How Does Bitcoin Work In Easy Terms?
What is that BTC and how does Bitcoin work effectively?
The quickest answer would be to say that bitcoin is internet money that can be transferred from one investor to another via the world wide web. BTC is an abbreviation for Bitcoin in the cryptocurrency market that currenctly contain over 5000 different cryptocurrencies.
We may also add that bitcoin is a cryptocurrency or digital money that used cryptography to insure its security. Bitcoins circulate from one digital wallet to another via the blockchain, which is a network of computers connected via the internet that generate, transmit and authenticate financial transactions. Therefore , the bitcoin network is totally decentralized, it is a peer to peer network that operate without intermediaries or middle men.
Now that you have a better idea of what bitcoin is, you are certainly wondering how you can buy
your first bitcoin?
There are a plethora of ways by which Bitcoin can be bought but which of them is secure?
Bitcoin exchanges;
Bitcoin exchanges Are websites that allow users to buy and sell Bitcoins when they want and as much as they allow. When picking a bitcoin exchange, it’s important to pick an exchange with a good track record on security and user experience. Some of the most popular and reputable bitcoin exchanges are Binance, CEX, Coinbase, Poloniex, Bitpanda, etc.
eToro provides an online social trading platform and a cryptocurrency exchange named eToroX.
The social trading platform is very popular among new investors wishing to buy bitcoin with paypal or debit cards. Make sure to watch the full Buy Bitcoin UK Guide video series for a complete etoro review and instructions.
Can I make money with Bitcoin?
Yes, you can make money with Bitcoin but it’s important that you understand that Bitcoin is not a quick money making scheme. It’s like every other currency and there are no guarantees on investments.
One of the popular ways to make money from Bitcoins is trading.
Bitcoin traders are people who buy or sell Bitcoins.
Easy huh? But trading Bitcoins is more than guesswork and luck.
As a trader, you need to learn how to trade and how to overcome potential risks while trading but also keep in mind that you might lose a lot of money during the period and also make as much.
Trading bitcoin is a serious commitment that requires a lot of patience
Can you buy and sell Bitcoin in the same day?
Yes, this is possible, and you can do this easily on many Bitcoin exchanges but what distinguishes one Bitcoin exchange from the other is the speed of processing transactions. Most popular Bitcoin exchanges can process your buy and sell orders in a matter of seconds. However, depending on your level on the exchange, there are certain limits on how much bitcoin you can buy or sell.
What's the easiest way to buy Bitcoin?
One of the easiest ways to buy Bitcoin is through a Bitcoin exchange using your debit/credit card or even a bank transfer. So, if you’re looking for an easy way to purchase some, search for Bitcoin exchanges that allow you to buy without any for Identity verification (although you might need it later) and support card payment.
What’s the Best Bitcoin Wallet?
Bitcoin wallets are where you store your Bitcoins and the answers to this is relative, so I would advise you do your research and check customer reviews. Here are some of the best Bitcoin Wallets across various devices.
What if you want to remain offline? How does bitcoin work offline and what are the advatanges?Trezor is ranked as one of the best Bitcoin wallets. Bitcoin offline wallets are physical devices where you can store your bitcoins off the web and therefore protect them from eventual online hackers who might try to steal your Bitcoin. Trezor has many functions aside storing Bitcoins, it also serves as a password manager and two-factor authentication device.
It’s one of the best bitcoin wallets when it comes to security.