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I've never fully understood Bitcoin/ Crytocurrency like most people. Now I'm investing in these digital currencies that are the future, I've had to learn!
So here's a quick thread explaining BTC simply. To help you guys new to this be comfortable investing more early on. (1/5)
So here's a quick thread explaining BTC simply. To help you guys new to this be comfortable investing more early on. (1/5)
Bitcoin is a cryptocurrency (a digital currency) you can use online instead of cash/credit cards to buy anything e.g a cup of coffee in shops that take it.
It's stored in a digital wallet (on a computer or phone app) - you have control, unlike cash in a bank account
(2/5)
It's stored in a digital wallet (on a computer or phone app) - you have control, unlike cash in a bank account
(2/5)
You can send/receive BTCs (or a part) to your wallet or other people like your mates.
When you buy/sell/transfer it, it's put on a public list - the Blockchain.
It's history is logged to stop someone making copies or spending BTC they don’t own. To keep things secure.
(3/5)
When you buy/sell/transfer it, it's put on a public list - the Blockchain.
It's history is logged to stop someone making copies or spending BTC they don’t own. To keep things secure.
(3/5)
There are a few different ways to get BTC:
1. Buy with cash on an exchange
2. Trade for things – e.g. a Tesla
3. Or create using a computer-called Mining. This can take years as too many BTC out there. And electricity costs more than value of the BTC- so not worth it!
(4/5)
1. Buy with cash on an exchange
2. Trade for things – e.g. a Tesla
3. Or create using a computer-called Mining. This can take years as too many BTC out there. And electricity costs more than value of the BTC- so not worth it!
(4/5)
Hope this thread helps you to kick start investing in BTC or alternatives (Altcoins)
I chose to invest more into an Altcoin called Ada rather than BTC, which to me is a game changer, read more in my post here (5/5) https://thestreaminglife.com/bitcoin/
I chose to invest more into an Altcoin called Ada rather than BTC, which to me is a game changer, read more in my post here (5/5) https://thestreaminglife.com/bitcoin/
