The mere idea of putting hard earned money into a form of cryptocurrency where we can fall victim to hackers can be very frightening.
Bitcoin is not the only form of digital currency. There are others like ethereum, lite coin, dogecoin,dash, and others. Right now bitcoin seems to be the one most are familiar with.
Bitcoin trades right now at around $920 USD to one bitcoin. It was 200 a while back and over 1100 just a month ago. What causes the fluctuations is more than scary. To me it makes no sense. This is not a stock price based on a company. In my opinion it should be based on the dollar of a chosen country or an average of several. For this reason I will only use bitcoin as needed and for transaction use only. If your virtual wallet was ever hacked. Good luck getting that money back. It has happened and a quick Google of Mt. Gox and hacker will show how 460 million was stolen from one account.
The basics. You first need a wallet to store your bitcoin. Choosing a wallet can be confusing. Maybe one of the members can recommend a good one. But keep in mind you can buy bitcoins cheaply. Or buy anonymous but you can't have both.
Wallets with higher fees etc are anonymous.
There are three wallet types. First is a software based. (You download a program on your phone or computer). Second is cloud based (a third party has your info and you can log on as needed). Last is hardware based. (Same as you need a key to use your car - you will have a tangible item to plug in your computer.
The last is most secure and can be bought on amazon for 20 to 100 dollars.
Trevor, ledger nano, bitcoin card are just a few.
The easiest to use are software and cloud based. Each has a tutorial of how they work. Some of the most popular are Coinbase, jaxx, breadwallet, blockchain, copay, bitpay, and coinspace.
I'd prefer members say which ones they like as I'm new to this as well.
One last thing- don't get confused with bitcoin mining. That is a whole other thing that we don't need to concern ourselves with.
Bitcoin is not the only form of digital currency. There are others like ethereum, lite coin, dogecoin,dash, and others. Right now bitcoin seems to be the one most are familiar with.
Bitcoin trades right now at around $920 USD to one bitcoin. It was 200 a while back and over 1100 just a month ago. What causes the fluctuations is more than scary. To me it makes no sense. This is not a stock price based on a company. In my opinion it should be based on the dollar of a chosen country or an average of several. For this reason I will only use bitcoin as needed and for transaction use only. If your virtual wallet was ever hacked. Good luck getting that money back. It has happened and a quick Google of Mt. Gox and hacker will show how 460 million was stolen from one account.
The basics. You first need a wallet to store your bitcoin. Choosing a wallet can be confusing. Maybe one of the members can recommend a good one. But keep in mind you can buy bitcoins cheaply. Or buy anonymous but you can't have both.
Wallets with higher fees etc are anonymous.
There are three wallet types. First is a software based. (You download a program on your phone or computer). Second is cloud based (a third party has your info and you can log on as needed). Last is hardware based. (Same as you need a key to use your car - you will have a tangible item to plug in your computer.
The last is most secure and can be bought on amazon for 20 to 100 dollars.
Trevor, ledger nano, bitcoin card are just a few.
The easiest to use are software and cloud based. Each has a tutorial of how they work. Some of the most popular are Coinbase, jaxx, breadwallet, blockchain, copay, bitpay, and coinspace.
I'd prefer members say which ones they like as I'm new to this as well.
One last thing- don't get confused with bitcoin mining. That is a whole other thing that we don't need to concern ourselves with.