Look around you. It won’t take much to notice that Bitcoin is everywhere. Whether online or offline, you’ll see headlines and discussions among people aiming to learn Bitcoin on this new wave of global currency that interests millions. With how Bitcoin has grown over its 10 years in the making, it shows no sign of slowing down its journey to global recognition.
Can it reach world domination? That is the question, along with other pressing issues that crypto users, new and old, want answered.
For the new BTC learner, it can be a lot to take in. But it will only take this Bitcoin guide to finally acquaint yourself to the big idea. Here are the most commonly asked questions about Bitcoin.
What is Bitcoin?
Bitcoin is more than just Internet cash; it’s a real currency used by a lot of people in buying and selling goods or services online. The key difference from using traditional (fiat) currency is peer-to-peer transactions. It’s money you can send without the aid of a third-party institution, like banks, among others. Decentralization makes this possible, as Bitcoin isn’t under the control of the government and other financial bodies, but of the blockchain technology - the system where every Bitcoin transaction is reflected.
Are Bitcoin transactions fully anonymous?
Bitcoin only uses encryption keys and alphanumeric addresses to carry out and verify its transactions, thus, its users can go anonymous. For someone who just started to learn Bitcoin, this may sound a bit sketchy. While it’s true that you don’t need to disclose your personal information like your name, bank account, or home address, the blockchain keeps a traceable record of every transaction to avoid spending the same Bitcoin twice.
Is it legal?
With this ‘new virtual currency’ rising to the surface and gaining worldwide popularity, it’s only fair to ask if Bitcoin is legit or not. That’s the first thing you look for, especially in an asset with a relatively high value. As mentioned, Bitcoin isn’t regulated by a central authority, which means no laws from constitutions cover the use of Bitcoin. However, in countries that support the use of Bitcoin, governments and institutions have put up systems and amendments that protect and encourage the effective use of Bitcoin in various transactions.
Where can I get Bitcoin?
There are many ways to acquire Bitcoin today, considering its massive demand and popularity. But if you’re looking for the easiest means to get them, you can head on to a Bitcoin online exchange site like Coinbase. It’s just like trading your regular cash to another currency by paying for the corresponding value. Like these established currencies, Bitcoin’s value changes depending on the market, so it’s really just knowing the perfect time to buy it.
How do I use Bitcoin?
Now onto the last part of this Bitcoin guide, where you finally get yourself ready to use Bitcoin. To do so, you would need to get your own Bitcoin wallet, an app or a desktop software where you’ll keep your Bitcoins. You will also need this wallet to engage in Bitcoin transactions, whether sending or receiving your coins.
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