Close Menu
Soup.io
  • Home
  • News
  • Technology
  • Business
  • Entertainment
  • Science / Health
Facebook X (Twitter) Instagram
  • Contact Us
  • Write For Us
  • Guest Post
  • About Us
  • Terms of Service
  • Privacy Policy
Facebook X (Twitter) Instagram
Soup.io
Subscribe
  • Home
  • News
  • Technology
  • Business
  • Entertainment
  • Science / Health
Soup.io
Soup.io > News > Business > A complete Guide of Bitcoin for Beginners
Business

A complete Guide of Bitcoin for Beginners

Cristina MaciasBy Cristina MaciasMarch 11, 2022No Comments4 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
A complete Guide of Bitcoin for Beginners
Share
Facebook Twitter LinkedIn Pinterest Email

The only hot topic going around the world these days is Bitcoin, Cryptocurrencies future, metaverse, and NFT. This is because people are trying to adapt themselves to the new reality with the rapid development of technology.

If you are not aware of what a bitcoin is but want to know the reason behind thishype, then this article will help you answer all your queries. To explain in simple terms, bitcoin is more like a currency in a digital form that exists in your digital wallet.

It is the most widely traded cryptocurrency on any crypto exchange platform. Here, you can find the differences between bitcoin and other traditional currencies-

. No Intermediary involved

There are no banks or any government which is involved in the supply of bitcoin. Whereas, in the case of any traditional currency; its supply involves banks and governments in between. Cryptocurrencies operate on a decentralized system that cannot be governed by a conventional bank or financial institution.So, you do not need to rely on a third party custodian service like bank and you can own your currency.

. Digital

In the case of any traditional currency, they exist in physical form. Conventional currencies do not have any digital avatar. Whereas, in the case of Bitcoin; it only has a digital existence.It is not a fiat currency that can be stored in your wallet or locker.

It was developed back in 2009 by someone named Satoshi Nakamoto. In the case of Bitcoin, the owner is recognized with their ID of the wallet and not with their name. So you can keep your identity anonymous while you invest or make a transaction with Bitcoin.

An individual can easily buy bitcoin froma crypto trading platform. There are currencies other than Bitcoin available on various crypto trading platforms in which you can invest like Ethereum, Dogecoin, etc.

Step 1 – Make your account.

The first step involves creating your account on any of the trusted and reliable crypto trading platforms. You have to enter all your credentials and submit the required documents/details, which will be verified within the next 48 hours. Make sure, you must complete your KYC process to get your account activated.

Step 2 – Digital wallet

You can simply activate your digital wallet now by transferring funds from your existing bank account to your digital wallet. In this case, you can buy digital currencies with fiat currency through your wallet.

Step 3 – Start trading.

Now you can start trading on the crypto exchange platform. An individual can buy and sell any of the digital currency as per their preference. It will be safe to do so and will be shown in your digital wallet respectively.

There are a lot of factors based on which the price of Bitcoin is determined in the market-

1. The supply of bitcoin

The coins are mainly limited in supply. It has also been predicted that the supply of bitcoin will be exhausted by the end of the 2140 financial year.

2. News is being circulated on social media platforms.

If there are any updates or news that question the value of bitcoin in the future or about the longevity of bitcoin, all of it will lead to a fall in the prices of bitcoin. So, one has to be updated with all the latest news in such cases.

3. Any other changes

There are other variables like the regulation of bitcoin or any security problem related to bitcoins. These factors may also affect the overall value of Bitcoins in the market.

Nowadays, a lot of retailers have also started to accept bitcoins as a payment option. Customers are also finding it convenient to pay through bitcoin. Retailers sometimes keep the bitcoin as an investment or sell it and transfer the money to their bank accounts.

Likewise, even the bitcoin investors – if they are not ready to take many risks, then they straightaway sell the bitcoin through an exchange. It primarily functions as a stock where investors are free to purchase and sell their Bitcoins at their convenience.

If you are somebody who wants to start investing in bitcoin, then you must conduct thorough research of the market. It is also imperative that you have a financial plan so that you can maximize your returns by taking limited risks.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticleHow to Find Remote Developer Jobs in 2022
Next Article What are the benefits Bitcoin’s Blockchain and Decentralized System?
Cristina Macias
Cristina Macias

Cristina Macias is a 25-year-old writer who enjoys reading, writing, Rubix cube, and listening to the radio. She is inspiring and smart, but can also be a bit lazy.

Related Posts

The Impact of Blockchain Technology on Data Security

July 30, 2025

How to Claim TDS Refund Online Using TaxBuddy’s DIY Filing Tool

July 30, 2025

How TaxBuddy Helps NRIs File Their Income Tax Returns Without Hassle

July 30, 2025

Subscribe to Updates

Get the latest creative news from Soup.io

Latest Posts
Monkey Bars in Australia: Backyard Fun and Fitness for Kids
July 31, 2025
Off-Road Caravan Adventures: What You Need to Know
July 31, 2025
Discover the Best Marquees for Sale in Perth Without Compromising on Quality or Style
July 31, 2025
River Modern: The Epitome of Contemporary Luxury in Singapore’s River Valley by GuocoLand
July 31, 2025
From Racks to Riches: How College Students Are Turning Thrift Finds into Income By: Josh Kruk
July 30, 2025
A Woman’s Guide To Finding Good Cognitive Health Supplements
July 30, 2025
Understanding the Spectrum of Mental Health
July 30, 2025
Reed Harradine on The FA Cup – England’s Most Famous Soccer Competition
July 30, 2025
Travel Sunscreen – Why to Take it With You On Every Trip
July 30, 2025
From Code to Content: How Gemini and Copilot Are Revolutionizing VR Training Apps
July 30, 2025
The Impact of Blockchain Technology on Data Security
July 30, 2025
Is Twisters Streaming On Peacock: Get Ready to Stream
July 30, 2025
Follow Us
Follow Us
Soup.io © 2025
  • Contact Us
  • Write For Us
  • Guest Post
  • About Us
  • Terms of Service
  • Privacy Policy

Type above and press Enter to search. Press Esc to cancel.