02/06/2023

Bitcoin for beginners

Exploring cryptospace can seem like a complicated and time-consuming process. If you are interested in learning about digital currencies, we suggest starting with Bitcoin. What it is and how it works we will explain in this article.

How does BTC work?

Bitcoin (BTC) is the first and most popular digital currency, launched in 2009 by a person or group of people under the alias Satoshi Nakamoto. Bitcoin exists in its own network and enables online transactions without the presence of an intermediary. You can send BTC anywhere in the world without having to go to a bank or money transfer service.

What is Bitcoin and why should I care?

Bitcoin is a decentralized digital currency that no one owns or controls. It runs on a vast base around the world - more than 10,000 computers (called nodes) run the Bitcoin software that provides the network with its basic functions.

Unlike fiat currencies, Bitcoin is not backed by the government, which means that its value is regulated by public consensus and market demand. In addition, bitcoin's supply is fixed and its monetary policy mechanisms are highly transparent and automated, which also makes this digital currency attractive to study.

The bitcoin network is publicly available and immutable. The bottom line is that every validated BTC transaction is added to a shared public registry, called a blockchain, and maintained by miners - people who ensure the validity of transactions and arrange them according to a chronology. Transactions are combined into blocks, which then link the chain - hence the term "blockchain. The blockchain system will allow you to verify at any time that bitcoin is working as it should be, without having to trust any other party to the transaction to make sure it is successful.

Another difference in bitcoin is its pseudo-anonymity. Instead of an account with personal information, bitcoin users have wallets that generate addresses - long strings of numbers and letters. For privacy purposes, bitcoin wallets allow you to generate a new address every time you want to make a transaction.

What is BTC used for?

There are a number of reasons to use bitcoin:

Bitcoin is akin to digital gold, which encourages people to view it as a great and scarce means of savings;
Bitcoin's digital nature and inexpensive transaction fees are seen as an easy and cheap way to transfer value;
Some people are intrigued by the potential of cryptocurrencies and invest in bitcoin because of their love of experimentation and new technology.

Whatever your goals, investing in bitcoin can be the first step into the exciting world of crypto, blockchain, decentralized technology and Web3.

The materials found on the Cryptonica.com website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.

Bitcoin

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