Bitcoin 101
What is Bitcoin?
Bitcoin is digital money that can be stored and used by anyone, anywhere in the world.
Who controls Bitcoin?
Bitcoin is not controlled by any one organization but is run by users that send bitcoin directly from person to person (P2P = peer-to-peer).
Where does Bitcoin come from?
Powerful computer networks created each unique bitcoin by solving complex math problems, which is called mining.
Why should I use Bitcoin?
Since Bitcoin isn’t controlled by one organization, sending and receiving money to anyone in the world is cheaper, faster and easier.
Unlike other currencies, counterfeiting is impossible due to Bitcoin’s immutable blockchain technology.
Bitcoin’s supply is limited to 21 million, which means the value will increase over time due to it’s scarcity.
How can I get Bitcoin?
The first thing you should do is open up a bitcoin wallet such as Blockstream Green. Make sure you write down the seed phrase that encodes your private key and store it in a secret place. Now you’re ready to receive your first bitcoin! But how? In most cases, you will need to purchase some from Swan, Cash App or an exchange. Afterwards, make sure you transfer your bitcoin to your wallet (mobile or hardware). Always remember, not your keys, not your bitcoin.
(This is not financial advice)
I’m Still Confused!
That’s okay! You’re not alone. Bitcoin was released in 2009 so developments remain at an early stage.
Disclaimer: Bitcoin’s price is volatile and unpredictable. Do your own research (DYOR) before using bitcoin.
