You're in the right place as we've laid out in layman's terms our beginners' guide to Bitcoin. You may have heard about Bitcoin as a digital currency that skyrocketed in price in 2017. Bitcoin was priced at USD$900 in January 2017, peaked at $20,000 in December 2017 and then hovered around $5,000 - $6,000 in mid 2018. The block reward was 50 new bitcoins in 2009; it decreases every four years. As more and more bitcoins are created, the difficulty of the mining process – that is, the amount of computing power involved – increases. The mining difficulty began at 1.0 with Bitcoin’s debut back in 2009; at the end of the year, it was only 1.18. Many Bitcoin beginners get confused by the different types of digital assets that have emerged since Bitcoin was invented. Some are the native coins used to process transactions on its blockchain. Others can be “tokens” built on top of the same blockchain. Several beginner's guide to Bitcoin have been populated on the internet as well. But with the thousands of articles on the internet, it can be hard trying to understand what Bitcoin is. There are several terms associated with Bitcoin.
Getting Started.
Beginner’s Guide / When Bitcoin launched in 2009, technological and financial experts wanted to see how a digital currency can function. Satoshi Nakamoto, the currency and blockchain creator, introduced proof of work algorithms designed to mine and increase coin circulation.
New to bitcoin and want to get started quickly? This should do the trick. It’s non-technical and basic, but it’s all you need to get going.
How Bitcoin Works.
I wrote this guide in 2015 as I was learning Bitcoin for the first time. I thought it would be helpful if I ever completely forgot how it worked and needed a quick-refresh guide.
A Beginner's Guide To Bitcoin Mining
The explanations are simplistic and the drawings are horrendous, but it’s still a fun read.
A Beginner's Guide To Bitcoin
- The Bitcoin Network
- Mining
- Transactions
- Outputs
- Keys & Addresses
- Public Keys
- Digital Signatures
- Public Keys