The Bitcoin for Dummies Manual – Canada Edition

/The Bitcoin for Dummies Manual – Canada Edition

The Bitcoin for Dummies Manual – Canada Edition

Over the last few years bitcoin has definitely been getting a lot of press, and like with most things, not all of that press has been good. People usually have a lot of questions regarding what a bitcoin actually is, whether it is some kind of alternative currency, a parallel financial system or just internet money, and the answer is a simple yes to all of those things, and more. To help you understand what bitcoin is all about, keep on reading this bitcoin for dummies style article and hopefully things will be a little clearer in the end for Canada citizens and the rest of the world.

Let’s start with the basics. You have most likely heard the term bitcoin mentioned in the media in one way or another, mostly as an alternative type of payment. Bitcoin was originally created by a developer called Satoshi Nakamoto in 2008 and his purpose was to create something that will provide a viable and decentralized alternative to the current mainstream financial structure, and with bitcoin he did just that. By using bitcoins you are able to spend with full transparency through a publicly available ledger that is known as the block chain. The whole process is also pretty secure since even though bitcoin transactions involve a public key that is known to everybody, there is also a private key that is only known to the user which means that no one can spend your coins without knowing our private key.

Now that you are familiar with the basics, it is time for you to acquire bitcoins, since that is the only way in which you can use them. Getting your hands on bitcoins is not very simple, but there are a few ways in which you can do, and in this bitcoin for dummies article we will introduce you to them. First, what you can do is establish that the platform or person you are buying from the BTC in Canada or online is legitimate because that is something that you should do with any type of online transaction. Then, when purchasing, you should use an exchange such as Gemini in order to purchase. You will simply have to register your details, deposit your local currency, the CAD for Canada, for example, and then purchase the bitcoin for the current rate of exchange. Another thing that you can do, is the same process only instead of online, you can do it in person.

Once you have bought your bitcoins you need to find a good place to store them. We recommend that you don’t use any exchange for storing for any long period of time because the exchange storage is only as secure as its security infrastructure which means that the coins won’t actually be in your control. Instead, you should use a software wallet in order to store your bitocins because this type of software will allow you to secure your bitcoins on your own computer. Once you have found the right wallet software you can then encrypt it and make backups for additional safety of your bitcoins. If you don’t want to use a wallet software on your computer, you can also try online wallets which will simplify the process for you.

Bitcoins are a very complex subject that has a lot going on, so a bitcoin for dummies article like this one may not be enough for you to really dive into the issue, but is definitely enough to get you on the right track. One thing is for sure though, and that is that bitcoins are definitely a good investment that you should really look into.

By | 2017-12-23T15:47:00+00:00 December 22nd, 2017|Last news|0 Comments

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