What Is Bitcoin and Where Can You Get It? [Infographic]


bitcoin

So, you want to know more about the world of bitcoin and blockchain? Perhaps you’ve heard quite a bit about it lately, and it has peaked your interest enough to inspire you to broaden your knowledge on the topic. Maybe your friend told you that you can actually buy things now using digital money instead of traditional one, and you wanted to try it out. Well, whatever the reason you’re here, we’ll make sure you have the basics of bitcoin in the tips of your fingers by the end of the post.

A Brief History of the Bitcoin Network

Our story begins in 2008, when a person (or people) under the alias Satoshi Nakamoto released a white paper in which he spoke about a new digital cash system which would function without intermediaries, i.e. which would be decentralized. Although Nakamoto said that the design and coding began in 2007, the project wasn’t released until 2009, as open source software.

The entire network functions on a peer-to-peer technology and all transactions take place directly between users, with no banks or other institutions involved. What makes bitcoin different is that all members in the network need to verify your transaction first before it gets approved. That way, the system avoids fraud, the problem of double-spending, and other issues that the traditional cash system is susceptible to.

Today, bitcoin is the largest and most well-known digital currency, and you can purchase goods or services on a variety of popular stores/websites, including Shopify stores, Microsoft, and CheapAir.

Choosing a Digital Currency Exchange Platform

In order to obtain your own bitcoin and start shopping, you’ll need to register on one of the many digital currency exchanges—once you verify your account and connect your bank account to it, you can go ahead and “buy” your first digital cash. A lot of platforms also offer crypto wallets which you can use to safely store your bitcoin until your next purchase. In case a platform doesn’t offer a wallet of its own, you can go for a standalone one such as Trezor or Ledger.

So, there you have it: the basics of bitcoin. If you’d like to get more details about all of this, make sure to keep on scrolling and read through our infographic!