The value is controlled purely by need and demand.
  • Privacy: Transaction of an owner is not explicit, but it is public on Blockchain. People cannot trace the private identity of the transaction.
  • Irrecoverable: Bitcoin is different from physical currencies which are controlled by central repositories or administrators. Once a transaction completed, no one can help you to get the refund if you had issues with a trader.

Where can I get Bitcoin wallet?

There are four ways to get Bitcoin wallet.

    • Desktop Bitcoin walletDesktop wallets: Electrum. Its focus is speed, with low resource usage and simplifying Bitcoin. Startup times are instant because it operates in conjunction with high-performance servers that handle the most complicated parts of the Bitcoin system. It provides a random phrase to generate private keys. When you met issues, you could recover your account with a random phrase. Please keep them on a secure device.

Coinbase

  • Mobile wallets: Register Coinbase and get an appropriate app for iPhone or Android.
  • Online web wallets: Coinbase. It supports transaction in Australia, Canada, Singapore, the United States, the United Kingdom, and 26 European countries. It accepts a variety of payment on trading Bitcoin, including bank transfers, credit cards, debit cards, and bank wires. The interface is clear and easy to understand. When you register and login to your account, please navigate to “Security” tap to protect your account. I strongly recommend that you have to use “Authenticator” app for your transactions.
  • Hardware wallets: Ledger-Nano-S. It can connect to computerLedger-Nano-S and mobile phone and accessed by a pin code when you lose Ledger-Nano-S, nobody can access without a pin code. Ledger-Nano-S provides 25 secret words for recovery. You have to write them down on a card and keep them safe for the first time. If Ledger-Nano-S were stolen or broken, you would be able to get your Bitcoin back with a new Ledger-Nano-S and 25 secret words. It has to work with a Ledger app for sending and receiving Bitcoin.

Where can I buy and sell Bitcoins?

  • For New users, the Coinbase is a better choice for Bitcoin transactions.
  • For Advanced users, trading Bitcoin in PAXFUL is a good choice. However, there are some tips that I will talk about next topic.

Conclusion

I have some security tips for you.

  • Keep your private key of Bitcoin wallet or an account of Bitcoin online wallet in the security device. A private key is a secret number that allows bitcoins to spend. The account of Bitcoin online wallet likes your bank account.
  • Don’t download software which claims “double Bitcoin,” “Bitcoin generator,” “Blockchain hack,” or other names. They are all scams and full of malware. If you download them, your computer will be infected and stolen your Bitcoin by a hacker.
  • Install a reliable antivirus for system protection.
  • Check wallet address carefully which you would send Bitcoin with, again and again.

If you have any question about Bitcoin, feel free to leave a comment below, I will be happy to help you.
Eli Hsu

About Me

13 comments

  1. Very informative. I truly do believe that cryptocurrency is going to be as influential and life changing as the internet was for our parents. Thank you for the information.

    1. I was so glad to have your comment.
      In my opinion, the cryptocurrency will be the last worth currency at the end of the world.
      As long as the networking was still alive in the future.
      If you wanted to try, I would suggest you try Coinbase.
      Because the interface is clear and easy to understand, the system is high security.
      It is a good way to play Bitcoin for your first step.
      Thank you.

  2. I’ve been so interested in bitcoin, but so unsure of how to start. Your site is very helpful for me to navigate this new territory. What is the best way to manage bitcoins? Through desktop or mobile device, is one safer or more secure than the other?

    1. Hi Linda.
      I am so glad to answer your question.
      For you as a new user, playing Bitcoin with the online wallet as Coinbase is better for you.
      The operation interface of Coinbase is friendly for you.
      When you got more Bitcoins, I would suggest you that store your Bitcoins in hardware wallet as Ledger-Nano-S because of its high-security design.
      Thank you for your comment.

  3. Thanks for this post about BitCoin. I’m using BitCoin for online payments and I also have credit card to pay with my coins offline. I mostly using XAPO as a wallet, but I’m sure I will check Ledger. It sound good.

    1. Hi Gary,
      I was so glad that you had this experience with Bitcoin.
      Let me kindly remind you that storing too much Bitcoin online wallet is dangerous for you.
      Please read my another article “Report Scam Mail – A Camouflaged Blockchain Email”.
      It just happened 3 days ago.
      In my opinion, storing a large amount of Bitcoin in hardware wallet as ” Ledger-Nano-S ” is the best way.
      Thank you for your comment.

  4. Great article Eli! I was actually reading about bitcoins very recently after the boom in its stock.
    This article has certainly made things clearer for me and I think I might do some mining to earn a little. Thankyou!

  5. Eli,
    Not knowing anything about bitcoins, you have given me a start of information. Not all of your words are in my vocabulary. Need to have some more information on some words only used in the bitcoin world.
    John

    1. Hi John,
      Thank you for your comment.
      Bitcoin likes solving a mathematical expression.
      If you solved it by yourself, you will get a number of Bitcoins.
      If a group solved it together, they will share Bitcoins.
      That is a simple explanation.

    1. No, there is no tax charged for bitcoins you had.
      But once you convert bitcoins to your currency, there will be a form of tax for your currency.
      My suggestion for you is to convert an amount of bitcoin to your currency which you need.
      Have a nice day.

  6. Hello from Canada.
    Cryptocurrency is the future. Just like the internet, I believe this the revolution is happening right here, and right now.
    Thank you for your useful content. I bet we are 98% educated more than the mass population.
    Good luck with your website

    1. Hi Thai Nguyen,
      Thank you for your comment.
      I completely agree with your opinion.
      But having a secure environment to save Bitcoins is the most important things.
      As the reason, I posted some good articles for computer and smartphone protection.
      If you are available, please visit my website and read these articles.
      Have a nice day.

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