Bitcoin Forum

I have came across some questions today while I’m reading some areas of bitcoin, these are the list of my questions.

1. What is the procedure for purchasing and selling Bitcoin, and are there any crucial elements to take into account before beginning?

2. I'd appreciate an explanation of how Bitcoin mining functions and how it maintains the security and reliability of the Bitcoin network.

3. Why is using Bitcoin better than using conventional currencies?

Many thanks to all of you for your explanation.

If you don't know the answer to those questions, then it isn't a good time to invest yet lol. Who even invest in something you don't understand yet?

Research.

* If you like reading articles: https://coindesk.com/learn
* If you like reading books: https://theinternetofmoney.info/
* If you like watching videos: https://www.youtube.com/playlist?list=PLPQwGV1aLnTuN6kdNWlElfr2tzigB9Nnj

Security related:
* https://chainsec.io
* https://www.lopp.net/bitcoin-information/security.html

If you want to get more technical
* https://github.com/bitcoinbook/bitcoinbook#chapters

1. Not really that hard, depends on the exchange you're want to use. I think the crucial element is privacy because if you've share your privacy in online, you will not able to become 100% anonymous since either the database or someone have save it.

2. In short mining is a process to verifying and solving Bitcoin blocks, mining can maintain Bitcoin security because the higher the difficulty and the more people mine it, this will make people who want to perform 51% getting slim.

3. Because it's decentralized.

You can buy Bitcoin through centralized or decentralized platforms. You have to study how these platforms operate to check the one that suits you. If you don't care much about your privacy and you can risk keeping your funds in the custody of a third party, you can choose exchanges. But it is risky since they are unreliable. But if you are not comfortable with KYCs and you want to have total control of your funds, the best option will be decentralized platforms that promote P2P such as bisq.


Bitcoin is better because it is
Decentralized: It is not issued or controlled by the government or organization. So it cannot be easily manipulated by any government.

Promotes privacy: It can hide the identity of an individual because it is pseudonymous. Transactions can only be traced to wallets or addresses but your identity cannot be known if you use a non-custodian wallet or use exchanges that don't require KYC. Using Mixers can also promote your privacy.

Serves as a hedge against inflation: Bitcoin has proved that it can help individuals protect their finances from the loss of value of local currency during inflation.

Grants unlimited access to funds: Money kept in banks can be seized by banks or government. However, using Bitcoin through a non-custodian wallet will give you unlimited access to your money.

Competitive transaction fees: Bitcoin transaction fees can be cheaper and more reliable than fiat transactions.

Cannot be counterfeited: Although we have some altcoins that want to duplicate bitcoin such effort ended in futility. Fiat can be faked easily but it is not easy to counterfeit bitcoin.

You need to do your research before engaging in trading for the reason that there are other important things you need to learn. You need to learn how to secure your wallet against hacks or scams. Just make sure you do your research.

Proceedings in buying
First, you need to get the money you want to use to purchase the bitcoin, either in your bank account, in cash, or by whatever means you prefer.

Secondly, you need to have a secured wallet that you can use to store those bits. Electerum and BlueWallet, among many others, are recommended to us as they are open source and self-custodial wallets (meaning you have full control over whatever you send in your wallet).

Thirdly, you have to make a choice of how you will want to acquire the bitcoin: DEX P2P, as they are highly recommended; DEX like Bisq, HodlHodl, and Agoradex. On this exchange, you will now discuss how you want to make payment to the seller and reach an agreement.
 
Fourthly, you need to learn how to secure your wallet, keep your wallet key safe, don't share it, and don't lose it, because if they are misplaced, you lose your coins.

> Basically the procedure for buying bitcoin on a crypto exchange, OP only needs to create an account on one of the crypto exchanges such as Binance and after that top up the Binance account that OP has created with money. Then after that, OP can immediately buy bitcoins on the spot wallet. Maybe in short like that. And for the rules, every exchange always has different rules, of course, so the Op only needs to read the rules first so he can understand better.

> At the moment I also don't understand about bitcoin mining, because I only focus on trading and investing. But for security matters, if the OP leads to asset security, the OP only needs to save the bitcoin assets that the OP has purchased from the exchange, into a non-custodial wallet. Because if the OP stores his assets in a Custodian wallet like on an exchange, it is very risky.

> For a comparison of bitcoin and fiat currency. I think both currencies have their respective advantages. And the advantages of bitcoin lie in its limited supply, and having a decentralized system.

First, you need to visit sites like coinbase to purchase bitcoin. Different exchanges have unique transaction fees. After purchasing bitcoin don't keep funds on the exchange, if you do, it means they have control of the coin. Transfer your bitcoin to a wallet that issues private keys, which authorizes you ownership of the coin.

Mining security is maintained in different ways, such as digital signatures that uses ECDSA for validating transactions, chain work the difficulty or hashes required to mine a block, consensus rules that guides what rule miners should follow to mine a block etc. These factors help to keep the mining process secure from attacks.

A good reason why using bitcoin over other conventional currencies is that, maintaining the bitcoin network doesn't require any external help, every update happens within the bitcoin developers, miners and users. No other charges aside transaction fees. 

All of the things you stated will be easier for you if you understand bitcoin and how it operates.

I, too, have limited knowledge, but I am certain that you can purchase Bitcoin using centralized exchanges, which are most frequent for novices due to our lack of knowledge, but you can also purchase via peer-to-peer in some Exchanges that are not kyc (https://bitcointalk.org/index.php?topic=5461920.0).

To learn more about the other aspects you stated, visit Learnmeabitcoin.com (http://Learnmeabitcoin.com), which will assist and explain the entire procedure to you.

You use use Cex to buy your bitcoin, since it is very easy and since it is your first time. Create an account with Binance or Kucoin. Make sure you pass through the KYC verification and after that,you use go to buy bitcoin through P2P. You will see some p2p merchants, look for the one that has higher transaction than the others because it means that he is to be trusted but not 100%. There will be a payment option,the amount of bitcoin that you want  in your local currency and send the money to the merchants account. When done, you will have to call the merchant to release your coins. Same with when you want to sell,instead of buying this time you use p2p to sell. When you are selling,don't release the crypto,until you have confirmed the money in your account so that you don't get scam because it is an exchange doesn't mean that there are no scammers. If you care about your privacy that much, you should use DEx p2p.

Bitcoin is decentralized,censorship resistance and is limited in supply. Bitcoin doesn't need a third party to carry out transactions. while conventional currencies are the opposite of bitcoin. They are centralized,non censorship and is not limited in supply as government keep printing more money.

I will take you through both the risk factors and the Benefits.

Bitcoin is the best investment of our generation and due to the high rate of inflation as of 2009 Bitcoin was given birth,  so if you are looking for an inflation hedge you got safe heaven in Bitcoin.
When you talk about cross-border payments with seamless transactions Bitcoin solves the problem,
Transparency, in the sense that the total amount of BTC that will ever exist, is known.
When It comes to freedom with your funds, Bitcoin gives you total control.


Risk factors,

Bitcoin is volatile and it's still in the early stage of development.
The Issue of securing your seed phrases and the fact that any BTC you send to a wrong address will never be recovered.

Good to see people like you who want to learn about Bitcoin.

1. You can buy or sell Bitcoin on both centralized and decentralized exchanges but for beginners the preferred way to buy or sell Bitcoin is via a centralized exchange. Buying and selling your coins on centralized exchange like Binance is much easier and safe and if you are a type of person who want to buy Bitcoin and hold it for long term then the best option for you is to withdraw your coins from that centralized exchange to your own personal wallet. You need a separate pc or laptop to create that personal wallet and once you receive your Bitcoin in that wallet you should disconnect that pc or laptop from internet so that your wallet will become a cold wallet and your coins will be safe from hackers. I recommend you to download an open-source wallet like Electrum and try to make a wallet with 24 word seed phrase and save your seed phrase and private key on a USB drive as well on an external SSD drive. You should never connect that SSD drive or USB flash drive on a pc or laptop that's connected to internet and also don't allow anyone else to access your USB flash drive or SSD drive.

2. Bitcoin mining functions when a miner tries to solve a very complex mathematical problems by using a specialized ASIC mining hardware like Antminer S19 Pro or other ASIC mining equipment that's entirely created to solve those complex mathematical problems which is required for Bitcoin mining. The miner then run that mining hardware in cluster form and allow their hardware to work 24/7 and after days to weeks the miner will find Bitcoin rewards when he/she validates a block . A block currently contain 6.25 Bitcoin and the miners with more hash power can mine those blocks easily depending on the amount of hash power they have. Most of the time the miners don't follow the traditional route of solo mining and in that case they join mining pools where the hash power of the whole pool is used to solve those mathematical problems together. In simple words Bitcoin mining is the PoW (Proof of Work) process to find free Bitcoin by utilizing your electricity energy resources that mining equipment require in order to run and once the mathematical problem is solved the miners get incentivized with Bitcoin.

3. Bitcoin is better than conventional currencies because it's totally virtual in nature and no one has any control over it. The Bitcoin is totally decentralized and that makes it a unique currency in the world because no government or centralized authority is controlling it and it's total volume is limited to just 21 million Bitcoin. The number is fixed and no one in the world is able to change that number. Although, you aren't running away from centralized authorities when purchasing Bitcoin through a centralized exchange but if you can purchase Bitcoin from a decentralized exchange then you're truly using it's decentralization power.

This is subjective and not everyone will agree that BTC is better; also everyone of us makes use of the both of them as well, so yeah. The two currencies have their utility and value, BTC is decentralized money that is censorship resistant and also permissionless, but the reason why a lot of people choose it over fiat is that it is also a volatile asset that they can get revenue from. Fiat is centralized and issued by the government, it is also the currency that is mostly used all over the world, too many people don't actually want to spend their BTC because of future profit.

OP, let me digress a bit from your questions and give you some more proper forum behavior. You came to the forum recently but got carried away creating new topics with questions, the answers to which you seem to already be able to find on your own. I'll point to the response you gave to the user, pointing to the topic from Charles-Tim.

Have you tried reading this thread carefully if you are already sending newbies to it?
You have probably heard that you should contribute to the forum in some way. I'll show you how to be helpful here.
Don't create a bunch of threads where you can find answers on your own. This is a very useful thing.

There is a saying that "Learn before you earn". If you want to invest in something learn about it. Learn about its weaknesses, strengths, opportunities everything. Otherwise, you will just be gambling your money.


There are many ways to buy bitcoin. You can use your fiat currencies to buy bitcoin through 3rd party services (https://www.bitcoin.com/get-started/how-to-buy-bitcoin/#:~:text=The%20two%20main%20ways%20to,security%20of%20your%20digital%20assets.) like paypal, binance, coinbase or through a bitcoin wallet app that supports fiat payments.


It's hard to explain the full story in a few words so here is a place where you can know the fundamentals (https://www.bitpanda.com/academy/en/lessons/what-is-bitcoin-mining-and-how-does-mining-work/) easily.


It depends on why you want to use Bitcoin in the first place. If you want to use it for making payments there are other better options as well but they will not match the volume, security, and decentralization of bitcoin. If you want to hold it as a store of wealth then I want you to look at the historical chat of Bitcoin. A shorter timeframe can frighten you but a longer time will put a smile on your face. Since its launch, it only raised in value.

The process of buying and selling Bitcoin is very simple, you can buy and sell it on any exchange, but first you need to create an account on that exchange. Of course, there are many factors you need to know before starting, such as Bitcoin's complete chart history, Bitcoin halving and price fluctuations, bull seasons and bear seasons, all of which are very important to know. The most important thing is that you know when to buy and when to sell Bitcoin,because a perfect entry can give you a good profit.


In my opinion, Bitcoin is better than traditional currencies because it is not controlled by anyone, whereas traditional currencies are controlled by central banks. Traditional currency you have to keep in your bank account, while Bitcoin you can store in your digital wallet. The advantage of Bitcoin is that no one can check your wallet, its location and the Bitcoins in it. Whereas in conventional currency, the  bank has your complete record  . Traditional currency is a physical currency for which you need a bank to transact, while Bitcoin is a digital currency that you can transact anytime anywhere with your password.

There are two procedures for purchasing Bitcoin, first, is a direct person-to-person buying/selling of BTC, whereby after creating your Bitcoin wallet, you meet up with an individual, you give him your wallet address, and he sends you BTC in exchange of your fiat currency. Secondly, is by using an exchange (i.e either decentralized or centralized), whereby you place a buy/sell order on it's p2p market, whereby you will be matched with a seller/buyer, you make payment, send proof and coin released to you for a successful trade.

Miners play a vital role in ensuring the smooth running of the Bitcoin network, as they are the ones who confirm Bitcoin transactions.

Bitcoin is far better than conventional currency in the sense that just as the value of our conventional currencies are been controlled by the banks and government, Bitcoin is an independent currency that is not control by anybody but demand and supply, and offer lay individual the ability to be in charge of their finance/funds.

You can buy bitcoins through p2p, centralized exchanges or decentralized exchanges. Which one you choose will depend on you intend to achieve. If you are a person who is thorough about his privacy and do not want your bitcoins to be linked to you, I recommend you use decentralized exchanges like Bisq to make your purchase. Likewise if privacy is not a major concern, you can buy from centralized exchanges like Binance. It is important to note that exchanges are not wallets, you should always move your bitcoins out of exchanges to your non custodial wallet.

The process for exchanging bitcoin is via exchanges. I recommend the most popular from this list: https://kycnot.me/. They're exchanges which don't require you to give Know Your Customer data, like phone number, selfie, home address etc. The crucial elements to take into account before beginning are:

• Understand how bitcoin works in a fundamental level.
• Understand how these exchanges work. (the transaction process, costs etc.)

Here's your answer: https://learnmeabitcoin.com/technical/mining

It's not objectively, always better. As everything, it comes with tradeoffs. It's better in the sense that you know the transaction will finalize, no matter what, that the cost is pretty transparent (it isn't determined by a bank monopoly), that it can't be confiscated without your permission, that it's always accessible as long as you're Internet connected, and that it can't be devaluated by arbitrarily printing more.

There is no complete text book to investing but from experience it all about knowledge and understanding.
+ Have good knowledge and understanding of what you want to invest in.
+ Have your capital (best to start with what you can lose and also don't borrow if possible)
+ Time your investment: this comes after you must have had knowledge of what you are investing and then knowing the best time to get in.
+ Acknowledge the risk and reward: don't leave blindly understand that there is always a risk and a reward and know how to deal with them.

Full access, total control, decentralization, no limitation, it’s volatile nature, it’s an asset which means you can still save with it and make profit out of it, it help you survive inflation to some extent which means you won’t have to worry much if your local currency is having any issue of devaluation, you won’t be charged from on a regular basis as per maintenance fee the way your local bank will charge you almost for everything, the only fee you are to spend is when sending out to the next persons wallet which the fee is as small as. Bitcoin gives you the opportunity to be financially dependent when it comes to how and when you want to transact, everything is centralized which means you don’t have to worry about manipulation you can check and track your transactions your self in the blockchain and confirm everything your self.

Standard procedure is to create and use a reputable exchange account to buy Bitcoin and send to your very own Bitcoin wallet. You'd want to keep a few things in mind like the entry price and maybe some details specific to the exchange.



Bitcoin maintains the security of the network because it ensures that fraudulent blocks are not included in the chain and before any of the participating node can earn their reward, they've to do their bid.

If you want to delve into the technicals, give Mastering Bitcoin a read: https://github.com/bitcoinbook/bitcoinbook#chapters


I think the biggest benefit bitcoin provides and pioneered is true borderless payments. Before now in my country, there was no way to send and receive payment without extensive checks at financial institutions. Now I can do that from the comfort of my home.

Great, you've shown interest in how Bitcoin works and how to invest in Bitcoin.
There are too many crucial things that would happen upon purchasing Bitcoin so I highly advise you to have the knowledge of it first before putting your money as an investment, read those pinned posts in this section and you'll find out many answers to your questions.

I think you need to understand how Bitcoin works from basic information in reading the Whitepaper (https://bitcoin.org/bitcoin.pdf).

It's a well-said in the Whitepaper if you've read it already, the purpose of why Bitcoin was created.
One thing that surely I've known, it's a purely decentralized currency.

Firstly you need to have a fund you will use in purchasing the Bitcoin and after you settle that one you need to look for a centralized exchange that doesn't require KYC for withdrawal so that you will not review your privacy. The next thing to do is to move your fund to the centralized exchange where you want to buy the Bitcoin with either USDT, BNB, or ETH depending on the one you are holding, and if you don't have any of them you can buy it through P2P trading with your bank account. After you have moved the fund to the centralized exchange you are good to buy the quantity of Bitcoin you want depending on your fund available in the centralized exchange. When it comes to selling Bitcoin, you simply have to sell above your buying price to be on profit. For instance, if you buy Bitcoin at $25k you can wait for Bitcoin to gain or grow to $30k before selling.
Yes, there are crucial elements you need to have in mind before buying Bitcoin which are
1. Never keep your Bitcoin on a centralized exchange in order not to lose it if anything bad happens to the centralized exchange
2. Save your Bitcoin in a wallet you only have full control of and never share your private key and seed phrase with anyone else.

3. Why is using Bitcoin better than using conventional currencies?[/quote]
Using Bitcoin is better than using conventional currencies because when using Bitcoin to make payments you don't need a middleman to scrutinize your transaction. Also using Bitcoin for payments will prevent you not to be affected by inflation and transactions made in Bitcoin are very fast

Educate yourself & gain a solid understanding of how Bitcoin works, its market dynamics &  potential risks involved. Maybe research reputable exchange, look for well established and regulated cryptocurrency exchanges that offer secure platforms for buying and selling. Begin with a small investment to get familiar with the market & mitigate potential risks.

Keep up with the latest news, market trends & regulatory developments that may impact Bitcoin's value.
Consider diversifying your portfolio by investing in other cryptocurrencies or traditional assets.
Implement strong security measures such as using two-factor auth.

How secure is the XGo platform that you're promoting? And how much did you get paid to promote them here in order to recruit victims who they will almost certainly scam?

What was XGo's reputation in the crypto sector that prompted you to endorse them? I see you started a discussion about them in this forum. Please, while I understand you are free to promote whatever you want, make sure you do not promote any platform that would defraud people.

Hi, glad you asked lol. here are some tips for you, not sure if you will follow them at all -

1. Only invest 10% of your Income.
2. Do not buy any coin in FOMO, stay calm. You will get your opportunity.
3. Do not trade on other people's trade ideas, take inspiration and see what's good for you.
4. Never pay for Trading Signal groups, that's for losers.
5. DCA is the best option available in Crypto.

Important elements you should pay attention to on which exchange you want to register and where you want to store your Bitcoin after buying. An important point that you need to pay attention to before buying Bitcoin is to choose a safe wallet to store it, you can stop by here Wallet software (https://bitcointalk.org/index.php?board=37.0) to get a wallet that is suitable for storing Bitcoins. Remember, never store Bitcoin in an Exchange wallet, because as long as you don't hold the private key, it is not your asset.

There are procedures to follow before buying or selling bitcoin, what first set in is learning, there's nothing possible you could do outside the bitcoin learning ground, which means before you could do anything, you have to know about what you're trying to do well, this begins with learning about how to buy bitcoin, exchange bitcoin, earn bitcoin, hold bitcoin or sell it and other trading patterns you may learn along your investment before anything.


Conventional currency in this regard means fiat if am on the right page with you, fiat is a currency that the government regulate and control while bitcoin is a digital decentralized currency that every individuals control by themselves without having any issues as barrier against their wish.

Bitcoin is better because, for starters Bitcoin isn't centralized or fully controlled by a group of elite bankers and the government. Bitcoin bring transparency to the finance industry and also have other benefits that makes using Bitcoin instead of using fiats recommendable but the banks in collaboration with the government isn't encouraging that because they lose control when we don't give them control over our finances. The government always wants control but when her citizens stop using the institution they provided to secretly monitor the transaction going on in the countries it becomes a problem because it gives the people freedom and that's why Bitcoin is better.


To purchase Bitcoin, you don't always need an exchange (speaking about the typical centralized exchanges that we have in the market) as that's how I understand your reply. Bitcoin can always be bought through a decentralized Peer2Peer methods that doesn't involved any of the centralized exchanges. To avoid scam, the buyer just have to be sure he's using the right P2P exchange and one of the popular ones on the forum that anyone here with reputed knowledge will recommend is Bisq or AgoraDesk.com

I don't know how it works with others, anyway, but for me there's a type of ease I get when transacting with Bitcoin, especially funding an account or something else online. The convenience of sending it and getting it reflect almost immediately (especially days when there isn't much congestion), makes it easy to conclude that the role of middlemen in transactions is a real bottleneck.

We can't rule that out happening in reality and sometimes ending well too. It's only disastrous embarking on if one doesn't have anyone to mentor one. I barely knew what Bitcoin was when I made my first Bitcoin investment in 2017. I believe many people now are like me in 2017.

But you forget to mentioned that it centralized and at that you still risk losing all or some of your investment on XGoID,  but then I will like to also advice that you should try as much as possible not to leave your total investment on an exchange no matter the level of the convenience they offer you.


We have heard a lot of exchange hacks and if you know FTX that ruin all their investor's investments was once one of the preferred choices because of their conveniences such as free withdrawal fees and so on but in the end, it all ended in tears for investors,  so for that to protect your investment,  there is a need to take total control of your investment.


Best you buy Bitcoin and hold it in your custody,  and take charge of the balance and what goes on in it,  it doesn't matter how long it takes to make that investment come to a high-profit level since no one promises that it going to be an easy walk.


So the best thing to do is to first of all build a good knowledge and background understanding of the asset you are about to invest in and try as much as possible to limit your risk by only investing what you can afford to leave without for a while. E

I want you to guide me on how i can invest in Bitcoin without experiencing any lost.

i would  have loved to qoute your thread in bits but I just have quote it entirely and give some explanations to the best I could.
One of the major procedure to take before buying or selling any cryptocurrency is doing your own research as this has already been proven to give the investor more edge on the coin he or she intends investing on. Secondly it it is always advice to buy low and sell high as that's the major principle  of making profits as an investor but in cases where there's no much capital to buy at once, then the DCA  method should be the best option as this enables you buy in bits at every opportunity  you get to buy.

Well I can't really speak  more of mining because I haven't paid much of an attention to it but I know their role can't be over emphasized.

Well most bitcoiners believe that using bitcoin is more safer for them because of its decentralization but I think bitcoin  helps in international transactions without so much transaction charges.

But how sure is the XGo? I’m hearing about it for the first time here, although I don’t know if any other person here knows about it, because I always think someone should use an exchange that is well known by people in order to avoid being scammed. So how secure is the XGo you are talking about, and how does it work? You can see that the person who asks this question is still a newbie who doesn't know anything about bitcoin or how it works, so I will suggest that you explain everything about the XGo you are discussing to be well-explanatory so that we will know more about it. And also the OP.



Nothing hard there, mate. The only thing you need first is to be knowledgeable about bitcoin, which I believe is applicable to any investment you want to make. Once you are knowledgeable about where you are about to put your money, the risk will be limited, and that's why you need fundamental knowledge of bitcoin. And hold on to your investment for a long period of time because the price is unpredictable.

NOTE invest the amount you can afford to lose

That's what I will suggest to OP on where to buy Bitcoin but I would explain to OP that after buying Bitcoin in a centralized exchange then OP should transfer it to a wallet like Electrum instead of using the centralized exchange to store the Bitcoin that OP have bought from it. As many newbies that I have explained about storing Bitcoin in an exchange and about the saying "Not Your Keys, Not Your Bitcoin" is true and there are some people who are victim of such situations where they store their Bitcoin in a centralized exchange.

Making investment in bitcoin is risky. There is possibility that you might loose part or all your investment, if proper care is not taken. So, you need to make serious research on it. You need to research on the type of exchange you want to engage with. You need to research on the appropriate time to make investment to enable you make profit. You also need to know your target.  Very importantly, you should be able to make personal decision in every step of the process.

Crucial elements? If the money you're investing is not really that worth losing then that's one for the crucial element. For technical procs of purchasing and selling, it could depend on the platform you bought it from. I had traded in different trading exchange sites like Binance and EtherDelta and they do have different procedures.

For #2, I think it's better off to be asking that in the Mining section.

For #3, it's purely your money that's why.  And because it is....well it's Bitcoin.
:)

I see that you are new to the forum and with your questions; it appears that you are just understanding crypto currency and bitcoin; to that reason i will encourage you that the first step is reading about the following and also understand it.

1. Bitcoin wallet and how to keep your btc
2. Trading Psychology

After understanding the above 2 topics; then my answer below will help you with regards to your first question. The procedures to buying and selling bitcoin is similar; what you need to do is figure out the exchange you want to buy / sell bitcoin from. Before buying / selling btc, you should remember that in bitcoin or crypto currency, there are no guarantees.

For your second question; i have no knowledge about bitcoin mining; so you can use binance academy to learn about that, or read different topics in the bitcointalk mining forum. For no 3, bitcoin is only better than conventional currencies depending on what is acceptable in your present location.

People would always to prefer to use bitcoin as currency because bitcoin is more decentralized than any other currency you can think of,  it is more reliable to use as currency than any other cryptocurrency.  With the existence of bitcoin in the market, their are much evidence and proof that will always make people choose Bitcoin because it is safe to use as currency and   for investment purpose. It is not as risky when compared to other cryptocurrencies .

First, I would like to recommend YouTube for this type of question which will guide you more through a demo. I am answering 1 and 3 questions. There are many plate forums, websites, and exchanges that will help you to trade, buy, or sell and another one is the P2P method in which you can buy or sell a cryptocurrency directly from the users. The third question answer is that there are many reasons why Bitcoin is better than conventional currency.
> More secure and anonymous form of payment.
> Globally form of payment
> More secure form of currency.

For the 2 questions check the replies of some legendary members they will understand you in detail.

Many of the questions you are asking, you can not get them here but only opinions. What you need to do is to read books on some of the things you don't have idea about do that you can learn as quickly as possible then if you have any challenges, you can answer questions so that you can be guided. This is not a place for you to learn the fundamentals you need to know about Bitcoin or miming, there are plenty of books online you can get and read that will sharpen your faculty about what Bitcoin is and how you can make an investment from it with the precautions.

Know that there are scammers and untrustworthy people in bitcoins, avoid buying bitcoins from individuals you do not know or websites that are not popular, you can send money and never receive bitcoins.


Conventional currencies are government controlled and they are not a good store of value because they are subject to inflation as it's supply is not limited. As for bitcoins, there is independence from the government, and it can serve as a hedge against inflation.

You need to have the wallet first. When you have the wallet, you can buy BTC on CEX or DEX, then you send the BTC to your wallet.
To buy BTC, you can use fiats if you have CEX account. You need deposit fiats to your CEX wallets, then you can buy BTC on the spot market with fiat pairs. But if you want to buy BTC on DEX, it will be easier if you buy with USDT.

To know the basic information about mining, kindly read this first https://www.investopedia.com/terms/b/bitcoin-mining.asp

Bitcoin offers the potential of higher profits. Its volatility enables Bitcoin to rise significantly although it also means Bitcoin price possibly freefalls as well. To deal with the BTC price fluctuation, you need to learn the price history and the bearish-bullrun period. Also, make sure you know well what factors that determine the price fluctation.

Bitcoin is so much better than conventional currencies, and it is much more befitting than conventional currencies.
Let's explain why Bitcoin is better than conventional currencies. First, we need to understand the preamble of Bitcoin and why people need it for trade.
In the early days, people used physical objects like rocks, gold, precious metals, bank notes, paper bills, and digital money.
Over time, people learn that the most desirable qualities don't have conventional currencies. Which is given below (https://cryptonews.com/guides/difference-of-bitcoin-from-traditional-currencies.htm).
Divisible — can be turned into smaller pieces for certain uses, like paying a specific amount or making micropayments.
Non-consumable — cannot be consumed for purposes other than an exchange of value.
Portable —can be easily carried around.
Durable — does not wear away or depreciate through time or in certain conditions.
Secure —cannot be counterfeited.
Easily transferable.
Scarce—cannot be replicated without end.
Fungible — each piece has the same value as its equivalent.
Recognizable — it is recognized and accepted as a means of transaction.
This is why Bitcoin is called the next step in the evolution of money. Since we didn't have money like Bitcoin before, it's natural to question the concept and compare it to traditional currencies.

It's better when you're going to do transactions offshore. Because there's no central authority and there's no third party that it has to go through that will take up to 3 business days for the confirmation. And that's what we're talking about as a currency, not mentioning it as a store of value. Being it that has a fixed supply makes it better than the typical currencies that we've got and that's because they can print endlessly compared to Bitcoin. So, its value will keep on increasing as the demand increases as one of its property is its scarcity.

I only have answer to your title and not to the questions put in body therein. Invest only what you can afford to lose, despite from the current price it seems that the only way from here is UP! There are multitude of things that can go wrong and you lose your funds. As the saying goes, never test depth of river with both feet.

Adding to what you have said, the are many things you look into when you want to do any kind of investment, know the kind of investment you want to do, make sure you do your own personal research to know more about the investment, consult does that are into the investment before jumping into it. Please note :- don't look into the profit they are making and decide to invest in huge amount, do things gradually, start with little amount of money to know in and out of the investment to avoid loss or fund.