What is Bitcoin and how I can get it?


What is Bitcoin? This is the question which bothers many people these days. It is thanks to the growing popularity of cryptocurrency, and Bitcoin is the first one in the market. Hence, if you want to know how to invest in Bitcoin, you need to be aware of what it actually is.


Bitcoin is a digital currency which appeared in 2009. Using this decentralized virtual currency, people do not need banks to perform financial transactions. There is a peer-to-peer technology which powers Bitcoin. Due to this network of individuals and software-driven cryptography, the information between the sender and receiver can be read by no one else. This makes the transactions safe. 

People needed such an electronic payment system, the basis of which would be cryptographic proof. This would allow the users to perform transactions directly without using any third party. What is Bitcoin? Bitcoin is a system which provides people with this opportunity.

How does Bitcoin operate?

 So, how does Bitcoin work? Every Bitcoin happens to be a computer file to store which people use digital wallets on mobile phones or PC. If you want to understand how Bitcoin works, you should know what the following terms mean:

  • Blockchain is an open-source code that develops a public ledger. The Bitcoin cryptocurrency is powered by it. every transaction happens to be a “block” which is “chained” to the codes. This creates a permanent record of every financial transaction. Besides Bitcoin, blockchain technology supports over 2000 other cryptocurrencies. 

  • Public and private keys. Every Bitcoin wallet comprises of private and public keys. They operate together to make it possible for the owner to initiate and sign the transactions digitally. This way proof of authorization is provided.

  • Bitcoin miners. Miners are the peer-to-peer platform members that get the transaction confirmed with the help of high-speed computers. This usually takes around 10 or 20 minutes. Bitcoin pay miners for this. 

The value of Bitcoin depends on supply and demand which can increase or decrease; consequently, the price of the digital asset changes all the time. That is why it is important to know how it operates if you want to figure out how to invest in Bitcoin.

Where am I to buy Bitcoin?

Currently, people can use one of the following four options to get Bitcoin:

  1. Cryptocurrency exchanges. There are many exchanges around the world. It depends on the country you live in which you are to choose. For example, there is Robinhood which is the first broker that offered Bitcoin along with other crypto assets. It is available in the USA. There is also Coinbase. Using it, people can get free Bitcoin. For instance, you can buy 100 USD and receive 10 USD of free Bitcoin. 

  2. Bitcoin ATMs. Speaking about the USA, there are over 3000 ATMs where you can purchase Bitcoin. Other countries have them as well, you should check it on the internet.

  3.  Peer-to-peer purchases. People are free to buy Bitcoins from Bitcoin owners directly by means of using such tools as LocalBitcoins.com, Bisq and Bitquick.

  4. Bitcoin mining. It is also possible to get Bitcoins with the help of mining. This method has some drawbacks, though. It requires technical expertise, so very few people can do that.

Is it possible to get free Bitcoin?

The users can get free Bitcoin by using one of the five major ways:

  • Gambling and scams. The thing is that you are highly likely to lose your money if you fall for scams. Gambling also takes your money away as well. Consequently, this option is the least advantageous one. Free Bitcoin offered by some websites are scams in most of the cases. For instance, if you are offered to make a payment so you get Bitcoins free of charge and it hard to understand what exactly you are getting in return – it must be a scam. Bitcoin gambling websites usually use other cryptocurrencies as well. Although the users tend to lose money, they still can get the cryptocurrency for free.

  • Faucets. This is that feature on websites which can be dispensing some parts of Bitcoin for some minutes. They are usually small amounts, for example, a dollar which are given to one customer every few minutes. This tends to be a promotion. If a faucet manages to hold users, this leads to higher engagement, ad revenue along with other advantages for the owners of the website. Thus, it is worth it.

  • Games. Playing some games, people can receive some tiny amounts of Bitcoin for free. They are usually full of ads as well. 

  • Mining. Several years back, it was possible to benefit from mining greatly, but these days it is way difficult. Big players who have hundreds of thousands of dollars dominate the mining network. It is necessary to obtain very powerful hardware to get a profit from Bitcoin mining.

  • Affiliate programs. It can be the simplest way to receive Bitcoin for free. Such programs are applied in the majority of industries involving cryptocurrency. For instance, a user can refer a friend to a service and both of them will receive a discount or free money.

What else to know before purchasing Bitcoin

Now when you know how to invest in Bitcoin, you need to learn some more things which will be helpful. The following tips will make the process faster and keep you away from possible problems:

  1. Keep the necessary information at hand. It will take you a few minutes to set up a cryptocurrency account. You will be required to submit some information such as Social security number and debit/credit card. You may need to send a picture ID for some companies. 

  2. Using a credit card is a bad idea. Some providers allow their customers to utilize a credit card to buy Bitcoin. Despite that, it is always a bad idea to borrow from a credit card due to its high interest.

  3. The Securities Investor Protection Corporation never ensures any cryptocurrency investments, no matter if it is Bitcoin or something else. There are several exchanges which provide private insurance, but it cannot protect the users from stealing a password, for example.

  4. You should use a private internet connection. Knowing how Bitcoin works, you should have guessed that this factor is crucial every time you perform financial decisions. It is better to avoid doing such things using the public internet.

Now when you know what Bitcoin is and how it operates, you can try it yourself. There are many people who earn money with its help. You might be one of them.


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