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Caro - Bitcoin for Beginners: The Simple Guide to Investing in Bitcoin & Understanding Blockchain Cryptocurrency (3 in 1 Box Set)

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Bitcoin
for Beginners
The Simple Guide to Investing in Bitcoin & Understanding Blockchain Cryptocurrency
(3 Books in 1)
Artemis Caro
Copyright 2017 Artemis Caro
All rights reserved.
Bitcoin
The Beginners Guide to Making Money with Bitcoin & Blockchain Cryptocurrency
TABLE OF CONTENTS
Introduction
As Bitcoin and other cryptocurrencies are becoming more popular, many people are beginning to explore these new technologies. The cryptocurrency space is exciting, dynamic, and full of possibilities. For newcomers, it can also be really confusing.
Much of the available information dealing with cryptocurrencies assumes a fairly advanced level of experience with cryptography, computer programming, financial markets, and mathematics in general. This book takes a different approach. Rather than focusing on the theoretical, we will dive into the practical: What is Bitcoin? How do I use it? Why would I want to?
On the one hand, Bitcoin is complicated. Under the hood, some pretty wild math stuff happens. On the other hand, using Bitcoin is actually very simple! You dont need to understand everything about how a car works to be able to drive. Similarly, you dont need to be a computer whiz to buy, trade, mine, or spend Bitcoin.
You wont walk away from this book with an in-depth understanding of public key cryptography or hashing algorithms. Instead, youll have a solid foundation in the practical usage of Bitcoin and the technology behind it. We will cover the basics of what Bitcoin is, how it works, why people use it, and how to use it. We will also explore the possibilities for making money with Bitcoin, other cryptocurrencies, and the emerging markets in this space.
Chapter 1: What is Bitcoin?
Broadly speaking, Bitcoin can be categorized as a digital currency. In many ways, Bitcoin works like any other form of money, with the exception that there is no physical money and transactions occur entirely through the Internet. There are other kinds of digital currencies out there, but Bitcoin is the most well known, widely used, and valuable at this time.
As we begin to dive in, it will be helpful to think about Bitcoin in two ways: both as a currency and as a technology. We will get in to the revolutionary technology behind Bitcoin later in this book. For now, however, lets look at Bitcoin as a currency.
Bitcoin as Currency
When we begin to think about Bitcoin as a currency, or a digital asset, there are two big questions that most people ask right away:
How is the value of Bitcoin determined?
How is it actually used?
How is the Value of Bitcoin Determined?
To answer the first question, it is helpful to think about paper money, like US dollars. When push comes to shove, there is really not much physical difference between a one hundred dollar bill and a piece of paper. The reason a one hundred dollar bill is understood as something more than a piece of paper is because of a consensus amongst citizens to accept that particular piece of paper as having a designated value that can be traded for goods and services. There are a lot of factors behind the scenes that bring a society to this agreement, but in a nutshell: any currency has value because enough people agree that it does is.
The same principle holds true for Bitcoin. Bitcoins value is contingent on the number of people who are willing to accept it as payment, a group that is growing in size almost daily. Obviously, if nobody was willing to accept Bitcoin as a form of currency, it would be an undesirable thing to possess, nobody would want it, and it would be worth nothing. We can see by looking at the price of Bitcoin, however, that people do use it and it does have value. The price of Bitcoin at any given time is, like other commodities, determined by the relationship between supply and demand. As the level of demand goes up, the price of Bitcoin also increases, and vice-versa.
In the upcoming chapters, we will explore some of the reasons for why an increasing number of people are choosing to accept Bitcoin as a viable, or even preferable, form of currency. Before we get into that, though, lets get an overview of how Bitcoin is used. What does a Bitcoin transaction look like?
How is Bitcoin Used?
Bitcoin can be used much like any traditional currency, such as US Dollars or Euros. You can use Bitcoin to send and receive payments, make purchases, or even put BTC into a savings account for the future. Bitcoin can also be treated like an investment, similar to how one might invest in a stock.
Have you ever used a credit card to make a purchase online, or transferred money electronically form one account to another? When it comes to using Bitcoin for transactions, the process feels very similar in practice. We can make purchases by transferring a certain amount of Bitcoin directly from one account to another, from the buyer to the seller.
You can currently buy a lot of things with Bitcoin, but not everything. In order to make a purchase with Bitcoin, you will have to find a vendor who is willing to accept it as a form of payment. Many big name companies already offer Bitcoin options, including Subway, Microsoft, OkCupid, Whole Foods, Etsy, and Overstock.com.
New vendors from a wide range of industries are adding options for Bitcoin payment all of the time. As more people begin to participate in the Bitcoin economy all over the world, vendors are responding to the increasing demand from customers to accept Bitcoin.
How is Bitcoin Different?
One of the major barriers to entry in terms of Bitcoin is that a lot of people struggle with the idea of a currency that is not physical. When we think of traditional currencies (called fiat) like the US Dollar or the Euro, we often think of paper money. Many of us are used to thinking about money as cash- as a tangible thing that we carry around.
In reality, however, most people dont carry around sacks of cash. The bulk of our money is stored in banks. Why is this?
Paper money has been standard for some time, but it is ultimately not very practical. It can be lost, stolen, or damaged easily. On top of that, there is nothing that ties a particular piece of paper money to any one person .
If you have your entire life savings stuffed under your mattress and you get robbed, there is nothing in the money itself that will point back to you as the owner. Unless the police happen to bust the robber, there is a good chance the money is just lost forever. It is largely because of this vulnerability that we rely on banks to store the bulk of our money for us. Banks guarantee a level of security in exchange for fees and a certain degree of control over the money we keep in our bank accounts.
Historically, banks have existed as essentially the only option for people to keep currency in a secure, centralized location, backed up with a guarantee. But, are banks really the best solution to the problem of storing our money?
Depending on a variety of factors banks can regulate, limit, and control the access we have to our own money. For example, we may not be allowed to withdraw more than a certain amount at a given time. We might be charged high transaction fees to move money between our different accounts. If a bank is hacked, millions of accounts can be affected because everything is stored on in one centralized database. Ultimately, most of us end up storing our money in banks despite the various pitfalls because there is no better alternative. We have no choice but to trust these institutions or risk stuffing cash under the mattress.
Bitcoin offers an alternative Unlike traditional currencies Bitcoin is - photo 1
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