Everyone must have heard about Bitcoins. But, most of them really don’t know what it is. Bitcoin is one of the crypto currencies among hundreds of other crypto coins and tokens. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system. Bitcoin is different than what you know and use everyday so, be careful when you are going to start using it.
- Do a quick research before investing.
- Choose a wallet and secure it.
- Buy/Sell or Send/ receive BTC using wallet (Be sure to change your wallet address after every transaction)
- Be aware of cloud mining scams.
When transacting bitcoin you may come around the word “Blockchain“. Blockchain is a shared a public ledger which keeps the record of every transactions. Using transaction ID anyone can look into the transaction details. That is why, we need to change our Bitcoin address after every transaction. Keep this in mind that bitcoin transactions are irreversible. You must double check the address before you make a payment.
Another term which is very popular in cryptoworld is “Mining”. New users may wonder what is mining. Here is a short video of mining and how it works.
There are many software are available for mining but, using our home computer power to mine bitcoin is not profitable and it is not recommended because the use of maximum CPU power for a long time may break your computer. Be aware that there are so many ponzi schemes online which offer cloud-mining ( process of utilizing a remote data center with shared processing power. In most cases these data centers are non existent.) for a fees. They pay you for some time but, as they get popular and gather much bitcoin they turn up into a scam.
As i already stated in the topic, Bitcoin is the next generation currency. Be careful about all the market vulnerabilities and keep profiting.