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    Bitcoin: Beginner's Simplified Guide to Make Money with Bitcoin
    Bitcoin: Beginner's Simplified Guide to Make Money with Bitcoin
    Bitcoin: Beginner's Simplified Guide to Make Money with Bitcoin
    Ebook87 pages53 minutes

    Bitcoin: Beginner's Simplified Guide to Make Money with Bitcoin

    By Gavin S. Finney

    ()

    Read preview

    About this ebook

    Learn Bitcoin today to start reaching your investing and money making goals!


    Learn everything there is to know about Bitcoins and increasing your wealth with cryptocurrency. 


    Are you curious about the world of cryptocurrencies? Do you want to learn more about Bitcoins, but aren't sure where to start? Is it overwhelming when you look at all the information that's available online about Bitcoins?
     
    Well, if your answer was yes to the questions mentioned above, then in such a case this book is perfect for you! Bitcoin is a form of digitized currency and is considered the hottest investment on the block at present. Bitcoins have been in existence since 2009. However, they have gained popularity recently.
    Bitcoins are the future of currency systems and investment opportunities as well. Therefore, it is essential that you are thoroughly informed about Bitcoins before you decide to make any investments!


    In this book, you will learn about:
    ●    The history of Bitcoin,
    ●    Uses of Bitcoins, 
    ●    Functioning of Bitcoins,
    ●    Storage options, 
    ●    Investing in Bitcoins, 
    ●    The blockchain technology, and much more!

    LanguageEnglish
    PublisherE.C. Publishing
    Release dateJan 24, 2018
    Bitcoin: Beginner's Simplified Guide to Make Money with Bitcoin

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      Book preview

      Bitcoin - Gavin S. Finney

      Introduction:

      I would like to thank you for purchasing this book, ‘Bitcoin: Beginner’s Simplified Guide to Make Money in Bitcoin.’

      Cryptocurrencies have been around for a while, and it is the collective term used for referring to digitized currencies that are encrypted cryptographically. The first cryptocurrency was invented in the year 2009, and it is known as the Bitcoin. These decentralized and digitized currencies have the power of changing the world of trade and commerce. All the systems of fiat currency that are in use at present need the involvement of a controlling authority for their production, management and control.

      Instead, cryptocurrencies are formed on a peer-to-peer trading model, which eliminates the need of all intermediaries in their functioning. There are plenty of benefits that Bitcoins offer that goes beyond the ease of usage and efficiency.

      In this book, you will learn the basics of Bitcoin, its history, benefits of using Bitcoins, about investing in Bitcoins and storing Bitcoins.

      If you are interested in making the most of the digital revolution that has taken the world of finance and commerce by storm, then it is essential that you understand more about Bitcoins. So, let us get started now.

      Chapter 1:

      What is Bitcoin?

      Chapter 1: What is Bitcoin?

      Background and definition

      Bitcoin refers to a cryptocurrency that is created and is held in an electronic form. There is no regulatory authority or a centralized body that controls it, unlike all the other kinds of fiat currencies we use. Unlike fiat currencies, Bitcoins aren’t printed, and they don’t exist in a tangible form. A network of users who are spread all over the globe controls Bitcoins. The system makes use of a set of complicated mathematical equations along with an extensive web of computers for its functioning and maintenance.

      The first cryptocurrency that was invented is the Bitcoin, and it was created by an anonymous entity- Satoshi Nakamoto. Just like any other form of fiat currency, even Bitcoins can be made use of for acquiring other commodities. However, an essential differentiating factor between Bitcoins and conventional money is that the former is decentralized. A decentralized network means that no central or regulatory authority is responsible for controlling the network. It also says that all the users of the system are the only ones who are in control of their funds instead of an intermediary.

      Satoshi Nakamoto, an anonymous software developer, proposed the idea of Bitcoins when he published a white paper describing the working of a digitized currency functioning on a peer-to-peer network. Nakamoto’s design was the creation of a form of money that doesn’t need a central authority for its functioning and is capable of being transferred somewhat automatically and instantly. Since Bitcoins don’t exist in a tangible form and are created digitally, they cannot be printed. Fiat currencies provide banks and other central regulatory authorities with the power of minting more money to cover any financial debts of the economy. Anyone is capable of joining the Bitcoin network.

      Bitcoins are mined by using a well-distributed network of computers, and the system is responsible for the verification and processing of transactions. Therefore, Bitcoin manages to create a network of operations that is self-sufficient in its functioning. However, it doesn’t mean that unlimited Bitcoins can be created. The Bitcoin protocol is designed in such a manner that it imposes a cap on the number of Bitcoins that can be created. The limit is set at 21 million, and once this limit is reached, the production of Bitcoins ceases altogether. A distinct feature of a Bitcoin is that it can be divided into several minor components. The smallest divisible element is referred to as Satoshi, after its creator, and it is equivalent to one hundred millionth of a single Bitcoin.

      Why learn about Bitcoin

      Bitcoin is quite a useful cryptocurrency, and all the benefits it offers make it quite accessible. In this section, you will learn about the various benefits a Bitcoin provides to its users.

      ●  Financial self-determinism: No one has the power to take Bitcoins away from the user without his or her consent. No regulatory authority can freeze your account or even stop you from transacting on the Bitcoin network. All credit cards operate on a pull mechanism. The minute you give the card to the vendor for payment, you are providing him access to your credit line. Once the vendor initiates the

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