Bitcoin (2009) was the first cryptocurrency on the market. Since the boom of Bitcoin and Ethereum in 2017, many cryptocurrencies have come up out of nowhere, eating off Bitcoin's popularity. Learn how to get started with Bitcoin and cryptocurrency in a few minutes.
Bitcoin was introduced to the world in 2009, since then it has experienced a small, but steady and reasonable growth. That was until professional private investors, later corporate investors and most recently even established banks like Goldman Sachs or Vontobel have started to get involved with the cryptocurrency. Since the early summer of 2017, Bitcoin's value has skyrocketed, making many early Bitcoin investors and holders rich over night. This gold rush has attracted many fortune seekers and entrepreneurs jumping on the cryptocurrency train and creating their own, more or less successful cryptocurrency tokens, while many crypto beginners don't know that many "new" cryptocurrencies are actually based on the blockchain (Bitcoin) or other "first hour" cryptocurrencies like Ethereum or Ripple, which makes many new cryptocurrencies obsolete. However, other cryptocurrencies are eating away Bitcoin's cryptocurrency market share, which may cause troubles for the price and value development of Bitcoin in 2018 and may lead to a declining trust in cryptocurrency in general, due to high volatility.
How To : Cryptocurrency Wallet
Knowing your cryptocurrency wallet is secure is important and shouldn’t be overlooked - however, a hardware wallet is the safest way to go in any case. If it’s a online wallet, you should always check if the website and provider is secure and trusted. There are just a few things to think of before making a final decision, but doing your homework first is highly encouraged. Bitcoin and cryptocurrency wallets range in terms of features and security and it’s important to choose one that works for you. When you find a cryptocurrency wallet that has all important features, download it to the appropriate platform. If you're a beginner, we recommend starting with a simple but secure online wallet for your first transactions, that makes transfers easy.
How To : Cryptocurrency Mining
Before you can start mining cryptocurrency, it's important that you understand what cryptocurrency mining really means. Bitcoin and cryptocurrency mining is legal and is accomplished by running so called "double round hash verification" processes in order to validate transactions and provide the security for the public ledger of the network. The speed at which cryptocurrency is mined is measured in hashes per second. It's essential to mine cryptocurrency with the best mining hardware built specifically for that purpose. Several online stores offer excellent systems built specifically for Bitcoin mining, but also other cryptocurrency like Ethereum, Monero or ZCash.
How To : Get Cryptocurrency
There are three main ways how to buy, trade and exchange cryptocurrency online. The fastest way to buy cryptocurrency is with a credit card. This process takes only a few minutes and there are comparable small fees. Another, though considerably more involved method is to purchase cryptocurrency on an exchange or in cash, e.g. at local Bitcoin ATM's (mostly very expensive). A Bitcoin or cryptocurrency exchange is an online marketplace where users can trade and exchange cryptocurrency after setting up an account on the exchange. You will need to choose an exchange based on your country of residence and desired purchase currency.
How To : Use Cryptocurrency
A cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units and to verify the transfer of assets. Cryptocurrencies are classified as digital currencies and are also classified as alternative currencies and virtual currencies. You should always consider that getting involved with any cryptocurrency involves not only high possible returns, but also a high risk. Nevertheless many governments worldwide have started to get familiar with Bitcoin and cryptocurrency, e.g. the United Kingdom, with the Bank of England having stated to work on a Bitcoin-style cryptocurrency (Ukoin).