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What is Bitcoin and How Does it Work?

by | May 2, 2019 | Blockchain Beginners, Infographic, Learn Bitcoin, Media | 0 comments

Check out this infographic that shows you everything you need to know about what Bitcoin is, where to buy bitcoin, and how to safely and securely store your cryptocurrency, and more!

What is Bitcoin?

Bitcoin is the first ever cryptocurrency generally called a decentralized digital currency or virtual currency that enables instant payments to anyone, anywhere in the world.

Who Created Bitcoin?

It was first invented in 2008 by a group of people or a person and published as an open source with an alias Satoshi Nakamoto. The Bitcoin Network later went live on 3 January 2009.

How Does Bitcoin Work?

The Bitcoin network is a public ledger called a “block chain” which is managed on a peer to peer (P2P) network collectively adhering to a protocol for validating new blocks. Only the owners of bitcoin can send their bitcoin over the network. This is a transaction without any middleman; no banks; no government agencies.

What Can I Use Bitcoin For?

– Privacy
– Convenient
– Instant Transfer
– Transparent Proof of Transaction
– Duplication Impossible 

Who Accepts Bitcoin as Payment?

These are the top 5 largest Bitcoin accepting companies:
– Microsoft
– Dell
– Overstock
– NameCheap
– Expedia

Where can I Buy Bitcoin?

Investors can be purchased with FIAT currencies from cryptocurrency exchanges like Coinbase. 

How do I Keep My Bitcoin Safe?

There are various methods you can use to store your Bitcoin. Here are your options:
– Digital wallet with a public address, secured by a private key
– on the cloud like Blockchain.info
– user’s computer
– hardware wallet like Ledger Nano S 

How Do I Trade Cryptocurrency?

Bitcoin can be traded with altcoins like Ethereum, Ripple, EOS, Neo through platform like Binance.

 

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