Everywhere you turn these days, it seems like there is another comment on the word ‘bitcoins’ about to happen. You have been hearing it for so long now, and you are wondering why the whole world (yes, not just your locale) is getting excited about it. The truth is bitcoins are a fascinating subject if I do say so. However, it is easy to get lost and confused without the proper information. That is why, today, I have decided to take some time out of the bitcoin craze and teach you everything about bitcoins. Well, the essential things to know.
Some Facts about Bitcoin
Before we go in deep to the study of bitcoins, you will want to know some facts about it. Even if this won’t be important for more than mere coffee room talk with your friends at work, you will find them useful.
Here are some quick facts about bitcoin that I think you, should know about
• Nearly 80% of Americans have heard of Bitcoins. However, only 14% of those made a move to own it, while 40% were ready to entertain the idea of holding it in the future
• Unlike currencies which are localised to a country, bitcoins are neither controlled nor owned by one person
• There is a finite number of bitcoins. Being a digital currency does not mean it is in infinite production/ ‘minting.’
• Bitcoin transactions are completely transparent. You can see all operations of everyone on the blockchain from your computer
• You can mine bitcoins. In paper money terms, this means you can mint your own money
• You cannot reverse a transaction done on the blockchain, unless the receiving party agrees to transfer the bitcoins back to you
• You can buy real things with bitcoins
• If you put 500 supercomputers together, they still won’t be as powerful as the bitcoin network
• The inventor(s) of Bitcoin, under the name Satoshi Nakamoto, is/ are still anonymous
• A Satoshi is to a bitcoin as is a cent to a dollar
• Sadly, 64% of bitcoins have not been used. It is sadder that they might never be used
• The FBI is not left out of the bitcoin game. They own about 1.5% of the total volume worldwide
• If you lose a bitcoin wallet, you lose the bitcoins forever. This has happened to a man named James Howell, who lost 7,500 units of bitcoins
• While bitcoin is now considered widely legal, it is not so in countries such as Bolivia, Ecuador, and Saudi Arabia
• North America has up to 75% of all bitcoin ATMs in the world
Not to geek you out, but interesting, isn’t that? Let’s see how you can increase the percentage of people worldwide dealing with bitcoins.
How to Get Started with Bitcoins
To get started with bitcoins, you will need to follow all of the three simplified steps I have outlined below
1 Get a Wallet
Your bitcoins cannot be held in a regular bank account. At least, not for now. Since you need a place to keep your bitcoins, a digital wallet comes in to save the day.
There are a number of them on the internet, and they are all free. Two of those that have an excellent reputation, and that I will recommend any day, are Blockchain and CoinBase. Register for an account there and move on to the next step.
2 Buy Bitcoins
Buying bitcoins is a delicate task. Even after years of its existence, and many people dealing it, there is still a great deal of care to be taken when buying bitcoins. It is sad that there are a lot of scammers out there who are waiting to get your money.
Depending on your location, you can research established bitcoin exchangers and buy from them. For those in Canada, the US and the UK, for example, you can get bitcoins from companies such as CoinBase, Circle, Bittylicious, and CoinCorner.
There are more of them, but these are the ones I know you can trust any day.
3 Keep your Details Safe
It is surprising why this would be under the getting started with bitcoins tab, but there is no other place as fitting. Like I have mentioned in the facts above, many have lost their wallets and consequently, all of their bitcoin investment too. You don’t want this to happen, so you will want to back up all of your details.
Make sure you keep those details away from the prying eyes of hackers and scammers too. To make things easier, set up a two-step verification process for your account when going ahead with #1 above.
Can I Get Free Bitcoins?
Yes, you can.
In the same way you can get free money, so can you get free bitcoins. Here are some ways to earn free bitcoins online.
1 Playing Games
This might sound funny, but it is the truth. There are some games you can play from the comfort of your phone that guarantees you free bitcoins to your wallet.
Some of the games that have been verified to pay-out to their players are the Blockchain Game, Pop Bubbles and Roll and Ball. You can get all of them from the Google Play Store and start now.
The bitcoins you will be earning from these games will be measured in satoshis (look at the fact sheet above for this), but with time and consistency, you will have something tangible to call your own. Coupled with the rate at which bitcoin value is increasing these days, know that your time isn’t a waste.
2 Join a Bitcoin Program
If you want to go the way of playing bitcoin games, it will take a while, not to mention a great deal of effort, to see something mildly tangible. For an outstanding return on investment though, you should consider joining a bitcoin programme.
I have researched quite a number of them and put my money in a couple too. One that I find most rewarding is the AutoBTC builder program. All you have to do is invest, and your downlines make all the money for you. For faster progress, you can also help your downlines build downlines too.
Everything comes back to work in your favour.
3 Play Dice
For people who are good with numbers, and are familiar with dice, there is no limit to how much bitcoin you can amass by playing dice. Not all dice websites are legit, so be on the lookout.
While I don’t have the time (read: experience) to go dice playing, I do know that PrimeDice and 999Dice are legit businesses. To make the deal sweeter, you don’t need to deposit money to play. They give you a small starting balance to test the system with.
If you’re good enough, and with time on your hands, you won’t be needing more than the stating balance boost to make something happen
4 Bitcoin Faucets
Faucets are just taps that have been born to a royal family. Just kidding. They are the same.
Bitcoin faucets can then be said to mean taps where bitcoins leak. Leak, because you can only claim in small quantities (satoshis). The beauty of bitcoin faucets is that you can join as many as you want, fast-tracking your journey to accumulating bitcoins.
If you ever feel like bitcoin faucets are the thing for you, you should look at Moon Bitcoin, Bitcoin Zebra, and Free Bitcoin, among others.
So, there you have it – everything you need to know about bitcoins – and it is not even overwhelming. That is to tell you anyone – absolutely anyone from any background – can get the concept of bitcoins.
Even though I have tried to detail as much as possible when it comes to everything about bitcoins, I know you probably have some more questions, suggestions, inputs or other comments.
Let me know what they are in the comment section below, and I’ll get back to you.
Bitcoin and Crypto Currencies are part of the online world and they are not going anywhere. Despite the ups and downs, Bitcoin is a viable investment. Fortune follows the bold has some information to share with you. As usual, you have to make the decisions of where to spend your money.