What is bitcoin? and every thing you wanted to know about bitcoin.

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What is bitcoin? and every thing you wanted to know about bitcoin.


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Title: What is bitcoin? and every thing you wanted to know about bitcoin.

A Beginners Step By Step Guide To BITCOIN
Everything You Need To Know
February 9, 2018
This post was most recently updated on February
22nd, 2018 A beginners guide for Bitcoin You
might have definitely heard of the word Bitcoin
since it has created a lot of confusions
worldwide. Brexit, Demonetization in India and
the election of Donald Trumph as new US
president, many economic events has been viewed
with respect to Bitcoin. If you are a newbie to
Bitcoin, we shall take you through the beginners
guide to understand basic and essential things
related to it. Contents Investments are always
worthy if you make them prudently. Bitcoin is the
latest entrant which has created a huge buzz in
the market. This bitcoin for beginners guide we
have created to give an idea about how does
bitcoin investing work? What is this? And why
should you invest in this?Lets discuss. Lets
start with an example to know what Bitcoin
is? What is bitcoin?
How do you transfer money from India to USA now?
Yes, by bank wire transfer service or by
Payoneer or PayPal. Right? But you would have to
pay big amount of fees in remitting or
transferring money. You must be paying fees to
the bank for the safe record of your money and if
you use services from payment gateway Stripe,
PayPal, 2Checkout, or any other, you must be
paying transaction fees too. If we say
technically, for your every transaction of
money, you pay money to the bank and everything
is recorded and monitored on a ledger and money
is just transferred digitally between the
accounts. Do you know that when you transfer the
money, it is not moved physically like goods?
Still, we pay service charge of 2-10. Have you
ever thought why do we pay such service charge as
fees even though it is done digitally? Yes, this
is how they grab money from users like us. But
it has a solution!!!! Bitcoin makes every
cross-border transactions and remittance possible
without any charges Bitcoin is regulated by any
country, but its internets official currency
and everyone can earn it with an internet
connection. It is regulated by Us that are
users and not any special regulatory bodies
making it independent of any corporate
monopoly. The main thing about Bitcoin is that it
can be transferred anywhere in the world with
very minimal fees. Transferring any amount of
bitcoin from the US to India may just cost about
2-3 and only sender and receiver get to know the
details of the transactions. Yes, the world is
accepting Bitcoin now to save more money for
doing business globally. Lets do deeper to know
how bitcoin emerged. What is Bitcoin?
  • Bitcoin is a cryptocurrency or digital currency
    which doesnt belong to a particular country or
    geographical entity and can be used by anyone who
    has an internet connection.
  • You can store bitcoins in the Bitcoin wallets
    just like you save money in your bank or
    wallets. Since everything is digital there is no
    fiat money like INR, US Dollars, YEN or any
    other paper currency involved.
  • You receive or transfer bitcoin, you use bitcoin
    wallet and can have more wallet addresses too
    for every wallet. You can be assured of safety as
    a unique wallet address will be used for every
    transaction you make.
  • Install a Bitcoin wallet on your smartphone or
    your computer. After installation, you can
    receive or send bitcoins to anyone in the world
    by generating a Bitcoin wallet address.
  • Bitcoin is a decentralized and digital currency
    system which is designed in such a way that it
    can give online users the facility to process
    transactions via a digital unit of exchange known
    as Bitcoins.
  • In other words, it is a virtual money or
    cryptocurrency. You can easily exchange it for
    other currencies (suppose you can buy bitcoins
    with US dollars or Euro) and it fluctuates in
    relation to other currencies as well.
  • Though Bitcoin is invented in 2009, it started
    gaining popularity from 2012 onwards. Since
    then, many venture capital firms and investors
    around the globe have started investing in
    bitcoin and are giving importance to the
  • So, this is the high time that you need to
    enhance your knowledge on cryptocurrency and
    start investing in it. This article will help you
    how can you make your investment and can get
    benefit from it.
  • If you are planning to invest in cryptocurrency,
    you need two things first.
  • An exchange or website from where you can buy BTC
  • A wallet where you can store your purchased BTC
  • Lets discuss these two points elaborately
  • 1. An exchange to buy Bitcoins

There are many countries which have an official
cryptocurrency exchange and from that exchange,
you can purchase BTC. Countries like the USA
(CoinBase, Gemini), India (Coinsecure,
Coindelta, Zebpay and Coinome), UK (CEX), Israel
(Coinmama), South Korea (Bithumb), Russia
(Yobit) and Nigeria (Luno) have their own BTC
exchanges. If you are living in any of the
above-mentioned countries, then you can quickly
sign up for these exchanges and can easily
transfer money from your bank account to
purchased bitcoins. But if you are the resident
of such a country where there is no BTC exchange
and you have no option of transferring funds
from your bank accounts to purchased
cryptocurrency, then the scenario will become
intricate for you. So, what will you do in this
case? Dont worry, your answer is here. There are
many websites from where you can buy bitcoins
either by using cash or credit cards or debit
cards or PayPal. Websites like CEX.io, Coinmana,
and Changelly allow you to purchase bitcoins by
using debit or credit cards. P2P exchange you
can also go for P2P exchange to purchase BTC. The
P2P exchange is another popular method which
works for most of the countries. This exchange
allows you to connect with the seller directly so
that you can comfortably purchase
cryptocurrency. Generally, P2P exchange supports
various payment methods like cash, online
transfer, PayPal, Moneygram, Amazon gift card,
iTunes gift card, Payoneer and many other
methods. 2. A wallet where you can store your
purchased bitcoins Once you have bitcoins with
you, then you need a wallet where you can safely
store your purchased bitcoins safely. The
markets are crammed with a number of wallets, but
you need to carefully hand-pick your wallet
because most of the wallets are fake or
fraud. And if you go for with these wallets,
then at the end of the day you will meet huge
loss. Even you can find many cryptocurrency
wallets in the Google play store and if you
choose any of them randomly, then certainly you
will face huge monetary loss.
  • The BTC wallets in the Google play store are also
  • Most of the users generally keep their
    cryptocurrency in an exchanges wallet.
  • Exchanges like localbitcoins, CEX, Koinex,
    Zebpay, etc. embrace their customers with an in-
    built bitcoin wallet so that they can keep their
    bitcoins in their wallets.
  • If you are keeping the cryptocurrency in an
    exchanges wallet, then you dont have a direct
    control on the cryptocurrency.
  • Unfortunately, only a few countries are working
    on cryptocurrencies and BTC, so there is a huge
    chance that these exchanges can shut down.
  • And if this happened, then you might lose your
    cryptocurrency if you kept them in an exchange.
  • Since bitcoin is a virtual currency, so you need
    to take the whole responsibility for the
    security of the bitcoins and thats why you
    should choose such a wallet which you can
    control fully.
  • Always go for such a wallet that allows you to
    keep the seed words with you. Seed word is
    basically a private key or password for your BTC.
  • With the help of the seed words, you can retrieve
    your bitcoins.
  • There are various types of wallets which you can
    use for your bitcoins.
  • Mobile wallets This usually comes with a mobile
    application and is available for both iOS and
  • Desktop wallet which generally comes as a
  • Web wallet which comes as a website
  • Hardware wallet which is the most secure ways to
    store your cryptocurrency
  • A paper wallet This is another most secure
    method but its setup cost is very high.
  • There are some security issues with mobile-app
    wallets and desktop wallets because your
    bitcoins security depends on the security of the
    OS of the system.

  • Pros of bitcoin
  • Easy to send money
  • Since it is decentralized, so you can send money
    to anyone on the other side of the world within
    a few seconds. Instead of waiting for a wire
    transfer which can take days, you can send your
    payment in seconds. This is why bitcoin is
    popular among the customers.
  • Private
  • Though people think that bitcoin is completely
    anonymous, actually, its not anonymous. It is
    more private. All cryptocurrency transactions can
    be easily seen on the Blockchain the public
    Bitcoin ledger.
  • Cheaper than any other methods
  • Most of the businesses accept credit cards or
    debit cards but these cards take substantial
    fees for every transaction. But those who accept
    bitcoins dont pay any fees.
  • Cons of bitcoins
  • Risky transactions
  • BTC is famous for rising slowly. 247 its being
    traded and thus, the price is very fluctuating.
    There are several unknown factors that can affect
    the price.
  • Transaction speed is slow
  • The transaction speed of cryptocurrency is very
    slow as compared to the other cryptocurrencies.
    The Bitcoin miners are trying to solve this

Though bitcoin investments are fruitful, still
before investing into it, if you are a beginner,
you must read our bitcoin investing guide, also
do a thorough market research. Choose your
wallet aptly and store your BTC safely there.
How does it work? Bitcoin works on blockchain
technology. The complete bitcoin network relies
on the blockchain which is a shared public
ledger. The blockchain verifies and confirms
each transaction and are added into
blockchains. By using Public-key cryptography,
messages are authenticated by using double piece
of information. Just like setting up a password,
bitcoin also asks to set up a private key to
ensure security. Never share with anyone. Be a
master by identifying Bitcoin terms Altcoins
Alternative cryptocurrencies to Bitcoin like
Ethereum, Litecoin, Dogecoin, etc Bit A
sub-unit of bitcoin 1 bitcoin (BTC) 1,000,000
bits. When capitalized letter B is used in
Bitcoin overanchoring Bitcoin concept like
technology, software, community and the
protocol. When not capitalized letter is used
Unit of currency Mining mathematical
calculations done by computer hardware that is
used to increase security during
transactions How do we get benefitted from
Bitcoin? It is important to note that no
individuals or bank is maintaining any
transaction ledger. Every transaction is linked
to Bitcoin address. Others can only view your
wallet address and this ensures safe
transactions online.
Using your private key, transactions will be
signed by Bitcoin software. This cryptographic
signature proves that you are an owner of this
network. History of Bitcoin Still we are not
sure about the founder of Bitcoin. A paper was
published on The Cryptography mailing list under
a pseudonym Satoshi Nakamoto and till now the
real identity has not been revealed. This was
happened in October 2008. And the very next year
on January 2009, the first ever bitcoin was
released and the mining gave a reward of 50
bitcoins for the first block of Bitcoin which
named genesis block. If you want to know more
about Bitcoin officially, here are some
resources Are Bitcoins legally approved in
India? How to purchase? Do you want to buy
Bitcoins from India? Dont worry, we will help
you. Our detailed procedure helps you understand
every minute task to be carried out while
purchasing for the first time in India, which is
legally approved. Popular website for selling and
buying Bitcoin are Coinsecure and Unocoin. If you
wish to buy bitcoins using money, you can also
visit Localbitcoins. Check the points before
purchasing Bitcoins in India Even though it is
not regulated by Reserve Bank of India, it is
legal in India to buy from Unocoin and other
sites. The Reserve Bank of India has stated that
creation, trading and utilizing of virtual
currencies as a payment medium will not be
regulated by any monetary authority or central
bank, in a press release on virtual currencies
like Bitcoins, Litecoins, Etherium, Dogecoins,
etc issued on December 24, 2013. In the past
three years, Bitcoin has been adopted by users
globally as it is quite stable and the current
survey shows that in 2017, the threshold will
cross 1,000. Without doubt we can say, it is
better to take bitcoin for the time being. 7
best websites to sell Bitcoin in India For
Bitcoiners across the globe, India has the
biggest opportunities if they play the cards
right. Here is a list of top websites in India to
sell Bitcoin 1. Coinsecure
It is one of the best Bitcoin exchanges in India.
Market price selling of bitcoins is possible. If
you are newbie to trading, this site is the best
one to start with. At starting, you may have
some confusion but you will get used to the
interface easily. Here is the step by step
procedure to purchase your first Bitcoin using
Coinbase . Take Coinbase site and create an
account for free Verify email address with the
verification mail sent to your inbox. Complete
the profile and enable two step authentication
procedure to ensure security. Your personalized
URL for Coinbase can be seen under your page
option. To increase your BTC portfolio, you can
share page URL to client and accept money in USD
and this will automatically be converted in
BTC. Get your documents (Passport, Driving
license or any other Government approved ID)
verified by either sending scanned copy or by
laptop camera. Once everything is verified, you
will be able to sell or buy bitcoins. Are you in
USA, UK, Europe, Singapore? Wow! Then its easy
for you to buy them with Credit card!! Singapore
users can Xfers to purchase them through
Coinbase. This procedure is free and based on
your necessities direct depositing of bitcoins
can be done from other platforms to the Trade
Engine Wallet or to Coinsecure Wallet. 2. Unocoin
Here you can sell and buy Bitcoins at a fixed
price and offers a Bitcoin wallet with trading
option. The price can be slightly variable so
that you can compare with others before
transferring to any Indian Bitcoin selling
websites. Here is the step by step procedure to
purchase your first Bitcoin using Unocoin Take
Unocoin website and as always you do with an
account creation, sign up with it first. Verify
your mail address after getting a registration
verification email. Start adding your bank
account details and the procedure is to complete
KYC. If you want to sell Bitcoin, this is where
you will also get money Fill in with the details
of same person who is going to use Bitcoin.
Click on Next You may need to update some
documents for KYC. Copy of Pan card Address
proof (Driving license OR Aadhar card showing
address OR Passport page showing
address) Photo Passport page/Aadhar card showing
photo After verification of the documents, you
will be able to buy Bitcoins. If you are not
interested to buy now, you can use the wallet
address in your future too. In order to buy
Bitcoins, funds must be added to your account
with the help of NEFT/RTGS/IMPS. On the left
side, click Indian Rupee column and click
Deposit. When you go to next page you can
deposit any amount of funds Note the reference
number, this is quite important Once you get the
reference number, add in the number and it will
take some time before the funds make a
reflection in your account.
You can also use Unocoin Android or iOS App to
add or buy bitcoins. Purchase more if you need
more. Done? Well!! You are now an owner of
Bitcoin 3. BuyuCoin
BuyuCoin supports multiple cryptocurrencies like
ARK, Bitcoin, Zcash, ETH and many more. This
site can be considered if you are quite serious
about selling Bitcoins and the minimum amount
you can sell on this site is 0.002 BTC. 4. Koinex
Yet another cryptocurrency exchange in India to
sell bitcoins. You can get your documents
verified very quickly which is useful when
signing up for the first time. 5. LocalBitcoins
If you wish to start a career in Bitcoin trading,
then this is your best website. Sell bitcoins at
any price here. If you buy and sell bitcoins
here, it is your decision at which price it must
be sold. Use any payment methods like PayTM or
cash or NEFT or bank deposit to sell and it is
for net-savvy individuals and it is very
important that you must be alert while using the
site to make the best benefits out of it. It is
always better to work with other individuals who
have high sales and reputation. If you start
with utmost determination right from the first
day, then you can surely achieve high
reputation. 6. Zebpay
This is yet another good trading website. It
allows you to recharge your mobile with Bitcoin
or Zebpay and the company is based out in
Ahmedabad, India. Zebpay was known as
BuySellBitco earlier and you can transact in bits
and also you can get vouchers for stores like
Amazon, Flipkart, Cafe Coffe Day, Pizza Hut
etc. They have both Android and iOS app. 7.
Koinex This is new site but definitely they have
earned dignity over here. Koinex provides trading
in the cryptocurrencies like
ETH BTC BCH (Bitcoin cash) Litecoin Ripple The
best thing about this site is you dont have to
wait for the money to get deposited. The initial
KYC takes about 2 days and following that you can
start trading the listed cryptocurrencies in
Koinex. Is comparing Bitcoin rate an essential
step? This must be an inevitable step for those
Indian looking to trade in Bitcoin. A site called
BitcoinRates displays the present selling and
buying price in India. By comparing the prices,
you can rely on the best website for your future
trading. Bitcoin will never end up without any
benefits, rather it gets heated up in the coming
years especially in Asian countries. Buying
Bitcoins with Paypal So are you interested to buy
Bitcoins using Paypal? Since Bitcoins
transactions are irreversible, there is no
direct way to buy Bitcoins using PayPal. But
there are many indirect ways to buy Bitcoins
that has been used by the users worldwide. Here
are some ways to purchase Bitcoins by PayPal.
  • Localbitcoins
  • Localbitcoins is yet another marketplace where
    you can buy Bitcoin utilizing PayPal. In any
    case, you should be watchful while picking the
    dealer. Click on merchant name to check his
    volume of trade. This will give you a smart
    thought of how trustworthy the vendor is.
  • PaxFul
  • This is another famous route for clients like you
    and me to buy Bitcoins utilizing PayPal,
    Payoneer, Skrill, Gift cards to give some
    examples. This one is like Localbitcoins yet with
    cleaner UI. Paxful is posting and escrow benefit
    for merchants to trade on.
  • You require a verified USA Paypal account. PayPal
    grants verified accounts if you connect your
    bank, debit card and upload id. Merchants will
    likewise request ID for themselves before
    enabling the acceptance of your PayPal.

  • Wirexapp
  • If you want to buy Bitcoins on a consistent basis
    using PayPal, then you are on the right place.
    Initially it may take a couple of days, but after
    that the procedure is easy and instant. The
    countries involved in using Wirexapp are Bahamas,
    Botswana, Bulgaria, Chile, Bahrain, Croatia,
    Georgia, Gibraltar, Honduras, Iceland, Indonesia,
    Estonia, Italy, Kazakhstan, Latvia, Lesotho,
    Liechtenstein, Lithuania, Luxembourg, Malaysia,
    Malta, Mauritius, Moldova, Morocco, Mozambique,
    Jordan, Oman, Philippines, Romania, San Marino,
    Saudi Arabia, Senegal, Serbia, Slovakia,
    Slovenia, United Arab Emirates and Uruguay
  • As all other sites, you need to create an account
    with Wirexapp and get free virtual visa card.
    Now login to your account and add a card option
    must be clicked. Confirm the new card and PayPal
    will verify the account and ask you to enter a
    PayPal code.
  • After logging in to Wirexapp account verify your
    debit card using confirmation code. Usually it
    takes a week and now you can start purchasing
    Bitcoins at market rate. All other methods cost
    you more for purchasing bitcoin.
  • Virwox
  • Utilizing VirWox to buy Bitcoins utilizing
  • This is the most prominent method for obtaining
    Bitcoins utilizing PayPal. Simply take after the
    steps specified and you will have Bitcoin with
  • Make a free ccount on VirWox
  • On the following page fill the registration form.
  • Enact your account by clicking on the
    verification sent to your email.
  • Login to Virworx site and click on Deposit to
    begin including cash utilizing PayPal.
  • On the deposit page, look down to the PayPal
    express checkout section and select the sum that
    you wish to deposit. You can see maximum allowed
    USD and Euro.
  • On the following page, you will get the
    affirmation of your deposit.
  • Purchase SLL with Deposited sum
  • Click on USD/SLL under exchange and purchase SLL
    with your saved sum. Click place order and your
    request will be satisfied quickly.

There are different courses too by which you can
utilize PayPal to Purchase bitcoins however they
are not as challenge free as one offered by
VirWox. Instant trading for Bitcoins in Amazon
gift cards It is through The Purse which is a San
Francisco-based organization, right in the
silicon valley. The procedure is entirely simple
as you will trade your Amazon gift voucher cash
consequently of Bitcoin. Step by step
instructions to buy bitcoins with Amazon gift
voucher at Purse To begin with this, you require
two things A Purse account Amazon account (You
can utilize existing gift voucher or you can
likewise utilize some other strategy to load
cash to your account). The Purse is a marketplace
which associates Amazon customers to clients with
Amazon gift vouchers. In addition, if you are
want to simply begin and need to purchase Bitcoin
for a less amount, utilizing gift voucher is a
simple way. Despite the fact that if you wish to
purchase Bitcoin in the bigger sum, you ought to
rather utilize different strategies like real
money to buy Bitcoin. Lets have a quick review
on trading Amazon gift cards for Bitcoins Sign
in to your Purse account and click on get
bitcoin at the top. This will take you to a page
where you can see numerous customers from
Amazon who have displayed their list of things
to get and you can sort it in light of few
factors, for example, Country. Click on the value
that you wish to spend and BTC TOTAL will
demonstrate to you the amount Bitcoin you would
buy. Click on accept offer and this would
take you to the Amazon site. When you acknowledge
the offer, you have around one hour to finish
the offer. Click on purchase list of things to
get and it would take you to the Amazon site. You
should simply complete the order and duplicate
the order ID back. Once the order is conveyed to
the customer and he affirms it, the cash will be
credited to your account. You will likewise get
an email from Purse with respect to your
continuous trade. You can utilize the link on
the email to see the status of your trade.
You can utilize earned Bitcoin to purchase a
considerable measure of stuff the same number of
online services acknowledge Bitcoin. Here are
some more tips for the beginner Coinimal Use
this site to trade your Amazon gift voucher for
Bitcoin. For Europian clients. Coinbase Use
this to purchase Bitcoin utilizing Fiat
cash. Convert Bitcoins to any other Altcoins
(eg Ethereum) Bitcoin is unquestionably a good
savings but you ought to likewise realize that
there are different cryptographic forms of
money. Its savvy to likewise put resources into
different cryptographic forms of money like
Ethereum and Litecoin.
Convert Bitcoins to Ethereum instantly using
Changelly Changelly is a completely fledge stage
that let you change over any cryptographic money
into some other. For instance, for this
situation we have 1 BTC and we need to change
over it into Ethereum. With Changelly, this
should be possible immediately. Here is the
manner by which to begin Take Changelly
site Select BTC and ETH Pair Click on next and on
the following page you will get the details of
the transaction. Do note, Changelly would expect
you to make an account utilizing email address.
This is something worth being thankful for as
you can whenever login to your Changelly account
in future and see every one of your
conversions. Click next and enter your Ethereum
wallet address where you need to get the
converted Ether. Cick on next and on this page
you will see the details of the conversions you
are making. In the case of everything looks
alright, click confirm and pay it. On the
following page you will see the QR code and the
Bitcoin Wallet address in which you have to send
the BTC to change over it into ETH. While paying
you can close the tab as you will get email when
everything is finished.
How quickly can you exchange cryptocurrency with
Shapeshift? Like Changelly, Shapeshift is a money
swapping site which does a certain something
Allows clients to trade amongst Bitcoin and
different cryptocurrencies. So suppose you need
to trade Bitcoin for Ethereum. You require only
two things Bitcoin Ethereum wallet address If
you are changing over to something unique
separated from Etherium, you simply need to know
the wallet address where you get the converted
money. If you dont have an Ethereum wallet
address, you can sign up to Coinbase and get an
Ethereum wallet address. When you have satisfied
the two prerequisites, go to Shapeshift.io. Select
Bitcoin in Deposit and (any cryptocurrency or
Ethereum) in Receive under the Choose Which
Coins to Trade choice. Click on Continue. This
is the place you have to include your Ethereum
wallet address and your Bitcoin address. The
Bitcoin wallet address isnt important, however
its helpful if a discount should be made. When
you have entered the sum and your wallet address,
click on Start Transaction. On the following
page, you will get the address to send it
to. Mostly, it takes around 30-60 seconds for
this exchange to happen and you will see a win
screen that implies that Bitcoin has been
effectively changed over into Ethereum or any
cryptocurrency of your choice and it has been
exchanged to your Ethereum wallet address. The
Ethereum wallet in your Coinbase account will
demonstrate the new sum, however it will be in a
Pending state for around 30 minutes until is it
confirmed by the network. You can take after a
similar manual for change over Bitcoin into
Nubits, Peercoin, Omni, Monacoin, or some other
altcoins. Conclusion Cryptocurrency is not going
to get faded away soon. So far, 2017 has been the
great year for digital assets. The last few
months of 2017 has witnessed an exponential
increase in demand as 100Bn was added to the
economy in just 20 days. Just get focused and
choose the right website for your trading.
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