Mastering Bitcoin For Beginners: Bitcoin, Cryptocurrency And The Future Of Money

By D. D. Dwase

Mastering Bitcoin for Beginners

 

Bitcoin is a revolutionary new form of digital currency that operates on a peer-to-peer model rather than a centralized government model. There is no form of physical Bitcoin; rather, all transactions are made online.  

 

It was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009. The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain.

 

Bitcoins can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. Bitcoin can also be held as an investment. According to research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.

 

This book covers everything you need to know in order to get started with Bitcoin such as...

 

• Understanding Bitcoin
• Use Cases of Bitcoin And The The Blockchain
• How To Buy Bitcoin
• How To Secure Your Bitcoin
• The Best Bitcoin Wallet
• Benefits of Bitcoin
• How To Use Bitcoin As Inflationary Hedge
• A Future With Bitcoin
• How To Invest In Bitcoin
• How To Accept Bitcoin For Your Business
• How To Use Bitcoin As Part of Your Business and much more!

What Billionaires Are Saying About Bitcoin

 

One of the biggest Bitcoin advocates is Silicon Valley icon, Tim Draper. Draper's made over $1 billion by getting in early to Twitter, Skype, Tesla, and others through his venture firm, Draper Fisher Jurvetson.
 
Draper told Forbes...
 
"In five years, if you try to use fiat currency, they will laugh at you. Bitcoin and other cryptocurrencies will be so relevant... there will be no reason to have the fiat currencies."
 
He's not the only one making big predictions about cryptocurrencies...
 
Hedge fund legend Mike Novogratz predicted last month that Bitcoin will hit $10,000 in the next few months. And he's putting his money where his mouth is – starting a $500 million crypto fund.
 
A few months ago, Silicon Valley pioneer John McAfee – creator of the antivirus software – predicted that Bitcoin will hit $500,000 within three years.

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• Language: English
• Publisher: D. D. Dwase
• Release date: Sep 5, 2022
• ISBN: 9798201705138

Book preview

Introduction

Welcome to Mastering Bitcoin For Beginners: Bitcoin, Cryptocurrency And The Future of Money. Bitcoin is a revolutionary new form of digital currency that operates on a peer-to-peer model rather than a centralized government model. There is no form of Bitcoin cash; rather, all transactions are made online. The following chapters will discuss different aspects of Bitcoin, beginning with a general, easy-to-understand introduction to what Bitcoin is.

It will then explain different processes through which you can obtain Bitcoin, as well as different ways that you can use Bitcoin to meet your own needs, wants, goals, and aspirations. From there, it will move on to explicate the process of trading Bitcoin.

Because an important feature of Bitcoin is its inherent lack of government regulation, this book will then look at efforts that governments are taking to attempt to regulate and control it. It will then move on to more technical subjects, including how blockchain, the technology behind Bitcoin, functions, as well as how digital cryptocurrencies work.   

Another important feature of Bitcoin is the anonymity of users, so this book will then discuss how you can stay anonymous on the Bitcoin network. It will then look at the security of the Bitcoin network to take a critical look at whether or not Bitcoin actually is safe. It will explain the process of Bitcoin mining, which is actually part of the security features of the blockchain technology.

It will then look at other applications outside of Bitcoin that blockchain is being used for and what the future may hold for blockchain.

Next, this book will look at the role that Bitcoin plays in e-commerce and online business, both how it can enhance online business and reasons why some businesses may be hesitant to accept Bitcoin. Finally, it will look at tips and suggestions for using Bitcoin, and caveats and warnings, including the limitations and challenges associated with the online currency.

This book is not a guide to investing in Bitcoin. Before making any investments, you should do extensive research and possibly consult a financial advisor. The author of this book is not held liable for any investment decisions related to the information presented here. There are plenty of books on this subject on the market, thanks again for choosing this one! Every effort was made to ensure it is full of as much useful information as possible, please enjoy.

What is Bitcoin?

Bitcoin is a peer-to -peer digital currency that was created by Satoshi Nakamoto, the mysterious pseudonym behind the creator of Bitcoin. It was originally conceptualized in a white paper that the figure published on October 31, 2008, and was released on January 3, 2009. Most countries have their own currency: UK has the pound, US has the dollar, Mexico has the peso, India has the Rupee, Saudi Arabia has the Riyal, China has the Renminbi, Egypt has the pound. These are known as fiat currencies.

Fiat means faith. A fiat currency is one that is backed by the faith of the government that issued it. If for any reason the government should collapse, so would the currency associated with it. Traditionally, fiat currency is centralized in and regulated by a national mint or Treasury that, amongst other things, establishes interest rates, regulates the amount of currency in circulation, and prints cash. The national body that regulates the currency has the power to devalue the currency or issue embargoes, which can prohibit monetary exchanges with other currencies.

Bitcoin works differently.

Rather than a central bank, Bitcoin is a peer-to-peer currency that allows users to exchange money with each other without being regulated by financial policies.

It is not regulated by any national government, treasury, or mint. The lack of a central bank regulating the value of a Bitcoin means that no one, not even Satoshi Nakamoto, can manipulate the value of the currency.

Rather, its value is determined by the number of people who are using it. Like other markets and currencies, it is bound by many of the same laws of supply and demand. This means that the demand for the currency determines what it is worth. Without centralized regulation, Bitcoin operates in a more laissez-faire economic style. Laissez-faire is an economic model which advocates that society is able to regulate itself without intervention from governments.

Historically, laissez-faire economies have spawned large banks and corporations that, in some cases, have become more powerful than their national governments. This happened in the United States during the 1800s, when wealthy individuals such as Andrew Carnegie and John D. Rockefeller created massive trusts that monopolized the steel, sugar, and oil industries, amongst others. However, this has not happened with Bitcoin.

At least part of this success can be attributed to the lack of centralized regulation from a government and rather through the decentralized regulation of the peer-to-peer network.

How Do You Get Bitcoin?

With the incredible rise in the value of Bitcoin over the past few years and the fact that its value is expected to continue to increase, many people are wondering how they can get their hands on Bitcoins. Many individuals have become very wealthy through investments in Bitcoin. Take, for example, the man who bought $27 worth of Bitcoins in 2009, forgot about them, and then found