[FOR BEGINNERS] Bitcoin Basics & FAQ

[mjglqw]

1. What's a Bitcoin?
2. What's a Bitcoin wallet?
3. Where do I get bitcoins?
4. How much is a bitcoin?
5. What should I prevent when using or earning bitcoins?

1. What's a Bitcoin?

A Bitcoin is a digital asset and a payment system invented and created by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto. The system is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain, which uses bitcoin as its unit of account. https://en.wikipedia.org/wiki/Bitcoin

• A more easy-to-understand description of Bitcoin
  A Bitcoin is a digital and global currency. It allows people to send or receive money for various reasons like buying and or selling across the internet, even to someone they don't know or don't trust. Bitcoins can be exchanged anonymously.

2. What's a Bitcoin wallet?

A Bitcoin wallet is basically a bank account, but for Bitcoins. It allows you to send, store, and receive bitcoins. There are a few types of bitcoin wallets, which are:

• Software wallet - Is a wallet that you install or download onto your mobile device or computer.
• Web wallet - Is a wallet that you store to a third party, usually in the form of a website.
• Hardware wallet - Is a wallet that is stored to a certain hardware device, usually in the form of a USB flash drive.

3. Where do I get bitcoins?

Where do you get bitcoins? Well, since bitcoin is a currency, some ways to obtain bitcoins are the same ways you obtain real life currencies.

• Buy and sell stuff online
• offering of services (writing articles, coding, etc)
• ad campaigns
  -bitcoins in exchange of you adding a specific text link, or banner link to your forum account signature.
• bitcoin faucets
  -is a reward system in the form of a website or app, usually by solving captchas.
• site affiliates
• purchasing them on exchange sites
• bitcoin mining(not recommended)
  - a method of obtaining bitcoins in exchange of your computer's power.

4. How much is a bitcoin?


As of today (10/11/2016), the price of bitcoin is at $629.93. source

5. What should I prevent when using or earning bitcoins?

1. Bitcoin investment sites
   Just prevent them at ALL COST; I've seen too much people being scammed by this. Not all of bitcoin investment sites are scams, but MOST are. Better safe than sorry.
2. Bitcoin cloud mining sites
   Same reason with bitcoin investment sites. Stay away from them.

To new members, feel free to ask questions; and to more experienced members, feel free to answer them too.

[BitcoinGuides]

Yes please avoid cloud mining. You are better off buying bitcoin and moving it to cold storage.

[mjglqw]

4. How much is a bitcoin?

As of today (10/11/2016), the price of bitcoin is at $629.93. source

P.S. This topic was a year ago

[bitkilo]

4. How much is a bitcoin?

As of today (10/11/2016), the price of bitcoin is at $629.93. source

P.S. This topic was a year ago

So that's why you wanted to find this topic, lol

It's great to look back on how far we have come in just 1 year, there have been ups and downs and disagreements that continue to this day and yet bitcoin just keeps surging ahead.

[mjglqw]

4. How much is a bitcoin?

As of today (10/11/2016), the price of bitcoin is at $629.93. source

P.S. This topic was a year ago

So that's why you wanted to find this topic, lol

It's great to look back on how far we have come in just 1 year, there have been ups and downs and disagreements that continue to this day and yet bitcoin just keeps surging ahead.

hah. yea. I remember that I added the current price of that date, and I just remembered about this thread hours ago and got curious.

[Possum577]

This gif represents my emotion best when I'm watching Bitcoin rebound so quickly after a sharp one-day drop of a 5-10%. It's WONDERFUL to see how much support exists in the market when there's a brief moment of "Bitcoin on Sale" activity. It indicates how much this isn't a bubble, at least not for bitcoin, ethereum, and litecoin. Compare what happens after a pull back in Bitcoin price to what happens to many of the alts...the alts flat line, they're dead. Bitcoin, on the other hand, has a healthy pulse.

[mjglqw]

This gif represents my emotion best when I'm watching Bitcoin rebound so quickly after a sharp one-day drop of a 5-10%. It's WONDERFUL to see how much support exists in the market when there's a brief moment of "Bitcoin on Sale" activity. It indicates how much this isn't a bubble, at least not for bitcoin, ethereum, and litecoin. Compare what happens after a pull back in Bitcoin price to what happens to many of the alts...the alts flat line, they're dead. Bitcoin, on the other hand, has a healthy pulse.

Indeed. We have a long way to go for bitcoin and crypto. I always knew bitcoin would rise, but not THIS fast. I always end up beating myself up for not investing more.

I'm going to bookmark this thread so I can re-check again nextyear. Hopefully you will see me posting the same gif. LOL

[888to333]

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