So if you're new to this world of Crypto you may ask the question, what the heck is this Bitcoin?
Well don't worry we're here for you...
So first things first Bitcoin is a digital currency which is available only on the internet.
So you may ask, if it's a digital currency and it's available only on the internet then who controls the transactions and who stores the transaction records?
Well well well Bitcoin doesn't have any middle man for controlling and storing the records. And that's why Cryptocurrency is known as the decentralized currency or the Digital money.
So why people will use this decentralized currency?
Well, the answer is simple you become the true owner of your assets. The transactions in bitcoin are secure and seamless P2P (Peer to Peer) transactions on the internet which are stored on the blockchain (decentralized ledger).
We'll explore Blockchain in detail in upcoming blogs but for today our main focus is purely Bitcoin (BTC).
Bitcoin was created in 2008 and it was created by an anonymous person (or team) called as Satoshi Nakamoto. That person (or team) is not known until this day. The Bitcoin blockchain was officially launched when the first Bitcoin block, the genesis block, was created on Jan. 3, 2009.
There will only ever be 21 million Bitcoin. This is digital money that cannot be inflated or manipulated in any way. There is no need to buy an entire bitcoin, you can simply buy just a fraction of it, if that’s all you want or need. And the smallest unit of Bitcoin is called as Satoshi.
So how can you buy this digital money?
The answer is simple, just like for buying the stocks (shares) there is/are an exchange(s), there are many exchanges for buying the digital currency.
There are more than 500 exchanges in the whole world available for trading or investing in this Digital gold(Bitcoin is also called as Digital gold).
So, some of the famous Crypto exchanges are :
3. Coinbase Pro
5. Huobi Global etc.
So you can choose from the above exchanges or you can simply choose from the rest of the exchanges available there to buy this Digital gold.
Bitcoin works on PoW (Proof of Work). It has it's whitepaper (informational document about the product) published on it's official website, which you can visit and read.
Don't worry we'll explore PoW (Proof of Work), PoS (Proof of Stake) and whitepaper more in detail in the upcoming blogs.
This Digital gold has it's own dominance in the market and it's called as the Bitcoin dominance, so you can say that Bitcoin is the original gangster (OG) in this Crypto world.
So how can you make money by this Digital gold?
Simply by buying at the low price and selling it at high price (buy low - sell high). Or some exchanges allow you to short sell (sell high - buy low). You can use the leverage (borrowed money) offered by your Crypto exchange if you have trading skills and you can make more money.
Official website : https://bitcoin.org/en/