Three basic fact you would love to know about bitcoin

[Biggeno]

Bitcoin is a digital asset that can be stored at a cryptocurrency exchange or in a digital wallet. Each individual coin represents the value of Bitcoin’s current price, but you can also own partial shares of each coin. The smallest denomination of each Bitcoin is called a Satoshi, sharing its name with Bitcoin’s creator. Each Satoshi is equivalent to a hundred millionth of one Bitcoin, so owning fractional shares of Bitcoin is quite common.


Below are facts you would love to know about bitcoin

1. The coins are created by users who "mine" them by lending computing power to verify other users’ transactions which use blockchain technology.They receive Bitcoins in exchange.

2.The coins also can be bought and sold on exchanges with US dollars and other fiat currencies(the physical money we use every day in our bank accounts).


3. Bitcoins have to be stored in a digital wallet, either online through an exchange like Coinbase, or offline on a hard drive using specialised software.



It is believed that crypto currency is actually used in most countries today but it has not yet been known, although bitcoin is one of the fast rising crypto currency in the world today most people still don't understand how beneficial it is.


Hope you enjoyed it.

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[0t3p0t]

It is believed that crypto currency is actually used in most countries today but it has not yet been known, although bitcoin is one of the fast rising crypto currency in the world today most people still don't understand how beneficial it is.

No doubt enthusiasts here in my country use Bitcoin to buy mobile load or pay services offered by one of our local wallet and exchange but when the ordinals came into action, things changed. I agree that most people still don't understand how beneficial Bitcoin is because their negative thoughts still stuck on their heads maybe because of FUD.

[Die_empty]

2.The coins also can be bought and sold on exchanges with US dollars and other fiat currencies(the physical money we use every day in our bank accounts).

Bitcoin was not designed to be exchanged using third parties like centralised exchanges but for P2P transactions. You can easily exchange your Bitcoin with another bitcoiner without any intermediary.

3. Bitcoins have to be stored in a digital wallet, either online through an exchange like Coinbase, or offline on a hard drive using specialised software.

It is improper to store in centralised exchanges because they are not reliable. These platforms can easily be affected by hacks and negative government policies. The owners of these exchanges could also pull an exit scam or mismanage the business.

It is believed that crypto currency is actually used in most countries today but it has not yet been known, although bitcoin is one of the fast rising crypto currency in the world today most people still don't understand how beneficial it is.


Hope you enjoyed it.

Bitcoin is mostly used by many people as an investment platform. They buy, hodl and sell when the price appreciates. Others mainly in developing nations use Bitcoin as a hedge against inflation.   

[tbct_mt2]

1. The coins are created by users who "mine" them by lending computing power to verify other users’ transactions which use blockchain technology.They receive Bitcoins in exchange.

Bitcoin blockchain is Proof of Work and its network runs by miners that solve computational puzzles to find new Bitcoin blocks and get block subsidy and confirm Bitcoin transactions to receive transaction fees from Bitcoin users.

How does mining work?

2.The coins also can be bought and sold on exchanges with US dollars and other fiat currencies(the physical money we use every day in our bank accounts).

Exchanges have centralized exchanges and decentralized exchanges.

You can trade (buy, sell) bitcoins with fiat currency, stable coins and other altcoins.

In your bank account, you don't have physical money (fiat currency) but a digital number which does not mean anything if the bank bankrupted.

3. Bitcoins have to be stored in a digital wallet, either online through an exchange like Coinbase, or offline on a hard drive using specialised software.

Wallets on centralized exchanges are custodial. It means exchanges own the private keys and own the coins, you don't own private key so you don't own your coins.

Use non custodial wallets and open source to use.
https://bitcoin.org/en/choose-your-wallet

Beginners: https://bitcoin.org/en/choose-your-wallet?step=5&platform=windows&user=beginner&important=control,fees&features=bech32
It recommends Electrum wallet.

Experienced: https://bitcoin.org/en/choose-your-wallet?step=5&platform=windows&user=experienced&important=control,fees&features=bech32
It recommends some wallets: Bitcoin Core, Bitcoin Knots, Electrum, Green, Sparrow, Specter

Hope you enjoyed it.

You don't need to write essay like this when you still need to learn a lot.

Newbies Stop Teaching When You Need To Learn.

[Dunamisx]

Below are facts you would love to know about bitcoin

1. The coins are created by users who "mine" them by lending computing power to verify other users’ transactions which use blockchain technology.They receive Bitcoins in exchange.

2.The coins also can be bought and sold on exchanges with US dollars and other fiat currencies(the physical money we use every day in our bank accounts).

This two points you've raised are nothing than the exact explanation of a scenario of seeing someone using his strength and efforts to explain to the public that apple is a fruit, this is what even a little child can know or understand without having you go through loads of stress explaining.

3. Bitcoins have to be stored in a digital wallet, either online through an exchange like Coinbase, or offline on a hard drive using specialised software.

We have either a custodial wallet or non custodial wallet to use for our bitcoin storage, however, we must understand this that our bitcoin aren't stored on these wallet, they are being stored on the blockchain, wallets only provides us the keys to unlocking them to have access to them.

[SatoPrincess]

Below are facts you would love to know about bitcoin

1. The coins are created by users who "mine" them by lending computing power to verify other users’ transactions which use blockchain technology.They receive Bitcoins in exchange.

2.The coins also can be bought and sold on exchanges with US dollars and other fiat currencies(the physical money we use every day in our bank accounts).

It’s important for newbies to know that you can’t get Bitcoins for free. Bitcoin mining is a very expensive process, and not many can afford it. A less expensive alternative for beginners who want to own bitcoins but do not have the money to buy would be to accept bitcoins as payment for services rendered.

3. Bitcoins have to be stored in a digital wallet, either online through an exchange like Coinbase, or offline on a hard drive using specialised software.

It is bad practice to store bitcoins on exchanges. Always store your coins in a non custodial wallet like Electrum, Blue wallet or Unstoppable wallet. It’s recommended to buy an hardware wallet like trezor if you are hodling large amounts of bitcoins.
https://bitcointalk.org/index.php?topic=5421039.msg61293646#msg61293646

[PrivacyG]

OP, I wanted to give you some Merit but I think your post is extremely generic and any body knows the information you share already.  There are likely at least a few hundred threads with the same information here.  This is the most common information about Bitcoin.

I suggest you make a more intriguing thread next to gather more attention and interest.

[thecodebear]

3. Bitcoins have to be stored in a digital wallet, either online through an exchange like Coinbase, or offline on a hard drive using specialised software.

OP, this is not correct.

Bitcoin is simply stored in the blockchain, so it is stored on the network, not on a hard drive using specialized software or on an exchange. Only the bitcoin network (thousands of computers called nodes, decentralized around the world) stores bitcoin, no specific computer or exchange or device or whatever stores it.

The way you can ACCESS and transact with your bitcoin is through software called a wallet, specifically using your cryptographic keys. This wallet software could be various different things, including a company providing the service like an exchange, or a specialized hardware gadget, or software on your computer, but that is NOT how bitcoin is stored.

And storing of the actual cryptographic keys which allow you to access your bitcoin through wallet software (whichever kind you're using) is a different thing entirely and that could be stored through a service like an exchange, on a hardware wallet, on your computer, on a usb stick, on paper, in your head, on metal, on anything cuz it's literally just a string of characters so anything that you can write in/on (including 'writing' into your memory) can store your keys.

[GbitG]

Bitcoin is a digital asset that can be stored at a cryptocurrency exchange or in a digital wallet.

Hmm, that's good, OP, but unfortunately, everyone here knows these Facts.

Nevertheless, I will elaborate on this little bit: we cannot store Bitcoin in Exchanges because now days all the top exchanges are centralized, Despite centralized exchanges, there is no trust that they will really keep your assets safe or not. Beside that, these exchanges can steal your funds, i.e., Bitcoin, by collapsing. The past is full of such cases where, when investors put their funds in exchanges to store them, the exchange took advantage of the opportunity, among which Mt-Gox is at the top. .
So, therefore, I believe that keeping funds or assets in exchange is inappropriate for users who have an investment in Bitcoin. So OP I didn't agree with you that storing Bitcoin in exchanges. Stored Bitcoin only in hardware wallets because only wallets give you the guarantee of your assets in terms of privacy. So guys, use your wit and don't keep your assets in exchanges instead of a hard wallet.

[mk4]

Lol there are some lessons here:

1. You don't need to create redundant topics that have been mentioned/discussed a thousand times before inside and outside of Bitcointalk.
2. Double-check your facts before sharing them with the world.

[AprilioMP]

The Bitcoin whitepaper is a must read for Bitcoin fans as a basic knowledge of Bitcoin. Everything is explained in sequence, including incentives.

3. Bitcoins have to be stored in a digital wallet, either online through an exchange like Coinbase, or offline on a hard drive using specialised software.

In this part, I think there is a mistake in understanding it properly. I will give you a little understanding of how to store coins in a wallet.
Storing in wallets on exchanges is not recommended because exchanges are not wallets for storing Bitcoin assets.
Exchange as a place to buy and sell assets including Bitcoin.

Each wallet generates a seed phrase and this seed phrase is the most important for wallet users in terms of accessing the contents of the wallet.
If you use the exchange as a place to store Bitcoin, then that is where your mistake lies. Why, because the address obtained on the exchange does not produce a seed phrase.
The truth is that exchanges are not wallets.

[ZAINmalik75]

Till your post, I did not come to think of this knowledge as basic facts,  as I thought this was basic knowledge I mean, we use the term fact when we have to emphasize the importance of something but the information you have mentioned is so basic and obvious that you being a newbie posting it on the BTC discussion where everyone is talking about BTC specifically.

Don't you think everyone would be aware of these obvious facts, Although they are important and there is no doubt about that, but I suggest you to make posts that would be of help to us because this isn't going to help us or even the newbies in any way.

I did not mean to dishearten you but just trying to guide you that, you should come up with more technical and better posts, rather than starting from the very start, I hope you won't mind me.

[Upgrade00]

1. The coins are created by users who "mine" them by lending computing power to verify other users’ transactions which use blockchain technology.They receive Bitcoins in exchange.

Miners don't create coins, they receive them as a reward for solving the puzzle. Also, nodes verify transactions, miners confirm them.

3. Bitcoins have to be stored in a digital wallet, either online through an exchange like Coinbase, or offline on a hard drive using specialised software.

Never store your bitcoins online and never use an exchange for storage.

[Cryptomultiplier]

1. The coins are created by users who "mine" them by lending computing power to verify other users’ transactions which use blockchain technology.They receive Bitcoins in exchange.

Miners don't create coins, they receive them as a reward for solving the puzzle. Also, nodes verify transactions, miners confirm them.

3. Bitcoins have to be stored in a digital wallet, either online through an exchange like Coinbase, or offline on a hard drive using specialised software.

Never store your bitcoins online and never use an exchange for storage.

Also, to gain mostly too, one has to trade BTC for quick profit and hold for long term if the value of it is to be benefited from in excess. That is one can be a millionaire from holding BTC for a duration of up to a decade.

BTC is also more stable and has more value than other cryptos, because it is the first among others and has a rather steadier market value of which competes with dollar and gold currently in the market of foreign exchange.

[criptoevangelista]

Bitcoin is not an asset, bitcoin is a hedge.

[Upgrade00]

BTC is also more stable and has more value than other cryptos, because it is the first among others and has a rather steadier market value of which competes with dollar and gold currently in the market of foreign exchange.

Bitcoin has more value than other cryptocurrencies because it offers for value. It's decentralized and secure, two features you will not find on almost all altcoins.

Bitcoin is not competing with either dollar or gold.

[buwaytress]

3. Bitcoins have to be stored in a digital wallet, either online through an exchange like Coinbase, or offline on a hard drive using specialised software.

Fun fact I discovered several years ago talking to non-users (just people who bought to speculate er, I mean invest). Most owners have their coins stored on an exchange or even worse, on a site/broker/app. They see a digital wallet, but only in the same vein as any other digital wallet. They don't use a Bitcoin wallet, so don't deal with Bitcoin private keys or addresses, and don't interact with the network.

To demonstrate (Covid times maybe, don't recall when exactly), when PayPal offered Bitcoin buys, a lot of users "bought" Bitcoin with PayPal. So their wallet showed Bitcoin, priced in USD, and they could sell it at any time, but there was no way for them to actually withdraw that coin to their own wallet.

These aren't coins. These are just made-up numbers.

I don't know how it is now in 2024 but I wouldn't be surprised if most new investors don't actually even really buy actual coins.

[Kemarit]

BTC is also more stable and has more value than other cryptos, because it is the first among others and has a rather steadier market value of which competes with dollar and gold currently in the market of foreign exchange.

Bitcoin has more value than other cryptocurrencies because it offers for value. It's decentralized and secure, two features you will not find on almost all altcoins.

Bitcoin is not competing with either dollar or gold.

Yeah, it's the first and what we call prime mover, and it's a bit controversial to say the least, as the founder and creator disappeared and so early adopters either become curious or just sold their Bitcoins because they don't believed at it anymore since Satoshi is gone.

It's not competing with gold, but they are being compared as Bitcoin is being called "digital gold".

And as the title suggest, it's basic facts and I think majority here is already familiar with what the OP has posted.

[Biggeno]

Thank you all for the points and advices, I would immediately amend my work

[TimeTeller]

3. Bitcoins have to be stored in a digital wallet, either online through an exchange like Coinbase, or offline on a hard drive using specialised software.

Fun fact I discovered several years ago talking to non-users (just people who bought to speculate er, I mean invest). Most owners have their coins stored on an exchange or even worse, on a site/broker/app. They see a digital wallet, but only in the same vein as any other digital wallet. They don't use a Bitcoin wallet, so don't deal with Bitcoin private keys or addresses, and don't interact with the network.

To demonstrate (Covid times maybe, don't recall when exactly), when PayPal offered Bitcoin buys, a lot of users "bought" Bitcoin with PayPal. So their wallet showed Bitcoin, priced in USD, and they could sell it at any time, but there was no way for them to actually withdraw that coin to their own wallet.

These aren't coins. These are just made-up numbers.

I don't know how it is now in 2024 but I wouldn't be surprised if most new investors don't actually even really buy actual coins.

They will learn their lessons quick once those 3rd party sites closed down for good and they have no way of recovering their coins.
It will be an expensive lesson if they continue to store their assets to other sites having no full control of what they have.
That, I guess, at some point this concept these newcomers will be oriented at. Not to store their coins to any 3rd party sites.
But I also do think, that even long timers here are still storing some of their stash inside crypto-exchanges especially now of the high fees involved.