Cryptocurrency

BTCPost: What you need to know about Bitcoin

Welcome to BTC Post where the latest news and updates about cryptocurrency happen! Find all the answers to your questions about the efficiency of cryptocurrency and how you can use it in your everyday lives.

If you need the latest updates on different projects that involve cryptocurrency, BTC Post is the site to be. Since the world of digital assets is broad, it’s ideal that you begin with its basics and how it helps people transact easily. With BTC Post, you’ll get a wide range of cryptocurrency information by just searching on our site.

Bitcoin

Bitcoin is a digital asset that can be used as a medium of exchange for online transactions. It can be traded, bought, and sold across the world using the internet. Launched in 2009, Bitcoin remains the most popular cryptocurrency to this day and is trusted by thousands of people across the globe though other cryptocurrencies have emerged over the years.

Each transaction is kept in an open-source ledger that everyone has access to. Every transaction made online is through the use of algorithms and nodes. This cryptocurrency can be used to purchase products and services either online or in physical stores in which many have started accepting Bitcoin as a mode of payment.

Who created Bitcoin?

No one knows for sure who exactly invented this popular cryptocurrency, but whoever did probably wants to stay anonymous given the fact that to this day, their identity is still unknown to the public.

What the crypto community knows is Satoshi Nakamoto, a pseudonym associated with the person or group of people who published the whitepaper and launched the Bitcoin software. Over the years, many people have claimed that they are the creator/s of Bitcoin. To this day though, the real identity of Satoshi Nakamoto remains a mystery.

How it began

Before Bitcoin is known as its name today, a domain called bitcoin.org emerged in the digital world in August 2008. As of today, this domain is ‘WhoisGuard Protected’ which means that the person who registered this domain is not public information.

When October came, a pseudonymous identity named Satoshi Nakamoto announced that he or they have been working on launching a peer-to-peer electronic cash system with no third party. They published a whitepaper entitled ‘Bitcoin: A peer-to-peer electronic cash system’ on bitcoin.org that became the cryptocurrency’s template on how it operates and what its features are. This is how Bitcoin first came to be.

In January 2009, the first Bitcoin block was mined and it was announced on The Cryptography Mailing list that the first version of the Bitcoin software was available. In the same month, Bitcoin mining commenced.

Features of Bitcoin

Bitcoin has a lot of beneficial aspects which is why many are interested in learning about it. Here are some of them:

Decentralized

Bitcoin is decentralized because it isn’t governed by authorities or banks and was designed in a way that can be used by anyone and to not limit who gets to transact.

Anonymity

Banks know almost everything about their clients because of the information they receive in every transaction. They have knowledge about a person’s spending habits, how much money enters their account, and personal information. It’s different with Bitcoin because a wallet has a public key. Some people prefer being anonymous when making transactions and this makes the anonymity in Bitcoin beneficial to them.

Transparency

Every transaction made with Bitcoin is recorded in the blockchain and can be checked by anyone. This is what makes Bitcoin better than traditional banks because it allows transparency between the users.

Banks keep their ledger private which prevents people from seeing other transactions. Though transparent, tracking a particular person using Bitcoin is almost impossible unless you know their public key.

Fast

Another feature of Bitcoin is its speed. Bitcoin processes transactions faster and almost instantly than traditional banks. It will only take a few minutes depending on how fast you approve the transaction to transfer money to someone from the other side of the world. You don’t have to wait for a few days to get notified that the money has been received by the other party.

Non-repudiable

Once you send your Bitcoins to someone, you will never get it back unless they send it back to you. This guarantees the efficiency of Bitcoin and ensures that you won’t be scammed.

Traceable

Though Bitcoin is transparent, no can tamper it and your identity will remain hidden. A string of numbers and letters are the only reference to your identity and without your personal information, no one would be able to track your current location.

Some people argue that Bitcoin’s transparency allows anyone to do illicit activities, however, every transaction is traceable due to the blockchain which means that the address of the activity can still be found.

What you can buy with Bitcoin

The growing interest of people shows Bitcoin’s popularity and the people’s interest in using the cryptocurrency. Now that it’s widely accepted, it’s no surprise that many online and physical stores now accept Bitcoin as a mode of payment. Purchasing a wide selection of goods and services are now possible thanks to Bitcoin’s effectiveness.

Aside from products, well-known companies like Microsoft and Dell have accepted Bitcoin as a mode of payment. These days, you can also book a flight and buy theatre tickets with Bitcoin. The possibilities are endless. Additionally, more services have adopted the use of Bitcoin almost every day which adds to the list of goods and services that you can purchase.

Unlike the first launch of Bitcoin, no one knows exactly how and where to spend it. Because of the people’s interest in the cryptocurrency these days, you can almost buy anything with it. It’s only a matter of time before Bitcoin becomes an official medium of payment in every country.

How to buy Bitcoin

There are different ways you can purchase Bitcoin. The most common ways are through crypto exchanges, brokers, and ATMs. Each type comes with its own additional fees and accessibility. Here’s where you can buy Bitcoin:

Crypto exchanges

There are various crypto exchanges that can be found online. Each has its own additional fee of the purchase price. It’s up to you to find the ideal exchange that you think has the amount of fee that you can shoulder.

Crypto exchanges are platforms where users can buy or sell cryptocurrencies. If you’re planning to buy Bitcoin, you don’t have to search for a seller because the platform will automatically do that so you can complete your transaction.
Some of the popular crypto exchanges are:

  • Coinbase
  • Binance
  • Gemini
  • Coinmama.

Brokers

Brokers are ideal for beginners because it’s easier to use than crypto exchanges. This is where you can directly buy cryptocurrencies. Brokers will instantly give you what you want as soon as you place your order. Of course, convenience comes with a price. Brokers have higher additional fees compared to crypto exchanges.

ATMs

Bitcoin ATMs function like bank ATMs but instead of receiving physical forms of cash, your purchased bitcoins will go straight to your wallet. To use the ATM, scan your wallet’s QR code and then insert the amount of cash that you want to exchange with Bitcoin. The machine can also help you receive cash that’s equivalent to the amount of your Bitcoin.

Buying directly from users

These are the people who sell Bitcoins. You can buy from them when you look at sites such as Bisq, Bitquick, and LocalBitcoins.com. When buying from other people, you must be cautious because some might scam you into believing that they’re selling Bitcoins but actually don’t. This is similar to buying products online where you have to read the feedback section of customers just to see if the seller sells authentic or fake products, so be careful and ensure that they’re for real.

Where to store your Bitcoin

There are two types of wallets where you can store your Bitcoin: the Hot and Cold wallets. Get to know the difference between these two wallets:

Hot Wallet

With Hot Wallet, Bitcoin is stored in the cloud through a trusted exchange or provider that can be accessed online through the use of an app or computer browser. You are offered by a provider a free Bitcoin Hot Wallet where your purchases will be automatically stored. What’s good about Hot Wallets is that it gives you quick access to your coins which is a better option for day-to-day trading.

Here are some of the providers that offer different types of hot wallet:

  • Coinbase
  • Electrum
  • Blockchain
  • Mycelium.

Cold Wallet

Unlike Hot Wallets that are stored online, Cold Wallets are physical wallets that come as a flash drive-like hardware unit. Cold Wallets are not as accessible as Hot Wallets and can come off as expensive, but the level of security is certain.

Here are the different types of cold wallets:

  • Hardware wallets
  • Paper wallets.
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