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The Basics of Bitcoin

What is Bitcoin?

Bitcoin has become one of the world’s most popular cryptocurrencies. Bitcoin made its big debut in 2009. At first, the concept of digital currency excited and scared a lot of people. As its popularity increased, Bitcoin has become active all over the globe. However, there are still many unsure of what Bitcoin really is and how it can be used. Bitcoin is a form of electronic cash, where the seller is in control. This means that there is no middleman. This idea was a huge attraction for many who were simply looking to send and receive money without any interference. Bitcoin has become more accessible over the last few years.

Knowing the Basics

Bitcoin has become a popular craze all around the globe. Bitcoin can be used as an investment or for online purchases. It has become accepted in major retail stores and businesses. Expedia, Microsoft, Wikipedia, and subway are just a few examples of popular places to spend your coins. The main attraction for most is that it’s not sponsored by any financial institute or government. Bitcoin instead works through a network in the Bitcoin community. People within the network use a computer to complete calculations also known as mining.

Advantages of Bitcoin

Other forms of payment, such as credit and debit cards have high transaction fees. However, Bitcoin transfers have low and affordable fees. The high fees charged by other financial institutions have led many to avoid these payment forms. Transactions in the cryptocurrency space are based on a peer-to-peer model and do not involve any third party. This allows for numerous benefits. Users are not charged extra fees.

Read also: Who is Satoshi Nakamoto?

Similarly, transactions are much faster since both parties will be dealing directly with each other. Due to its nature, Bitcoin transactions are more secure compared to other payment modes. Hackers cannot prey on the transactions with the hopes of defrauding either party. Transactions are carried out via a blockchain network, which translates to zero chances of fraud taking place.

Where to Store your Bitcoin?

Still eager to know where you can store your Bitcoin? Here are some pointers that may help you find a safe place to store your coins. Typically this is the first step a customer will follow before buying Bitcoin. To start, you need to arrange a digital wallet. Both online and offline digital wallets are available to help in storing your crypto assets. A digital wallet can be used to buy or sell; it’s basically a program on your smartphone or computer.

Cryptocurrencies can be transferred from this digital wallet instantly. Then it can be used further for purchases of goods or services at online or offline stores. Over time, many businesses and merchants have started accepting Bitcoin as a form of payment. Bitcoin has started to integrate into a daily trend for many. With the use of digital wallets, you can make transactions instantly. We also have our own digital wallet app that is linked to our website!

How a Bitcoin transaction works (Source- Cryptopolitan)
How a Bitcoin transaction works (Source- Cryptopolitan)

Investing in Bitcoin

There are different cryptocurrencies on the list, however, among all of them, the most well-known is Bitcoin. Even though the price of Bitcoin has increased multiple times, there are different people who are buying Bitcoin from Bitcoin Exchanges. As the prices of these Bitcoins are volatile, there is a risk that is involved. Do your research about Bitcoin as well as all the altcoins in the market.

Ethereum Cryptocurrency

Those who are doing Bitcoin trading with the Bitcoin Exchanges are also interested in the Ethereum currency as this is smarter and robust when compared to Bitcoin. This platform is used to protect and structure all your smart bonds, investments, contracts, and debts and there are multiple other applications that are helpful with this new cryptocurrency of the market. There is no need to spend a lot of money to get the services of the lawyers and then the expenses and time spent on the bookkeeping and every other service when this new platform is used. Just like the people who are trading with the Bitcoin Exchange the value of Ethereum is also increasing and now raised to almost 100 billion dollars.

Get into Ripple of Profits

The other cryptocurrency which has got immense popularity is Ripple. This cryptocurrency market value has increased multiple times in just a span of 12 months. Currently, its market value is almost $59 billion dollars and is gradually increasing. If you are willing to earn more using the cryptocurrency, then you can bank on ripple which is able to create more profits The added advantage of Ripple over Bitcoin is that it helps banks and other financial services to make international transactions very fast and easy. This cryptocurrency is even backed by Blockchain technology and has immense potential advantages over the others.

Get Stellar Surprises By investing

The other cryptocurrency which is doing good is Stellar. Right now, this platform is used mainly in all financial services and is gaining its market value gradually. While you are investing and gaining profits by making use of the Bitcoin Exchange is also time for you to try your luck by investing in Stellar which is the growing cryptocurrency of the world.

Read also: Biggest Bitcoin hacks in history

With different research and advanced technology, right now IOTA is the cryptocurrency that is gaining the attention of crypto enthusiasts. It works with an innovative approach where a ledger is decentralized and as well self-regulating to peer to peer networks. If you are looking for a platform where you can do transactions with zero charges, then you must look into IOTA for that. The market value of IOTA has increased to 12 billion dollars and here you will be able to get more advantage by investing in this evolving cryptocurrency which is going to be the scope for future investment.

How to buy BTC online safely?

The craze of bitcoin has been going around for a decade now. It is one of the primarily known cryptocurrencies globally with a countable level of stability and up to 25% possible return on investment. When the chances of profit are this high, everyone wants to buy BTC online. However, the “risk” factor in purchasing cryptocurrencies online has been one of the most significant barriers for newcomer investors in the industry. Bitcoin does not simply belong to an online website that deals in BTC with the governmental authorities. But, cryptocurrencies like bitcoin, Litecoin, and Lythrum are purchased and sold online by many websites. Some websites offer bitcoin mining. Gaming sites also claim to reward bitcoins. Last but not least, hundreds of websites offer to be an intermediate platform for bitcoin buyers and sellers to contact, exchange interests, and make a deal in bitcoin.

Here, the very question stands, “is it safe to buy BTC online?” Well! The answer to this question can be a bit challenging. Cyber Fraud is no longer rare. Millions of people on the internet adopt a virtual personality to “thug” the other people on the internet for money. And without a doubt, this pattern of scams has also entered the bitcoin industry. Thus, there’s no single way to tell whether a bitcoin seller, a BTC buy and sell a website, a bitcoin mining site, or any other potential source is real or not. Hence, for the safety of’s users, here’s a small guide on how to buy BTC online safely?

What is Bitcoin? (Source- Bitpanda)
What is Bitcoin? (Source- Bitpanda)

Let’s take a glance:

STEP 1: Meet an experienced investor

In the event that you are thinking to invest in bitcoin, there is a 100% chance that you don’t know the grave of loss that it can dig. No! BTC is not all about profit & loss. Instead, it is about exploring your intellectual power when it comes to investment and money management. Therefore, if you don’t know about certain scenarios in buying BTC online, you are definitely going to face a loss. For example, an inexperienced BTC investor may trust platforms that claim to sell Bitcoin for free. Is it safe? The answer is NO.

It is human behavior, no one gives away “thousands of dollars” worth of cryptocurrency for free. Therefore, the experts at recommend that an individual should “must” consult with an experienced bitcoin investor and talk about certain scenarios concerning buying BTC online.

STEP 2: Choose a trustable platform or seller

When you search “buy bitcoin” online on popular search engines like Google, a series of websites will appear with a direct URL. However, is there a way to figure out if a website is real? Well! It is very simple, check for testimonials on the website. Just in case, reviews are not available. Open the website and view its procedure for purchasing a BTC online. For example, if the website has a quick and direct button to buy and sell bitcoin, there is a 1% possibility that it’s real. Apart from that, websites that show “abusive, r-rated, or redirecting advertisements,” such websites are generally fraudulent.

In many cases, Buy BTC online websites act as an intermediate platform. Meaning, they offer a “bidding” procedure. At last, the seller picks a bidder. And, sells bitcoin to the buyer. In this case, buyer and seller are not aware of each others’ identities or probably, real identities. Thus, it is recommendable that the buyer must insist the seller to meet-in-person. Provide a definite address. And of course, social security number or ID. By following these common conditions, the buyer will be willing to play on the safe side of the investment.

STEP 3: Buy BTC online on cash or other authorized payment methods

It goes without saying that a buyer of bitcoin online loses stress only when the transaction is complete and the purchase BTC(s) reflects in his bitcoin wallet. But of course, the rule is “payment first.” Thus, giving away a ton of money for buyers before actually receiving bitcoins in the wallet can be a stressful situation. Apart from this, it can also be risky. Hence, to buy BTC online, it is advised to make payment in cash or use other authorized payment methods like PayPal, debit card, credit card, or any other popular third-party money transfer method.

The reason being, even if the seller has proven to be a fraud. The buyer holds an online transaction history that allows the cybersecurity system to track the fraud individual or device over which the money had been received. Apart from this, if you choose to make payment in cash, the seller will have to meet in person and you can request a hand-to-hand transaction.

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