BTC - A Dummy's Handbook
Okay to be hones't I don't know how shall I start this thread off but I am here today to explain you what is a Bitcoin and various methods on How to use a bitcoin, where to store it, benefits the pro's the cons and what not.
I will try my level best to help you out in this thread itself but even if you don't understand anything do PM me so that I can help you out a bit more.
So lets get started.....
My info might not match your info but this info is just posted by me up to my knowledge or understanding to bear me.
What is a Bitcoin?
A Bitcoin is basically a digital currency produced and owned by the people. It is a decentralized currency which has no government body backing it. The price and the cost of a bitcoin varies upon the demand and supply of the currency itself. As the Bitcoin is a digital currency it can not be printed it is stored in Bitcoin wallets linked to your PC and or on your Mobile device.
As basically it is a currency with no government body backing it, the coin transactions are mostly anonymous. So there are quite a number of illegal transactions also going on the system itself.
Where to store your Bitcoins?
Basically Bitcoins are stored in Online Wallets which can be accessed via your PC or your mobile device. There are many websites providing the wallets like the ones I use
- Bitcoin Core (PC Wallet)
- Multibit (PC Wallet)
- Blockchain (Internet Wallet)
- CoinBase (Internet Wallet)
When You create an wallet on any of those service provider you are provided with a BTC (bitcoin) address to receive your bitcoins at. It is just like the email you give out to people to receive money via Paypal
An Example of a BTC address is 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy
This address you can send out to your friends or payment providers to receive the money at.
Always enable a Two-Factor Authorization on all of your wallets. And make sure you print out the release codes and save it somewhere in case of Mobile loss or data loss.
Where can you get a Bitcoin?
- You can either earn bitcoins via providing your service or supplying goods and accepting Bitcoins as a payment method
- You can either buy them out from Online Exchange websites ( Which I would link below)
- You can either buy them out from Local Exchangers via giving them cash / Payments via other e-currencies
- The hardest of them all you could mine them yourself but to be honest that ain't a profitable method anymore
- LocalBitcoins
- Virwox
- Coinbase ( Wallet + Trading Platform)
- Circle (App based)
- Bitstamp
Some of the local exchangers are and No I don't hold any responsibility regarding them
- worlockt (Here at WJ)
- Raz3r (Me - Here at WJ)
- Grim (Here at WJ)
- People you can find on LocalExchange
- More people you can find here on WJ (Be Safe do verify the legitimacy of the user)
Small Info about Bitcoin transactions
When you receive or send Bitcoins to some user the coins are then entitled to be of the opposite party to confirm that the coins enter into a Block chain then the coins are then verified or confirmed via network bots or miners to allot the coins to the other user. These Miners charge a very tiny amount of the transaction to confirm the transaction. Although the transaction made via Bitcoins is instant but if you do include some miners fee it would be more appropriate.
A Transaction reflects into your or the other's account after 3-6 confirmations depending upon how the network works. But a transaction with 6 to 7 confirmations is considered as a safe transaction.
And Yes the bitcoin is a irreversible currency. Once sent can't be retrieved back unless and until the transaction was debited twice and the network itself reveres the other transaction. So the chances of being scammed are very high.
Here were some info which I know about bitcoins do ask more questions here so that we can help each other out by learning more things around
Regards
Raz3r
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