Things To Know Before You Buy Bitcoin
Bitcoin has been around since 2009. It’s a digital currency that can be used in transactions, just like any other form of money. However, unlike the dollar or euro, it is not backed by any country’s central bank and no one controls this cryptocurrency. With bitcoin being so new, there are still some questions about how to buy it and how to use it securely – which is why we have put together this article with 10 things you need to know before buying bitcoin!
This article will explain what bitcoin is and why you should consider buying it. It explains the blockchain technology behind bitcoin, how to safely store your bitcoins, where can you buy them from, and also advises on using a digital wallet for maximum safety. The last section of this article provides a list of useful resources with further information so that once you have read it, you will be well prepared to find out more.
What is Bitcoin?
The first thing you need to know before buying bitcoin is what it actually is. Bitcoin is a digital currency that only exists online. People use it to buy things, just like they would with regular money. However, unlike regular money, Bitcoin is not backed by any central bank. It was created in 2009 by an anonymous person or group of people who go by the name Satoshi Nakamoto. In fact, no one controls or regulates bitcoin – it purely exists through the blockchain technology that powers it. This may sound scary at first but don’t worry – we’ll explain more about this later!
How Do You Buy Bitcoin?
The first thing you need to do before buying any form of cryptocurrency like bitcoin is set up a wallet where you can safely store them once bought. Wallets come in different forms, with software wallets being the most common, but there are also hardware and paper wallets.