BTC Basics

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For someone not familiar with BTC, the first question that comes to mind is, “What is BTC?” And another common question that is often asked relates to the BTC price. It started out a under 10 cents per BTC upon its introduction in early 2009. It has risen steadily since and has hovered around $4000 per BTC recently. So regarding BTC value or the BTC rate this is a most remarkable appreciation of value and has created many, many millionaires over the last eight years.

The BTC market is worldwide and the citizens of China and Japan have been particularly active in its purchase along with other Asian countries. However, recently in BTC news the Chinese government has tried to suppress its activity in that country. That action drove the value of BTC down for a short time but it soon surged back and is now close to its previous value.

The BTC history chart is very interesting. Its creator was an anonymous group of brilliant mathematicians (using the pseudonym Satoski Nakamoto) who designed it in 2008 to be “virtual gold” and released the first BTC software in early 2009 during the height of the USA economic crisis. They knew that to have lasting value, it like gold had to have a finite supply. So in creating it they capped the supply at 21 million BTC.

BTC mining refers to the process by which new BTC is created. With conventional currency, government decides when and where to print and distribute it. With BTC, “miners” use special software to solve complex mathematical problems and are issued a certain number of BTC in return.

A question that then arises is, is BTC mining worth it. The answer is NO for the average person. It takes very sophisticated knowledge and a powerful computer system and this combination of factors makes it unattainable for the masses. This applies even more to BTC mining 2017 than in past years.

Many wonder, who accepts BTC? This question gets asked in various ways, what are stores that accept BTC, what are websites that accept bitcoins, what are some retailers that accept BTC, what are some places that accept BTC and where can I spend BTC.

More and more companies are beginning to see the value of accepting cryptocurrencies as a valid payment option. Some major companies that do are DISH network, Microsoft, Expedia, Shopify stores, Newegg, Payza, 2Pay4You, and others.Two major holdouts at this time are Walmart and Amazon.

ETH is the strongest rival to BTC in the cryptocurrency market and many wonder at the question of BTC vs ETH. ETH was created in mid-2015 and has gained some popularity but still ranks far behind BTC in usage, acceptance and value.

A question that often comes up often relates to BTC scam. This author has a friend who made a purchase from a company that promised 1-2% growth per day. The company website listed no contact information and after a couple months the website simply vanished one day and my friend lost all the money he had invested which was several thousand dollars.

One has to know how to buy Bitcoins, how to purchase BTC or how to buy BTC with credit card in order to get started. Coinbase is a very popular site to do this. Their fee is 3.75% and the buying limit is $10,000 per day. This would probably be the easiest way to buy bitcoins.

Others would like to buy BTC with debit card. Coinbase also provides this service and has clear step by step instructions on how to proceed with either your debit or credit card.

There are those who would like to buy BTC instantly. This can be done at Paxful, Inc. and can be done through W. Union or any credit/debit card.

Other common questions that come up are what is the best way to buy Bitcoins, the best way to get bitcoins or where to buy bitcoins online. The easiest way is probably to purchase it through a digital asset exchange like the previously mentioned Coinbase. Opening an account with them is painless and once you link your bank account with them you can buy and sell BTC quite easily. This is quite likely also the best place to buy Bitcoins.

One must know what a BTC wallet is and how to use it. It is simply the BTC equivalent of a bank account. It allows you to receive Bitcoins, store them and send them to others. What it does is store a collection of BTC privacy keys. Typically it is encrypted with a password or otherwise protected from unauthorized access.

There are several types of digital wallets to choose from. A web wallet allows you to send, receive and store BTC though your web browser. Another type is a desktop wallet and here the wallet software is stored directly on your computer. There are also mobile wallets which are designed for use by a mobile device.

A question that occasionally comes up is that of BTC stock or how to buy BTC stock. By far the most common way to proceed in this area is to buy BTC directly and not its stock.

There is one entity called BTC Investment trust which is an investment fund that is designed to track the market flow of BTC. Some analysts however are calling this a risky way to become involved in this marketplace.

The BTC exchange rate USD is a closely watched benchmark both on a daily basis and long term over the last 8 years since its introduction to the world’s financial marketplace. A popular company to receive the most current rate in BTC valuation is XE. They show BTC to USD valuation and also the complete BTC price chart, the BTC value chart and the BTC to USD chart. If you ask, “How much is one BTC?” you will always know from their continuously updated charts.

Similar questions that come up in this area relate to the BTC rate history, the BTC price chart live, the BTC to dollar exchange rate, the BTC dollar chart and the BTC 5 year chart. The previously mentioned website, xe, is also a good source for answers to these questions.

Regarding BTC cash, ie. to get USD from selling BTC, Bitwol is one company that enables you to do this. WikiHow is another company that will take you through this process.

BTC projected value is a subject often discussed. In January of 2015 the price of one BTC was $215. Currently it is around $5000. This is a phenomenal increase and one far beyond what most experts would have projected at that time. Currently in reviewing forecasts from experts around the world a common answer seems to be that the top value will settle in at around $10,000 and one expert even projected a value reaching $100,000.

Steve Allen