7 Questions to get you started with Bitcoin
Region: Europe
Nov 10, 2017, 10:00:15 AM Published By Wirex Team
From the outset, Bitcoin may seem like a tricky subject to wrap your head around. But honestly, it's a lot more simple than it seems. Before you dive right into it, its best to familiarise yourself with these 7 questions - at least for the sake of keeping up with the Joneses.
You can buy it, sell it and spend it. more and more places are accepting Bitcoin as payment. If you get yourself a Wirex card, you can transfer your Bitcoin into whatever currency (pounds, dollars, euros) you need when making a payment. The Wirex card can then be used anywhere Visa is accepted (both online and offline); you can even withdraw cash from ATM machines.
1. What is Bitcoin?
Digital money. That was easy. Well, it has a few other bells and whistles as well, but we will get into that later. Weve covered it in more detail in our free Bitcoin Confidence Report. [thrive_leads id='10434']2. How is it different/better than traditional money?
Well, it has faster transaction times, saves on international transfer fees and has a cap of 21 million coins. This cap means it's guarded against inflation and deflation. Unlike traditional money, you can't just print more bitcoins.3. But is it safe?
Bitcoin is built for maximum safety. It uses a new technology called the blockchain to verify transactions. It works like a global ledger, distributed to every user. This ledger synchronizes across the whole network, and every version of the ledger must be the same to verify a transaction. This makes fraudulent or duplicate transactions impossible. Furthermore, for a hack of the system to occur, one person would have to own 51% of the network. There are 1000's of independent miners running nodes, making a hack logistically impossible. Of course, securing your own Bitcoin stash is necessary.4. What can I do with it?You can buy it, sell it and spend it. more and more places are accepting Bitcoin as payment. If you get yourself a Wirex card, you can transfer your Bitcoin into whatever currency (pounds, dollars, euros) you need when making a payment. The Wirex card can then be used anywhere Visa is accepted (both online and offline); you can even withdraw cash from ATM machines.