Bitcoin for Beginners: Getting Started with Cryptocurrency
Bitcoin for Beginners: It may be hard trying to understand what Bitcoin is, especially if you’re a beginner, new in the cryptocurrency space and whatnot. There’s no shame in that. The cryptocurrency world has a lot of unfamiliar terms, slangs and what have you, which might be difficult to comprehend for a beginner. Honestly, we’ve all been there.
Bitcoin is the first cryptocurrency, and is our best shot at understanding what cryptocurrencies are, and getting started with cryptocurrencies eventually.
This is why we decided to write this blog post titled, “Bitcoin for beginners”. If this looks like what you may be interested in, please stick around.
Starting from the basics……….
What is Cryptocurrency?
Cryptocurrency is a revolutionary form of digital or virtual currency that uses cryptography to secure financial transactions, control the creation of new units, and verify asset transfers. Unlike traditional fiat currencies, cryptocurrencies operate on decentralized networks based on blockchain technology. Bitcoin, Ethereum, Ripple, and Litecoin are some of the well-known cryptocurrencies that have gained global recognition.
Bitcoin for Beginners
Understanding what Bitcoin is one of the first steps to getting started with cryptocurrency. Bitcoin is the first and oldest cryptocurrency that was introduced by an anonymous entity named Satoshi Nakamoto.
Note that the smallest unit of Bitcoin is also called Satoshi, sharing its name with Bitcoin’s creator, and is equivalent to 0.00000001BTC.
On October 31st 2008, this entity sent an email to a cryptography mailing list.
The email read “I have been working on an electronic cash system that’s fully peer-to-peer. Here is a link to the paper”. He may not have said that verbatim but I think you got the point.
Bitcoin is very different from traditional and fiat currencies like the US Dollar or the Naira in that while these traditional currencies are issued and controlled by the government, Bitcoin is not. As a matter of fact, Bitcoin is a form of digital currency that aims to eliminate the need for central authorities like banks. To do this, it relies on blockchain technology to validate and record transactions.
How does Bitcoin work?
Bitcoin is powered by open-source code or technology called the blockchain. Blockchain is like data stored in blocks. These blocks are linked by chain-like structures and managed by a group of users.
Users on the Bitcoin network verify transactions through mining.
Understanding how Bitcoin works also involves talking about its characteristics, so let’s do that.
- Bitcoin has a limited supply
This is to maintain the value over time. It was designed to have a maximum capacity of 21 million bitcoins. This supply is controlled by its underlying technology-the blockchain. This characteristic of Bitcoin is one major feature that distinguishes it from fiat money.
- Bitcoin is decentralized
The concept of centralization and decentralization is practically the foundation of fiat money and Bitcoin. Fiat money is typically issued and regulated by centralized authorities such as central banks. They have the authority to create, control and manage the supply of fiat money such as the Naira. They have the power to make decisions regarding how money will be circulated and also policies regarding money.
In contrast, Bitcoin operates on a decentralized network. It is not controlled by any central authority. This means that no single person has full control over the creation, supply, and even regulation of Bitcoin.
Where to Trade Bitcoin in Nigeria
If you’re looking to understand Bitcoin fully as a beginner, part of it also involves knowing where to trade Bitcoin. Because how do you learn how to acquire something and not learn how to trade it for cash in case of emergencies?
There are so many platforms that you can trade Bitcoin when we’re talking about Bitcoin for beginners. A good example of such platform is Dtunes.
Here’s how you can trade your Bitcoin on Dtunes:
The first thing you want to do is to download the Dtunes app either on the Google Play Store for Android or on the App Store for iOS. Then create an account if you don’t have one. It is free and it takes less than 3 minutes to create
- Log in to your account
- Click on “Trade Crypto”
- Choose “Trade Crypto”
- Select the type of Crypto you want to sell (BTC in this case)
- Enter the amount in USD
The rate is displayed and you can go ahead to sell your BTC.
Conclusion
Dtunes is the number one app that allows you to trade your gift cards at juicy rates. Definitely the best rate in town. Yes! That’s how good it is. It is a very seamless way of selling your gift cards in Nigeria. If you’re looking for swift payment, Dtunes is your go-to platform. After transacting, you can withdraw your cash to your bank account without any hiccups.
This app is also iOS and Android compatible.
