Bitcoin for beginners

Bitcoin and cryptocurrency have been around for over a decade, but are still perceived as new and different by many. If you’re among those who have sworn to traditional currency so far, you may have started to get a little curious about what Bitcoin really is.

In this article, we will explain Bitcoin to beginners. Find out what Bitcoin is, why you buy it and how it works.

This is Bitcoin – simply explained

Bitcoin (BTC) is a digital currency that is not controlled by banks or governments. Therefore, the currency is often called “decentralized”, since the control over the transactions is not centralized with, for example, a central bank – as traditional currency is.

Bitcoin was created to be independent of state powers and the economy otherwise. Should, for example, there be inflation or a change in interest rates through the central bank, this will not directly affect Bitcoin.

How does Bitcoin work?

Bitcoin works by giving control of transactions to the network itself by users, on a so-called peer-to-peer network. All transfers of money thus go directly from a sender to a receiver, without the use of any intermediary.

In this public network, all Bitcoin transactions are visible, but at the same time anonymous – thanks to encryption technology (hence the name “cryptocurrency”). All users have an address that consists of numbers and letters, but this does not reveal your identity alone.

Every ten minutes, Bitcoin creates a new “block”, and in this there is information about the latest transactions. At the same time, the block contains data about the previous block that was created. All the blocks can be linked to each other through what is called a block chain.

All transactions must be verified (confirmed) before they are confirmed in a block. This job is done by so-called miners, who verify the transactions and make sure that everything is correct. Those who engage in mining are rewarded with Bitcoin for their work.

Why buy Bitcoin?

Those who have already opened their eyes to Bitcoin like to refer to it as a safe and lightning-fast means of payment with a large degree of anonymity.

There are limited shops and places that allow payments with Bitcoin for the time being, but you can use BTC as a means of payment at some online casinos.

There are also many who have bought Bitcoin because they want to invest money – a bit like some people invest in stocks. For example, if you buy Bitcoin today, the value can increase so that you can make money by selling BTC more expensive than you bought it.

However, it should be emphasized that it can be risky to invest money in cryptocurrencies such as Bitcoin. This is because Bitcoin is volatile, which means that the exchange rate fluctuates a lot. In other words, BTC can fall sharply in value – or increase for that matter.

Where to buy Bitcoin?

Bitcoin can be bought at various exchanges that sell cryptocurrencies – often referred to as “crypto exchanges” or “marketplaces”. These are websites that offer the purchase and sale of Bitcoin and other cryptocurrencies, as well as storage and possible exchange.

There are many crypto exchanges online, but you should not register completely uncritically with these. It is smart to choose a crypto exchange that offers its services legally in Great Britain , which means that the site must be registered with Finanstilsynet.

Among the “approved” crypto exchanges, we can mention popular sites such as NBX (Norwegian Block Exchange), Firi (formerly called MiraiEx) and eToro. With all of these, you can buy Bitcoin safely. You can pay with Norwegian kroner and it is possible to use payment methods such as Visa.

How to buy Bitcoin

In our guide on Bitcoin for beginners, we think it is appropriate to explain how to buy Bitcoin. You must register with eToro or another crypto exchange, first and foremost. The registration process is relatively short and simple.

After entering the desired username, password and e-mail address, you will receive a verification message by e-mail. You must confirm this for your user account to be valid. Once this is done, you are just a few keystrokes away from buying your first Bitcoin.

Log in to the crypto exchange and then make a deposit. Deposits can usually be made with traditional payment solutions. MasterCard, bank transfer, e-wallets and Visa are some of your options.

Finally, you go to the marketplace on the crypto exchange. Here you can choose what kind of cryptocurrency you want to buy. Bitcoin is a self-described guest at most crypto exchanges, and is offered at both eToro, NBX and Firi.

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Is Bitcoin for Beginners?

If you are just going to start investing in cryptocurrency, Bitcoin may be a good place to start. Bitcoin is well-suited for beginners, which is due to the fact that the cryptocurrency is well-known and well-proven, and you can find a lot of information about it online.

If you think it is a bit risky to invest in Bitcoin due to the high volatility, keep in mind that there are cryptocurrencies with more stable value as well. These are often called stack coins, and have the same volatility as ordinary currency or commodities.

There are also many altcoins that may be suitable for beginners. These are simply “alternative coins” or alternatives to Bitcoin, and include most non-Bitcoin cryptocurrencies. For example, check out Ethereum or Litecoin, which are also suitable for beginners.

Do you want to buy Bitcoin?

Many people want to buy Bitcoin, without having any experience with cryptocurrency before. In our guide on Bitcoin for beginners, we have explained to you how BTC works, what it is and how to buy it.

We believe that Bitcoin is perfect for beginners. This is partly due to the fact that Bitcoin is the most well-known form of crypto, and that you will find many resources and information about BTC online. Bitcoin is safe, proven and user-friendly.

Buy Bitcoin today and see if this is for you!

FAQ

[sc_fs_multi_faq headline-0=”h2″ question-0=”Hva er forkortelsen for Bitcoin?” answer-0=”BTC er den offisielle forkortelsen for Bitcoin, og brukes blant annet på kryptobørser.” image-0=”” headline-1=”h2″ question-1=”Finnes det gode alternativer til Bitcoin?” answer-1=”Ja! Det finnes mange gode alternative coins (altcoins) som kan kjøpes istedenfor Bitcoin. Vi kan blant annet nevnte Litecoin, Ethereum og Dogecoin.” image-1=”” headline-2=”h2″ question-2=”Er Bitcoin trygt?” answer-2=”Ja! Bitcoin anses som et svært trygt betalingsmiddel, og identiteten din beskyttes slik at du kan foreta anonymiserte overføringer. Perfekt for deg som er opptatt av personvern.” image-2=”” count=”3″ html=”true” css_class=””]