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    Bitcoin for Beginners - How to Buy Bitcoins, Sell Bitcoins, and Invest in Bitcoins
    Bitcoin for Beginners - How to Buy Bitcoins, Sell Bitcoins, and Invest in Bitcoins
    Bitcoin for Beginners - How to Buy Bitcoins, Sell Bitcoins, and Invest in Bitcoins
    Ebook78 pages58 minutes

    Bitcoin for Beginners - How to Buy Bitcoins, Sell Bitcoins, and Invest in Bitcoins

    By J.T. Jackman

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    About this ebook

    Bitcoin for Beginners

    Bitcoin has taken the world by storm. The reasons are obvious.

    With the value of Bitcoins increasing by 1,000% in less than a year, Bitcoins have been a lucrative investment for many.

    Bitcoins can offer privacy to individuals that their own currencies do not offer.

    Bitcoins offer safety from the inflation caused by the widespread money printing going on throughout the world.

    Bitcoins are an international currency and are free of countries and borders

    In Bitcoin for Beginners - How to Buy Bitcoins, Sell Bitcoins, and Invest in Bitcoins you will learn about:

    What Bitcoins are
    The history of Bitcoins
    How Bitcoins work
    How Bitcoin mining works
    How to use Bitcoins
    The Benefits of Bitcoin
    Bitcoin wallets
    Using Bitcoin as a currency
    Investing in Bitcoins
    And much more

    Many avoid Bitcoins because they seem too complicated. Bitcoin for Beginners is an easy to understand, plain English guide that is free of complicated and confusing technical jargon. You will learn all about Bitcoins in a simple, straight forward way that is easy to understand.

    LanguageEnglish
    PublisherJ.T. Jackman
    Release dateJan 7, 2014
    ISBN9781497740655
    Bitcoin for Beginners - How to Buy Bitcoins, Sell Bitcoins, and Invest in Bitcoins

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      Book preview

      Bitcoin for Beginners - How to Buy Bitcoins, Sell Bitcoins, and Invest in Bitcoins - J.T. Jackman

      Chapter One

      Meet the Bitcoin

      If you were to research Bitcoins you would find a lot of things said about them during their very short lifespan.

      For example, in an article in the New York Times of November 26, 2013, one expert called them everything from zany and weird to speculative and the currency of the future. (Chen)

      How can something that doesn't physically exist, being essentially a string of numbers hosted in an online ledger, fall under so many descriptions and terms?

      It is because Bitcoins are still evolving - even as we speak. They are less than five years in age and are popular for many different reasons. They don't belong to any sort of banking institution. They are part of a decentralized network of computers, and they are the end result of a lot of complex mathematical calculations and equations.

      They are also created with a firm cap in sight (21 million is the total number that can ever be created), and are traded on a peer to peer system that rewards computer hosts with newly created Bitcoins as well.

      They bypass all of the fees and limitations of credit card companies and standard payment processors. They are both very public and yet entirely private, and are authenticated in a way that guards against fraud to the greatest extent possible.

      As said in that New York Times article, Bitcoin is "...digital cash, offering the same relative anonymity and freedom as a paper sack of bills."

      Now, you might argue that such a description is just one person's opinion, and that it is only time that will tell if Bitcoins are here to stay. And while it is true that we each have an opinion, we also have the facts.

      For instance, the author of this op-ed piece cited above was also the same journalist who first broke the news of Bitcoins back in 2011, and someone who has been actively watching the growth of this unique currency.

      More importantly, this journalist was the first to see and to describe just how Bitcoins were being used in a large number of ways, and usually for the benefits that come with anonymity. That anonymity is still one of the selling points for those new to Bitcoins, but there is a lot more to the story.

      What Kind of Coins?

      Of course, you may be like millions of would-be buyers and investors and ask Just what the heck is a Bitcoin anyway? And that is the focus of this book.

      We are going to look at Bitcoins in terms of:

      What they are;

      How to obtain them;

      How to store and use them;

      Whether they are a good investment; and

      Where they are headed.

      Though you might go online and find a handful of sites offering to explain Bitcoins, you will end up like millions of others - scratching your head and saying Huh? This is because there are a lot of different facts or truths about them, including:

      You will read that miners create them.

      You will read that they are not actually coins, but lines of code and inputs.

      You will hear about anonymous cryptographers and groups of programmers seeking solutions to complex mathematical problems.

      You will quickly see that the technicalities of Bitcoins will boggle the average reader's mind.

      So, to keep it as simple as possible:

      Bitcoins are viewed as a form of digital currency. This means that they are not an actual, physical currency such as a dollar or a bar of gold.

      They are not in the hands of a bank either. Instead, Bitcoins are stored in computers spread all across the Internet.

      They belong to a network of buyers and investors and they are used as a payment system as much as currency.

      They are anonymous and yet the system and all of the transactions are public. (Don't worry - we'll explain!)

      They are, as one writer suggested a re-imagining of international finance, something that breaks down barriers between countries and frees currency from the control of federal governments

      However,

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