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Bitcoin 101 - All You Need To Know About Bitcoins

Hello BitInvestor, Welcome To Bitcoin 101 Online Course. Learn All the basics about Bitcoin Including how Bitcoin mining works.

We recommend you take the cryptocurrency course, Crypto 101 Here Before reading about Bitcoins.

So let's get started, This Will be as simple as possible! No much technical jargon so that everyone can understand it.


WHAT IS BITCOIN (BTC)? 

Bitcoin is the first decentralized cryptocurrency
Bitcoin is a form of digital/Online currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems. It’s the first example of a growing category of money known as cryptocurrency.

CURRENT VALUE IN USD, MARKET CAP AND MORE.


Surprised at the price?
1BTC is worth more than an ounce of Gold and worth Thousands and millions in some Fiat Currencies.

It's because, like Gold, bitcoin has real value. No one over prints and inflates it, It's supply is limited.
The Best part is, only 21Million Bitcoins can ever exist. That means there'll be demand but limited supply causing a price high.

Read My Prediction For Bitcoin price in 2018.

BITCOIN VS FIAT CURRENCIES? 

Although They're much alike but Unlike fiat(paper) currencies that has no real value, Bitcoins are different. Bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized.

No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.

Bitcoin can be used to buy things electronically. In that sense, it’s like conventional dollars, euros, or yen (Fiat Currencies), which are also traded digitally.

WHO CREATED THE BITCOIN? 

A software developer(s) called Satoshi Nakamoto proposed bitcoin, which was an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.

WHO PRINTS BITCOIN? 

No one. This currency isn’t physically printed in the shadows by a central bank, unaccountable to the population, and making its own rules. Those banks can simply produce more money to cover the national debt, thus devaluing their currency. Instead, bitcoin is created digitally, by a community of people known as miners that anyone can join. Bitcoins are mined using computing power in a distributed network.

This network also processes transactions made with the virtual currency, effectively making bitcoin its own payment network.

WHAT IS BITCOIN BASED ON? 

Conventional currency has been based on gold or silver. Theoretically, you knew that if you handed over a dollar at the bank, you could get some gold back (although this didn’t actually work in practice). But bitcoin isn’t based on gold; it’s based on mathematics.

Around the world, people are using software programs that follow a mathematical formula to produce bitcoins.

The mathematical formula is freely available, so that anyone can check it. The software is also open source, meaning that anyone can look at it to make sure that it does what it is supposed to.

WHY USE BITCOIN? 

Bitcoin has several important features that set it apart from government-backed currencies. Bitcoin is a relatively new form of currency that is just beginning to hit the mainstream, but many people still don't understand why they should make the effort to use it. Why use bitcoin?

Here are some good reasons why it’s worth taking the time to get involved in this virtual currency.

1. It's decentralized: The bitcoin network isn’t controlled by one central authority. Every machine that mines bitcoin and processes transactions makes up a part of the network, and the machines work together.

That means that, in theory, one central authority can’t tinker with monetary policy and cause a meltdown – or simply decide to take people’s bitcoins away from them, as the Central European Bank decided to do in Cyprus in early 2013. And if some part of the network goes offline for some reason, the money keeps on flowing.

2. It's easy to set up: Conventional banks make you jump through hoops simply to open a bank account. Setting up merchant accounts for payment is another hectic task, beset by bureaucracy.

However, you can set up a bitcoin address in seconds, no questions asked, and with no fees payable.

3. It's anonymous: Well, To a large extent. Users can hold multiple bitcoin addresses, and they aren’t linked to names, addresses, or other personally identifying information. However, Transaction history's are viewable and verifiable by everyone.

4. It's completely transparent: Bitcoin stores details of every single transaction that ever happened in the network in a huge version of a general ledger, called the blockchain. The blockchain tells all.

Take the cryptocurrency course, Crypto 101 for more information on Blockchain.

If you have a publicly used bitcoin address, anyone can tell how many bitcoins are stored at that address. They just don’t know that it’s yours.

There are measures that people can take to make their activities more opaque on the bitcoin network, though, such as not using the same bitcoin addresses consistently, and not transferring lots of bitcoin to a single address.

5. Transaction fees are ridiculously low: Your bank may charge you a £10 fee for international transfers. Bitcoin doesn’t. Fees are from few cents to nothing.

6. It’s fast:  You can send money anywhere in the world to anywhere and it will arrive minutes later, as soon as the bitcoin network processes the payment. No need to wait Several business days for international transactions and all those Grama.

7. It’s non-refundable: Unlike Bank transactions that reverses or you can actually stop a transfer When you send your Bitcoins they're are sent, there’s no getting them back, unless the recipient returns them to you. They’re gone forever.

This is just to mention a few, the list is endless. Bitcoin meets all the criterias for real money. It's divisible, portable, fast, has limited supply e.t.c.

HERE'S HOW BITCOINS ARE PRODUCED

New bitcoins are generated by a competitive and decentralized process called "mining". This process involves that individuals are rewarded by the network for their services. Bitcoin miners are processing transactions and securing the network using specialized hardware and are collecting new bitcoins in exchange.

Bitcoin mining is a peer-to- peer computer process used to secure and verify bitcoin transactions—payments from one user to another on a decentralized network. Mining involves adding bitcoin transaction data to Bitcoin's global public ledger of past transactions. Each group of transactions is called a block. Blocks are secured by Bitcoin miners and build on top of each other forming a chain. This ledger of past transactions is called the blockchain.

The blockchain serves to confirm transactions to the rest of the network as having taken place. Bitcoin nodes use the blockchain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.

BECOME A MINER
Anyone can produce new Bitcoins by buying the necessary Softwares or machines to mine or simply start cloud mining Investments.

Read More On How To Mine Bitcoins Here.
Not to make this course very long and complicated we'll like to end things here! Refer to the bottom links for more details.

• Learn how to invest in BITCOIN or invest your bitcoins

• Get Bitcoin Wallets (Like a bank account) for free here

• Learn how to buy, sell and trade Bitcoins here.

OTHER COURSES

• What Are Altcoins? Take the Altcoin 101 course now.

• What are cryptocurrencies? Take Crypto 101 Course.

• What's Binary Options trading? Take the binary options 101 Course.

• What's Forex trading? Take the Forex 101 Course.

• Learn About Other Investment Opportunities.

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