This guide is meant to provide you with a fundamental knowledge of how to get started in the crypto-currency world.
Bitcoin Guide Introduction
So here we are. Whether this is your first stop, you’ve looked around a little, or this is the 100th guide you’ve read. There are a lot of guides to Bitcoin online. We don’t mind revealing that fact, we’re not afraid of the competition! – but we’ll share something with you: we really don’t care.
Well, well. How’s that for an opening right? You’re perhaps re-reading the first paragraph, thinking ‘did I really just read that?’. And now, after confirming you have, you’re thinking
A) this writer sounds like a jerk, or B) I should just click away. But, like a great plot twist at the end of a Game of Thrones season; you want to a good answer to why we don’t care. Let’s tell you now.
We here at my Bitcoin academy know there is a lot of people writing about Bitcoin. We aspire to deliver you content that is a cut above the rest. Something that educates, engages, and delivers you lasting value. We don’t care how many guides you’ve read on Bitcoin before finding this one here – because we want this one to be the last you read. The last word, the definitive guide, the full stop.
You now know what we don’t care about. Let us tell you what our team here does care about. We want to start a new conversation surrounding Bitcoin. We want it to be a good conversation.
One that is robust sure, one that calls out BS? Absolutely! The world’s got more than enough fake news as it is. That’s why we’re here, and we take pride in delivering unique content to you.
Our guide below seeks to stay concise while explain in a clear what a very complex topic. It looks to tell you what you need to know, and explain it in-depth when necessary; but not bore you senseless with stats, graphs, jargon, and all the sort of filler content that you may see elsewhere. Like the economic era we’re in that has seen Bitcoin’s creation, we seek to deliver you a lean, fit, and agile how-to on buying and trading Bitcoin.
A Brief History of Bitcoin’s Creation
You see, for the longest time, Bitcoin was thought to be a nice idea. Something that sounded good in theory, but in practice could never work. You know, just like airplanes, the electric car, and the idea that you could one day fit a computer in your pocket; and combine it with a phone!
But the idea became reality in 2009. For the first time in human history, currency went digital.
It’s understandable if you missed this big news. Bitcoin is not yet 10 years old! But you’re here now, and that’s what counts. And here’s the essential info you need to know about BitCoin.
Since society moved beyond a barter economy, money has been part of our world. In turn, just as human society grew more complex, so did there arise a need for simpler currency. No longer could a bale of wheat, sheep, or a couple of barrels of oil suffice as metrics for trading goods and services. The world was moving too fast for such a complicated system.
The exact development of the paper money and coin currency format we know today evolved over many years and different civilizations. The Aztecs traded little golden dolls, Egyptians used gold rings as a form of money, and a variety of other societies tried their own format. While the ideas differed, by and large everybody agreed; currency should be small, durable, and shiny!
And that’s basically how it has been – until now. Oh sure, the Turks may have created coins 2,700 years ago, and the Romans made it conventional – but from then until now it has been the same thing since Caesar’s time all the way up to us here in 2017. Small, shiny metal coins.
Bitcoin is not shiny. It is not metal. There are whole ton of things it is not, in fact. But here’s what it is: a revolution. Sure, that get word gets tossed around a lot – some ancient societies like the ones above had a revolution every month – but the word holds weight when it comes to Bitcoin.
In 2008 an author by the name of Satoshi Nakamoto published a paper, entitled Bitcoin: A Peer-to-Peer Electronic Cash System. In doing so made known to the world that he had created a cryptocurrency that was ready for public use. Built upon the principle that this trading system could be used as “a system for electronic transactions without relying on trust”.
Thereafter, in January 2009, the first coins were mined via Bitcoin software, (more on this to follow in ‘How Bitcoin works in-depth), and Bitcoin was officially an active currency. While its inventor, Satoshi Nakamoto – the name itself long held to be a pen name of one creator or multiple creators – returned to private life a short time after, Bitcoin grew into a phenomenon.
Next: From idea to empire: Bitcoin’s astounding growth since launch in 2009
Since 2009 Bitcoin has experienced stratospheric growth. This phenomenon speaks to the story of Bitcoin is a currency, but also the technology and community it revolutionized. A number of events along the way have served as landmark moments, illustrating how far Bitcoin has come, and providing a window to its future growth. Let’s look at some of Bitcoin’s biggest moments.
January 3rd 2009 Genesis Block Established
Live and online, and in the aftermath of the GFC wreaking havoc over traditional investments, Bitcoin officially comes into existence with the establishment of the Genesis Block.
February 9 2011: Bitcoin’s value reaches $1.00 USD
Just 2 years and 1 month after its release, Bitcoin achieves parity with the United States Dollar.
This landmark not only signifies the remarkable growth Bitcoin has had in the short period of time, but generates great new interest across the world of investment. From here on out Bitcoin is officially a ‘big player’ in the world of currency and investment.
November 15 2012: WordPress Accepts Bitcoin
WordPress, the premiere site for hosting of blogs and websites online, signified they would accept Bitcoin as a form of payment. Before this period, Bitcoin had value as a tradable good, but it was more difficult to use Bitcoins you own to actually buy something other than Bitcoin.
From this moment, eCommerce stores knew ‘Wordpress has it’, and accepting Bitcoin grew.
November 18 2013: US Senate Holds Hearing On Bitcoin
OK, it’s true few might think of the US Senate at the first stop on the hype train. Yet, anytime Washington holds a hearing on something new, you know it’s getting big. This date confirmed Bitcoin was no longer that ‘weird kid’ in the currency world, but now set to become a mainstream asset for trading, investment, and payment.
April 10 2014 Chinese Exchanges’ Bank Accounts Closed
Just as the US was opening up public discussion of Bitcoin, the Chinese government began restricting Bitcoin trading, and this had an impact given the size of China’s economy. This was one incident of many, with the Chinese government’s desire to control Bitcoin and restrict freedom in the market at center. Because Bitcoin has no governing authority though, the world of traders shall always be OK even if one guy in the neighbourhood takes their ball and goes home.
September 8 2014: Paypal Subsidiary Braintree to Accept Bitcoin
In announcing their acceptance of Bitcoin, Braintree offered a link to a diverse range of buyers and sellers with Bitcoin assets. While previously individual sites like WordPress allowed buyers to purchase goods direct, via Braintree people were able to spend and shop more widely. Once again, Bitcoin’s universe expanded outwards to reach more people in more ways.
December 11, 2014 Microsoft Accepts Bitcoin
2014 proved to be a transformational year for Bitcoin, and this news in December capped it off.
Wordpress is nothing to sneeze at, but if you’re on a PC you usually get to your WordPress blog via Windows. Enter Microsoft. By announcing it also would accept Bitcoin as payment, Microsoft affirmed the big giants in the corporate world could find a payment partner in Bitcoin.
September 1 2017 Bitcoin hits over $5000 in value
Hitting a new milestone at the start of September, Bitcoin continued its astounding growth.
Valued at just $1 in February 2011, in just 6 years Bitcoin had grown to be worth over $5000 each. As exciting as passing this milestone has been (especially for those who did buy very affordable coins years ago!), it also confirms a new era of opportunity and potential is ahead.
How long until Bitcoin reaches $50,000 a coin?
How Bitcoin Works in-depth: the essential steps to buying, storing, and exchanging Bitcoin
The world of Bitcoin is complex. We are here to make it simple and easy to understand.
We do so with the chief aim of providing you the essential information you need to get started with buying, storing, and exchanging your Bitcoin.
The following is our clear-cut guide to do so. We shall skip over some of the tech jargon and all ins and outs of the world of Bitcoin – for example, did you know Bitcoin can refer to both the currency and the technology? It’s true! But do you care about all those name games when you just want to buy and trade Bitcoin? Hell no! – and instead provide you a strong but simple foundation to build your investment portfolio on. Let’s get started.
Get a wallet
Before you buy any Bitcoin, you want to get a wallet. You want to have somewhere to put your Bitcoin once you have purchased it. Sure, you could leave your Bitcoin in the place you originally purchased it from, but just like buying a piece of jewelry and then leaving it at the shop, it makes far more sense for convenience and security to take ownership and store your Bitcoin with you.
There are a variety of wallets available online, from desktop-based programs to mobile apps.
There are also options to store your currency in the real-world (just like a conventional piece of money) via printing your Bitcoin codes.
Each type of wallet has its advantages and disadvantages, but each can function effectively.
Whichever wallet you choose, it is vital to ensure you have strong security in place surrounding your wallet.
Again, this shall vary on your type of wallet, but ensuring whichever one you pick has a good reputation is vital. Once you have found a wallet you think you like, Google the wallet’s name but plus ‘review’ or ‘reputation’. You should then find a number of articles and message board posts online where other traders discuss their experience with the wallet.