Bitcoin For Beginners: What To Know About The World’s Most Valuable Currency

Even if you are far from the crypto market, you have surely seen a rapid growth of the Bitcoin value. Experts predict that it may even hit $1 million in the future and become a global reserve currency. With such positive dynamics, more and more users are willing to become BTC owners. To pay with it at Burger King and Twitch, remain anonymous at a Bitcoin online casino, and even book flight tickets in 600+ airlines across the world. However, they think that the crypto market is complex and unfriendly to beginners. Well, below we are going to dispel the myth and tell you about Bitcoin in simple words. There is even more useful information on Bitcoin and casinos at NZ CasinoHEX from experienced experts.

BTC in a nutshell

Bitcoin is surely one of the biggest wonders of the modern world. Just imagine: a team of tech geeks invented digital money that is not controlled by any financial institution or government. BTC was created by Satoshi Nakamoto in 2008. But even 13 years later, it is still studied and explored by developers and economists.

Bitcoin is a software protocol similar to those that we use on a regular basis. For example, HTTP for web connection or SMTP for routing emails. BTC protocol allows computers to operate a set of data (i.e. blockchain) and comply with the rules that make crypto valuable.

What shapes BTC value

But what does this value mean and why Bitcoin is such a popular currency? To answer this question, we should discuss it in the context of traditional money values:

• Acceptability. There’s no denying that a thing is valuable if it is widely recognized. Nowadays, there are thousands of big and small enterprises that accept Bitcoin. For example, Wikipedia, Microsoft, Burger King, Subway, Home Depot, Tesla, and many others. You can also purchase and sell BTC on the international exchanges and even receive salaries in crypto.

• Fungibility. All currency units must be identical and interchangeable. Similar to paper money or precious metals, BTC may have different fungibility degrees. For example, some exchanges may not accept Bitcoin involved in a crime.

• Durability. While paper money wears out and has a limited life, Bitcoin is nothing but a set of numbers and letters that you can store virtually, on a hardware wallet, or even stamp into steel. Thus, it can serve eternally.

• Scarcity. In 2009, there were 50 BTC coins. In 2020, 18 million. Every year, the number of released coins in each block is cut by 50% to keep the supply limited. In total, there will ever be around 21 million coins. 

• Portability. With BTC, you don’t have to worry about losing a wallet because your wealth is carried in your memory, on a remote server, or on a simple flash drive hidden in a safe place. 

• Divisibility. Currency’s divisibility allows purchasing items of different value. The smallest part of BTC is called satoshis. There are 100 million sats in one BTC making it the least possible cryptocurrency unit at the moment.

How to buy Bitcoin

Now you know what Bitcoin is and what makes it valuable. There’s only one step between you and a BTC on the account. It is available in US dollars, so you don’t need any crypto to get started. The process of purchasing Bitcoin (or any other cryptocurrency) is quite simple. 

You need to have a so-called crypto wallet. It is an application or virtual storage that holds your coins. Most users choose exchanges where they keep crypto and can make transactions rather quickly. Popular exchanges are Coinbase, eToro, Gemini, Kraken, and Binance. Just create an account, follow the BTC prices, and if you are ready to buy, insert the requested sum to finalize the transaction.

There will never be a better time to start

If you are on this page not only to understand what Bitcoin is and why it’s so popular, you might worry that the train of buying BTC has already departed. However, despite the temporary market fluctuations, Bitcoin shows stable growth without any signs of slowing down. Even though the coin’s value is very high, investors empty exchanges which only proves that the market is ready for you to step in.