Everything You Need to Know About Bitcoin – Open Source Software

Bitcoin is one of the most important inventions in all of human history. For the first time ever, anyone can send or receive any amount of money with anyone else, anywhere on the planet, conveniently and without restriction. It’s the dawn of a better, more free world.

Bitcoin celebrated its 10 years birthday on January 9, 2019. It was invented by an unknown person or group of people hiding in the name Satoshi Namakamoto. Released as open source software Bitcoins are created to as a reward for a process known as mining.

Bitcoin as an App can be acquired by downloading from Bitcoin exchange websites which host them and user stored them in digital wallets which can be accessed anytime, anywhere holder prefers.

Bitcoin is not regulated by any government agency or under law of a particular country as such, bitcoin traders needs to know ways on how to keep safe from hackers, scammer, fraudsters who on several attempts have tried to plunge this new ecosystem.

In this guide we are going to look into how Bitcoin works, buy, bitcoin market capitalization, terms, using, earnings and how to buy with cash in Local Bitcoin.

How Bitcoin works

Bitcoins works on Blockchain technology. A growing list of records called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp and transaction data. When a user initiates a transaction (send or receive) the process is verified by blockchain.

Bitcoin Market Capitalization

As of writing this guide current bitcoin market capitalization is 3470.38 USD

How to Buy Bitcoins

  • Buy Bitcoin online: to buy or earn free bitcoins first you need to download a bitcoin wallet – software that allows you to securely send, receive and store funds in the bitcoin network.
  • Buy Bitcoins in person: if you’d rather buy bitcoins in person, you can do so as well.

Step-By-Step On How to Buy Bitcoin with Cash in Local Bitcoin

  1. Find a seller in your area who accepts cash
  2. Select amount of coins and place an order
  3. Receive account number from the seller
  4. Deposit cash into the seller’s account
  5. Upload your receipt to prove you made the deposit
  6. Receive Bitcoins

Bitcoin terms

XBT and BTC: stands for abbreviations for bitcoin

Altcoins: these are alternative cryptocurrencies launched after the success of Bitcoin

Block height: is just the number of blocks connected together in the blockchain. For instance height 0 refers to the very first block called “genesis block”

Halving: Bitcoin have a finite supply, which makes them scarce. 21 million is that total number that will ever be issued.

Bit: A sub-unit of bitcoin. 1 bitcoin (BTC) = 1,000,000 bits.

Bitcoin: when the B is capitalized, it indicates the overcharging concept of Bitcoin. The technology, the community, the protocol and the software.

How to store Bitcoin

Just like physical wallets are used to store fiat money Malawi kwacha (Mwk), US dollar, Euro etc, digital wallets offers ways of storing bitcoins. The digital wallet stores all your private key(s) which are linked to the bitcoins used for everyday transactions – making purchase and paying bills.    

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