Bitcoin: A Synopsis

Oct 16, 2017
Bitcoin: A Synopsis
  • Bitcoin has recently taken the world by storm in popularity, and the application of Bitcoin in MC-Market was minimal until the addition of the Currency Exchange section, where members are now able to trade their FIAT currencies to Bitcoin.

    What is Bitcoin?


    Bitcoin is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. You become the owner of your part of a "Bitcoin", meaning nobody without the private key to your wallet(this will be explained) can access your money.

    Since it has no central authority, Bitcoin is only worth what someone else is willing to pay for it. This allows the price to change dramatically, seeing new high's of close to $6,000 USD. Most arguments against the validity of Bitcoin is the lack of central backing, but the "subscription" to Bitcoin is a subscription to fast, effortless, and secure payments, which has allowed it's popularity to skyrocket the price.

    What is a Bitcoin wallet?

    Bitcoin is represented as a digital token accessible through an application called a wallet. A wallet stores the public ledger of the Blockchain, which is the network of Bitcoin. A wallet can also broadcast transactions to the network, given you have received Bitcoin to your public address.

    All wallets are made of a public and private key, it is VERY IMPORTANT TO NEVER SHARE YOUR PRIVATE KEY. Think of your private key as the password to your bank account, but unlike a bank account, it can never be changed. No reputable company, exchange, or merchant should ever request your private key for your wallet.

    Secure DESKTOP wallets include: Ledger, Trezor, Electrum, Jaxx
    Secure MOBILE wallets include: Blockchain.info, Jaxx
    Secure CLOUD wallets include: Blockchain.info

    There are other secure wallets out there, these are ones I can personally recommend for new users of bitcoin as most are easy to digest, with simple UI. If you plan on using Bitcoin for small purchases, I would recommend creating a blockchain.info account and using that solely, always enable 2FA if possible on mobile/online wallets and KEEP YOUR MONEY SECURE. It is ALWAYS user error if your tokens are stolen from wallets that are in your control.

    Where can I buy Bitcoin?

    Paxful (Gift Cards, PayPal, CC/Debit)
    LocalBitcoins (Cash, GC, PP, CC/Debit, Local Trade)
    Coinbase (CC/Debit, Bank Account; USA Only)
    Direct exchange via PayPal with forum members

    Almost all exchanges will request forms of verification to prove identity and help stop fraudulent purchases, with most barring members under 18 from exchanging. If you are in this scenario, the most available option will be through exchanges with forum members, or placing orders for small amounts through exchanges with exorbitant fees. Pick your poison, really.

    If you decide to exchange on-site, always remember to verify transactions through the Private Message system on MC-Market. Along with due diligence on who you trade with, verifying deals on site holds both party's accountable to their actions. And always remember, if a deal sounds too good to be true, it probably is!

    What are the benefits of using Bitcoin?

    - ZERO chargebacks. Money sent, is money gone (once confirmed; See double-spending)
    - ZERO middlemen. No taxes, no central banks, no withheld funds.
    - DIGITAL ASSET. Value is not defined by one entity.
    - PUBLIC LEDGER. Every Bitcoin payment ever transacted can be viewed at https://blockchain.info
    - MINIMAL TRANSFER FEES. Pay cents on the dollar compared to fees such as services like PayPal. An average Bitcoin transaction costs 5 cents to process, usually scaling only 3-4x even in larger processed amounts.

    How can I start trading Bitcoin?

    Receiving Bitcoin:
    In your wallet, there will generally be a button that says "Receive", or "Request", in which you will have a Bitcoin address which will usually begin with the number "1", or sometimes the number "3". Make sure you verify you are using a Bitcoin wallet before sharing your wallet address.

    In Blockchain.info -
    [​IMG]
    Sending Bitcoin:
    In your wallet, there will generally be a button that says "Send", or "Transfer", in which you will have the ability to add an address, an amount (usually determinable in local currency and Bitcoin), and a transactional fee. Enter the details as provided by the seller or merchant.
    [​IMG]
    As seen, you can choose either the USD value, or the BTC value, and change the transactional fee as well as add the sending address.

    How can I determine the current value of Bitcoin?

    The value of Bitcoin is specifically determined by what people are willing to pay for it, you can view updated stats on the price of Bitcoin, as well as many other currencies at Snipta.

    Page created by @Nine , managed by MC-Market. <3
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