Cryptocurrency — in this day and age, you can’t avoid it. You might have started thinking about it again because of this whole scandal with Elon Musk. No matter what’s got you thinking about cryptocurrency, it’s important to understand it to understand where our world is going.
Bitcoin is the most popular cryptocurrency these days — but what is bitcoin? How do you start trading bitcoin? Do you have to go to college to learn cryptocurrency for beginners?
This article will act as your helpful guide to bitcoin and as such, be your guide to cryptocurrency.
What Is Bitcoin?
Bitcoin is a cryptocurrency (a digital currency that has no physical money attached) that came around in 2009. It’s secured by cryptographic code through bitcoin mining and blockchain. It was invented by an anonymous entity known as “Satoshi Nakamoto”, which has been speculated to be a conglomerate of people.
While bitcoin’s worth started off as little more than a pittance (8 US cents equaled one bitcoin), it’s now grown to massive heights. It hit a peak this February when one bitcoin was worth over 40,000 dollars. Now it’s evened out a bit, sitting around a still-impressive 30,000.
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How Do You Buy Bitcoin if It’s So Expensive?
The relative value of one bitcoin can be misleading. Though one bitcoin costs around 30,000 dollars, you don’t need to spend that much to get in on the cryptocurrency game. The fact that bitcoin is digital means it doesn’t need to be printed, so you can buy any fraction of a bitcoin with very little problem.
Well, almost any fraction of bitcoin. The least you can invest in bitcoin is around 100 dollars. This will only buy you one small fraction of a bitcoin, but it’s still a significant investment.
Where Do You Buy Bitcoin?
Bitcoin is generally available for purchase in three ways: exchanges, direct transfer, and bitcoin ATMs. You can’t go to a bank and buy bitcoin, because it isn’t supported by the government — but who knows what the future holds.
Exchanges are the most popular way to buy bitcoin. They work similarly to a bank in that you have to register an account, and you can only spend so much at one time.
Direct transfer refers to buying bitcoin directly from someone, person to person (or P2P). There are several P2P platforms online where you post about wanting to buy some bitcoin.
Bitcoin ATMs are a growing enterprise that, really, are just what they sound like — real-world locations where you can trade cash for bitcoins; click to see where you might have a bitcoin ATM near you.
Study This Guide to Bitcoin
If you study this guide to bitcoin, you’re far more likely to understand what the world talks about when they talk about cryptocurrency. A lot of people like to use big words, but at the end of the day, it just comes down to this.
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