My First Step Learning About Bitcoin
Kaitlyn Hand | Fri Jul 10 2020
My First Step Learning About Bitcoin
After hearing about bitcoin in high school, it immediately striked my interest. I knew kids who would buy and trade coins although I never knew exactly what it was all about. Quantify Crypto’s website has helped my knowledge grow significantly. I will explain more of what I have learned from the website in this article.
Quantify Crypto’s website also has a tutorial explaining where everything is located. You can find this video located under the tutorial section and is recommended as it will give you an idea of where everything is, what it means and even how to read the charts.Once it is explained we are introduced to what everything means. I thought that the detail that went into explaining what heat maps are and how to read them were helpful. The video was not something I would have expected to see as it went into a lot of detail. The video is nothing but helpful and could be of use to anyone like me who wants to learn the details regarding Bitcoin.
To find the Bitcoin introduction animated video you must go to “trading 101”. Below trading 101 you will be offered three options but you want to click on “crypto basics”. The animated video will be on top of the page under the title “Bitcoin Introduction”. The video explains that bitcoin is not affiliated with any Government and allows you to submit payment with no fees. Something that surprised me right away was the fact that some restaurants or pubs would accept Bitcoin as well as a way to pay your college tuition. Ever vacation abroad and have to deal with different currencies? Bitcoin could be a tremendous help with paying abroad. Despite the uncertainty surrounding Bitcoin, I think it is worth the risk if it could improve our economy and allow us to travel more stress-free.
The Bitcoin phenomenon which is offered just below the introduction gives us more insight into the development of Bitcoin. Satoshi Nakamoto was the brains behind bitcoin. Nakamoto sets up bitcoin so when a transaction is made, it is checked by a significant amount of computers to ensure it is valid. As a first-timer, the thought of it being verified as valid or invalid right away seems smart. Under normal circumstances, somebody could give you a one hundred dollar bill and it is not as easy to declare if it is valid or not. When you have Bitcoins it prevents you from being scammed which was most appealing to me.
Learning about crypto exchange was insightful, interesting and could be easily found under the phenomenon section. Even if you have no interest in economics or Bitcoin in general, the website allows you to learn about buying bitcoin on an exchange painlessly. To buy Bitcoin through an exchange, you must have proper verification of residency as well as government identification. This was shocking since a pro of Bitcoin is that they are not run by any government. Concurrently, it does make sense as if you are going to be accepting Bitcoin in stores, etc it is important to ensure the person buying and trading is legitimate. Payment methods and fees were also very convenient as they allow you to use paypal, credit card as well as a wide variety of other payment methods. The fees are said to vary and they explain how Bitcoin is accepted in many places although it is important to consider other coins like zero coin or monero.
The blockchain can be found under the exchange area and you should give it a read as itis an insightful read that allows you to learn about the “trustless” part of Bitcoin. They explained how one system allows people from all over to take part of trading the cryptographic transactions. Some people label this untrustworthy although others beg to differ. The website explains that each participant can safely choose who they want to do the exchange with. After they choose one person, they are able to send it to one person which is recorded and censored. I thought this was a really good explanation as it is common to hear people lack trust in Bitcoin.
They do not trust that it is legitimate or safe although the website allows us to view it as a safe and effective option to pay people.
For somebody who has just been introduced to Bitcoin, it could possibly be helpful during the pandemic we are in right now. The site shows that it is a safe way to submit payments and it is also My first step in learning about Bitcoin having contactless payments could be an efficient way to help kickstart the economy as businesses start to reopen. Overall the website is easy to understand, helpful and definitely worth a visit.
The platform https://quantifycrypto.com/ provides live cryptocurrency prices, technical analysis, news, heatmaps and more. Our flagship product is the trend algorithm, designed to be on the correct side of significant cryptocurrency price moves. We are a new site, please check us out and let us know what you like and do not like about the site. None of this is meant to be financial advice and I do not have any financial expertise.
Kaitlyn Hand is an intern working for QuantifyCrypto