Bitcoin, the ‘world’s first cryptocurrency, is best described as both a digital form of cash and gold. Like traditional money, Bitcoin can be used to purchase goods and services, or for other financial transactions. And similar to gold, Bitcoin is a finite resource that is expensive to ”mine,” making it a good store of value.
However, it’s the unique features of Bitcoin and other cryptocurrencies that make them stand out when compared to other well-known traditional assets. Bitcoin uses new technologies like blockchain and cryptography, to ensure that it’s decentralized and secure. The Bitcoin blockchain is a global network of computers that all work together to process and verify each transaction. No single entity controls the Bitcoin network. Therefore, it’s censorship-resistant and free for anyone to use however they want.
Bitcoin works in a peer-to-peer fashion and can be sent and received from anywhere in the world. For cross-border payments, Bitcoin is often faster and cheaper than using fiat currency. Banks can take many days to process international transactions as well as charge exuberant fees. Whereas, the cost and speed of a Bitcoin transaction is not affected by the location of the parties involved.
Due to the complicated way in which Bitcoin works, it’s essential to find information that is both factually correct and easy to understand. Here in this Bitcoin Guides section, our content walks you through all the most important Bitcoin topics, like how it works, mining, wallets, use cases, and more. We also show you the best ways to buy Bitcoin and how to use it safely. In this new and somewhat unregulated world of crypto, you have to beware of scams and follow good security practices. But don’t worry; our detailed guides will definitely make a Bitcoin pro out of you.