Introduction to BITCOIN (BTC) | Beginners Guide to Bitcoin (2023)

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In this video I talk about Bitcoin!

Will Bitcoin (BTC) go to a $1,000,000 dollars per coin or is it all a scam?

What is Bitcoin? Bitcoin is a cryptocurrency and is like a store of value like gold and is similar to fiat currencies like the US dollar or British pound, where one can use it to pay for goods and services.

We also talk about what causes the price of BTC to go up and down. I am sure you are familiar with the price changing all the time, a bit like a roller coaster! The fluctuations can be caused by the buying and selling pressure in the market as well as the US/world economy.

How to buy Bitcoin?
Can I go to my local convenience store and buy BTC? Not yet! You buy Bitcoin from something called an exchange. An exchange is just a market place where users buy and sell crypto. Major exchanges include Binance, KuCoin and Coinbase etc.

Crypto is always stored on the blockchain but you can use a hardware or software wallet (crypto wallet) which you can use to access your crypto via a private key or passphrase etc.

Moving crypto from one address to another address does cost money via a transaction fee. It can add up to a lot, especially when you are moving millions around!

Unique Selling Points of BTC:
1) No company made Bitcoin
2) Max supply is 21 million coins and no one can make more of it

All transactions are recorded and can be viewed by anyone.

How can you make money from Bictoin?

You buy low and sell high, basic business.

The main ways to make money online with BTC are:

1) Day trading
2) Swing trading
3) Long term holding

We are in a recession (2023) and this is the best time to buy, as the prices are lower and not many people are interested in buying crypto.

To learn more about Bitcoin, you can watch YouTube videos (like this one!), read the whitepaper or read books. One book I would recommend you to read is called "The Bitcoin Standard" by Saifedean Ammous.

Note: The content in this video is not financial advice nor is it investment advice. The video is made purely for entertainment purposes.

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• Category

  Cryptocurrency