How Bitcoin works
When you know the basics using a bitcoin is simple. It is a friendly and fast process. To transfer BTC is necessary to send a current amount of BTC from one wallet to another one. That's it.
The transaction requires approval by BTC mining. Once the transaction is confirmed the amount is delivered to its final destination.
- The transaction fee is required to reward the active miners.
- It's free to receive BTC, but you need to pay a fee to send it.
- The transactions cannot be reversed by the sender.
- It is vital to secure your wallet with 2FA, private keys, pin or other security layer.
Good to know about Bitcoin
- All transfers are made via P2P network.
- To own BTC you need a crypto wallet.
- All transactions are public but the ownership is anonymous.
How to get Bitcoins
- You can buy online using an exchange service.
- You can receive from someone else.
- You can start mining (which is an expensive journey these days).
- You can get paid via Bitcoin
Interesting facts about Bitcoin
- Firstly mentioned on 31st October 2008.
- Officially launched in January 2009.
- Satoshi Nakamoto credited for the inventor.
- Programming language: C++
- It's the very first crypto currency of its kind.
Bitcoin in daily life
- Buying products and paying for services.
- Sending money to friends, family, businesses - globally.
- Booking flight ticket, vacation package, hotel room.
- You can have unlimited number of wallets.
- It's necessary to generate an address in your wallet.
- The wallet is totally free.
- The Bitcoin address is a cryptographic hash.
- The private keys is equal to ownership.