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Disclaimer: This is an educational tutorial to understand Bitcoin, not investment advice. The closer I got to buying, the more confused and worried about the whole thing I got. With the ongoing surge in interest and media coverage, the conversation gets louder and louder, and so much harder to ignore. Bitcoin could have huge implications for everyone’s future. I felt it was time to try again.
Not to make money, but to understand what the hell all the fuss was about. The itch led me down a rabbit hole of research, fueled by fascination and excitement. It also became obvious that today it’s far easier to buy Bitcoin than it was 4 years ago. Today I’m the proud owner of 0. In this guide, I take you through the exact steps I followed to buy Bitcoin. The process itself took about 15 minutes. But before we get to the tutorial steps, it’s really important to know what we’re getting into.
Increasingly I hear from students making mistakes due to rushing into Bitcoin because of all the hype. There’s so much fragmented or misleading information out there. But Bitcoin is much more than a currency, and this is why people often get confused. 20 at a restaurant on a Visa debit card. That transaction must be processed through a card machine, Visa, your bank and the merchant bank. At each step, communication and verification takes place. Bitcoin’s promise is removing all of this friction involved in the verification, whilst also making payments much more secure.
20 worth of Bitcoin to the restaurant directly. By cutting out the middlemen, transactions become much cheaper too, especially when it comes to international payments. Governments traditionally have control over the supply of currency which is open to manipulation and corruption. The Bitcoin Blockchain is completely open. It isn’t owned or controlled by anyone, it’s run by a network of many computers around the world.
Of course the young cryptocurrency is not without its critics. Bitcoin to be used by criminals. Despite its name, Bitcoin has no physical coins. Bitcoin value fluctuates wildly as it’s still relatively new. Ultimately Bitcoin promises to democratise money, whilst removing almost all of the friction and cost in making a secure payment. You don’t need to understand everything. Under the bonnet Bitcoin is an incredibly complex technology, which makes it so secure.