2019 Guide Bitcoin Explained Simply for Dummies & Beginners PDF

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3/5/2019

2019 Guide: Bitcoin Explained Simply for Dummies & Beginners

Bitcoin Explained for Dummies (/beginners-guide/) Bitcoin was invented as a peer-to-peer system for online payments that does not require a trusted central authority. Since its inception in 2008, Bitcoin has grown into a technology, a currency, an investment vehicle, and a community of users. In this guide we hope to explain what Bitcoin is and how it works as well as describe how you can use it to improve your life.

What is Bitcoin? Since anything digital can be copied over and over again, the hard part about implementing a digital payment system is making sure that nobody spends the same money more than once. Traditionally, this is done by having a trusted central authority (like PayPal) that verifies all of the transactions. The core innovation that makes Bitcoin special is that it uses consensus in a massive peer-to-peer network to verify transactions. This results in a system where payments are non-reversible, accounts cannot be frozen, and transaction fees are much lower.

Where do bitcoins come from? We go more in-depth about this on the page about mining (/mining/), but here’s a very simple explanation: Some users put their computers to work verifying transactions in the peer-to-peer network mentioned above. These users are rewarded with new bitcoins proportional to the amount of computing power they donate to the network.

Who controls Bitcoin? As we mentioned above, there is no central person or central authority in charge of Bitcoin. Various programmers donate their time developing the open source Bitcoin software and can make changes subject to the approval of lead developer Gavin Andresen. The individual miners (/mining/) then choose whether to install the new version of the software or stick to https://www.buybitcoinworldwide.com/beginners-guide/

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3/5/2019

2019 Guide: Bitcoin Explained Simply for Dummies & Beginners

the old one, essentially “voting” with their processing power. It is in the miners’ best interest to only accept changes that are good for the Bitcoin currency in the long run. These checks and balances make it difficult for anyone to manipulate Bitcoin.

How to get started with Bitcoin The best way to learn about Bitcoin is to get some and experiment. We have written articles about how to set up your own Bitcoin wallet (/wallets/setup/), how to acquire bitcoins (/en/buy-bitcoin-credit-debit-card/), and how to use bitcoins (/how-to-use-bitcoin/) to help you get going. Also, if you’d like to get a crash course in the basics of Bitcoin… What it is, why it’s so revolutionary, and most importantly, how to safely invest in it without making costly mistakes, we strongly recommend you check out this completely free, 90-Minute Training Seminar with Bitcoin Academy (http://buybitcoinww.co/Bitcoin_Academy).

Links Bitcoin Price History (/price/) Exchange Reviews (/exchanges/) Bitcoin Volatility Index (/volatility-index/) Cryptocurrency Bitcoin Wallet (/wallets/) Bitcoin Mining (/mining/) Crypto Wallets (/cryptocurrency/wallets/) Site Privacy Policy (/privacy-policy/) Disclaimer (/en/disclaimer/) Terms (/terms/) Cookies Policy (/cookies-policy/) Connect Contact (/en/contact/) About Us (/about/) Twitter (http://twitter.com/bitcoinww/) https://www.buybitcoinworldwide.com/beginners-guide/

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2019 Guide: Bitcoin Explained Simply for Dummies & Beginners

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Disclaimer: Buy Bitcoin Worldwide is not offering, promoting, or encouraging the purchase, sale, or trade of any security or commodity. Buy Bitcoin Worldwide is for educational purposes only. Every visitor to Buy Bitcoin Worldwide should consult a professional financial advisor before engaging in such practices. Buy Bitcoin Worldwide, nor any of its owners, employees or agents, are licensed broker-dealers, investment advisors, or hold any relevant distinction or title with respect to investing. Buy Bitcoin Worldwide does not promote, facilitate or engage in futures, options contracts or any other form of derivatives trading. Buy Bitcoin Worldwide does not offer legal advice. Any such advice should be sought independently of visiting Buy Bitcoin Worldwide. Only a legal professional can offer legal advice and Buy Bitcoin Worldwide offers no such advice with respect to the contents of its website. Buy Bitcoin Worldwide receives compensation with respect to its referrals for out-bound crypto exchanges and crypto wallet websites. Wallabit Media LLC and/or its owner/writers own Bitcoin.

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