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 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.
- 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 computer 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.
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.