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If you Google the word Bitcoin, at least four search suggestions will inevitably pop up: “Looking to Invest in Bitcoins”, “Where to Buy Bitcoins”, “Fastest way to buy Bitcoin”, “how to trade Bitcoin with no charges?” Traversing on my way to work yesterday, my eyes skimmed across an ad offering a chance to “Trade Cryptos with Confidence”. Bloggers are overwhelmed by the mercurial change that is happening in the realm of Bitcoins. Even the stock market is having considerable variations in the Bitcoin value.

After the dotcom bubble in the year 1999-2000, this is the second time there is a mountainous shift in the digital age. The world is talking about switching over to cryptocurrency. But what exactly is Bitcoin and why are people falling head over heels over it?

Brief History of Bitcoin

Although there is much speculation about the founder of Bitcoin, the domain bitcoin.org was registered on the 18th of August, 2008, right when a paper titled A Peer-to-Peer Electronic Cash System was linked to Satoshi Nakamoto. The paper was basically a detailed explanation of the different methods of peer-to-peer network and how the electronic transactions can be done without worrying about trust.

In January 2009, Bitcoin network came into existence with its first open source Bitcoin client and the issuance of the first bitcoins, with Satoshi Nakamoto mining the first block of bitcoins ever (known as the genesis block), which had a reward of 50 bitcoins.

What is Bitcoin?

To put it in simple terms, Bitcoin is digital currency exchange. For instance, let us ease the Bitcoin problem for you. Suppose, there are two people, Alice and Bob. They don’t know each other too well but still, they want to buy and sell some products. But both want to retain their privacy so Bitcoin is the ultimate solution.

Alice can pay Bob anonymously without revealing too much of her detail. The transaction can be divulged, which makes it safe to transfer. In Bitcoin, identity is created by a sequence of random numbers, a pseudo name is given to the identity and assigned to both the parties.

How Bitcoin works?

3 steps to getting started with Bitcoin

So, you are all ready to jump into the world of cryptocurrency. But, how will you start with Bitcoin?

Here is an easy way to get to grips with Bitcoin.

Step 1: Start by securing your private keys

A private key in the context of Bitcoin is a secret number that allows bitcoins to be spent. Every Bitcoin wallet contains one or more private keys, which are saved in the wallet file. The private keys are mathematically related to all Bitcoin addresses generated for the wallet.

Before you even start with Bitcoin, you need to ensure that your private keys are safe. Bitcoin is a public ledger which means that coins are stored in the form of keys, both private and public keys. This is how the public key looks like

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Here is how you can make it safe:

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Basically, you have two options to make your keys safer. You need to study how to secure your wallet with tips that are listed on the Bitcoin website.

The second option is to secure your Bitcoin wallet with good hardware. For this, you can use Trezor. An easy to use hardware wallet that will keep your keys isolated from any viruses.

Step 2: Buy Coins

Once you are sure that your private keys are safe, you will be able to purchase your first coins. There are various exchanges from where you can buy coins, but the smart thing is to use the most popular ones. For instance, you can buy Bitcoins directly from the source.

Opening a Bitcoin account is a simple 2-step authentication process. In case of an attack by a hacker, you will be notified on your smartphone and asked for a security code.

You can buy coins by transferring money from your bank to the exchange. If you don’t want to use a bank, you can also meet up locally with someone to buy them directly with cash. Direct peer-to-peer purchases usually charge a 5-10% premium over the spot markets.

Step 3: Transfer Coins into your Wallet

The last step is to put your coins in the wallet. Once the Bitcoins are in your wallet you will be able to buy things, send payments, and do trading in a safe and anonymous way. Bitcoin is an efficient form of money that can be accessed 24/7 without spending limits or restrictions.

The only downside is that Bitcoins can be used for malicious intents and purposes. With no check on the source, hackers love Bitcoin. And Bitcoin is ever evolving on the dark web.

Why use Bitcoin?

It’s open: Firstly, it is an open platform, which means you don’t need a ton of cash or to wait to open an account. You can create a Bitcoin account just by signing up on the website.

Related: 6 Secrets About Bitcoin Value Most People Aren’t Aware Of

No need for a bank account: Did you know that 8% of the population in the US don’t own a bank account? Which means that you can start buying stuff from today even if you don’t have a bank account.

Everything is decentralized: You don’t even need to worry about double spending (which means same payment used by two people) as your payment is watched by people in the public, so there is a greater chance that you will not have to worry about the security of the payment.

Some of the popular Bitcoin exchanges

Previously, Mt. Gox enjoyed the status of being a monopolist as it dominated an estimated 80-90% of the Bitcoin-Dollar trading volume. With the evolution of Bitcoin however, a tirade of questions were raised on Mt. Gox which paved the way for new exchanges to step-in. Here are some of the most popular Bitcoin exchanges that can help you turn your Bitcoins into a currency that you can use.

Bitstamp Bitfinex Coinbase Cryptsy BTC-e Kraken BTCChina Bitcoin Source

To wrap it all up

Bitcoin awareness is likely to increase to the Late Majority within 2018. But widespread usage by citizens (B2C) for the day-to-day transaction is unlikely. Most likely, Blockchain will enter the Early Adopters stage in 2018 in government and private enterprises (B2B). Speculative mania will likely be tamed due to various regulatory actions by relevant authorities.

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