1. WHAT IS BITCOIN (DIGITAL CASH)?
Bitcoin is a digital currency that can be bought, sold and traded just like the cash we currently have in our wallets. Peer-to-peer technology allows anyone to participate. No one person or organization is the ultimate authority over cryptocurrency.
2. How are Bitcoins Created?
Through a process called Bitcoin mining by online bitcoin miners, a dedicated computer or several computers. Several Bitcoin miners are working to compare and confirm transactions, it’s actually a race for who will verify a transaction first. The first Bitcoin miner to verify a transaction create a new “block” to be added to the permanent blockchain and is rewarded with a new Bitcoin
3. What is a cryptocurrency?
- Cryptocurrencies are virtual currencies that typically use a decentralised network to carry out secure financial transactions.
- Some cryptocurrencies are used with credit cards or other projects.
- Most remain as virtual coins.
- Cryptocurrencies are always expanding. The next great digital token may be released in the future.
- Virtual currencies such as ethereum and ripple, which are being used more for enterprise solutions, are becoming popular.
- Some altcoins are being endorsed for superior or advanced features vis-à-vis bitcoins.
- Cryptocurrencies are almost always designed to be free from government manipulation and control.
- Some crypto-currencies are easier to mine than bitcoin
5. How Bitcoin & Blockchain Work tutorial
The Steps of Buying Cryptocurrencies:
Set up an account at a Cryptocurrency exchange:
1. Setting up two accounts:
• One at BtcMarkets.net (Australia) exchange
• Then one at Binance.com (Korea) exchange if you intend to trade internationally
2. Buy bitcoins and altcoins and transfer to a wallet for safe keeping.
3. Transfer bitcoins from BtcMarkets.net to Binance exchange to buy other altcoins
4. Transfer cryptos to your wallets or leave some at exchange for day trading
A. How to Create an Account on BTCMarkets.net:
2. Click on: “Set up an account”
3. Go to your email and verify or confirm your email address
4. Log back onto: www.btcmarkets.net
5. Click on: ID VERIFICATION
6. Complete the ID verification process: you need 100 points ID
7. Deposit money into your account using Bpay.
B. How to Create an Account on Binance (international trade):
1. Visit: https://www.binance.com/?ref=20165012
How to Store cryptocurrencies:
What is a Bitcoin wallet?
It is a fully digital method to store money which give you power to your own money, due decentralisation, you become your own bank. Crypto-wallets come with a digital key, unique to your wallet and are the single-most important feature and must be kept secret.
Digital keys sample: “Mnub9wegf97efo37r9274yr6784ri24r823nOUAFQP4uob322”
Why do you need a crypto wallet:
To receive crypto, you must have a digital wallet. A wallet is essentially an address that can send, receive and store bitcoins.To keep your cryptocurrencies safe. Cryptos give you power to your own money, you become your own bank.
There are three elements to a wallet:
1. Public key (like an email address)- use to send crypto.
2. Private or digital Key (password)- must be kept private- similar to your banking details and password (KEPT SECRET).
3.The Address- The wallet address is 58 alphanumeric characters which are derived from the public key use to receive crypto payments. Investors can send bitcoin to another address (wallet) for storage or Exchange for sale
Download a wallet to store cryptocurrencies:
- Download Exodus Wallet and Exodus Eden Wallets from https://www.exodus.io or https://www.exodus.io/download/ onto your computer.
- Download Guarda wallet from https://coinmarketcap.com/ and click on cryptocurrency number 11. Ada (Cardano) and click on Wallet and download “Guarda-multi-currency, custody-free wallet.”
- You can also buy Trezor, Ledger Nano s and Keepkey hardware wallet.
Cryptocurrency Wallets for Beginners:
1. Exodus Wallet: How to Download and Install on Windows 10:
https://www.exodus.io for download
2. Exodus Eden Cryptocurrency Wallet Tutorial: https://www.exodus.io
3.Cryptocurrency Hardware Wallets for Beginners (Ledger &Trezor):
Two main wallets to choose from:
• Hot Wallet (connected to the internet at all times).
• Cold wallet — which isn’t.
A cold wallet is better. Being not connected to the internet reduces the risk of a hacker or malicious software gaining fraudulent access to your digital currencies.
Security-How to Protect Wallets:
Hackers attack in three main ways:
• Attacks on the blockchains, cryptocurrency exchanges and ICOs;
• Distribution of software for hidden mining;
• Attacks directed at users’ wallets.
1. Apps on Google Play and the App Store
– Be careful with installing mobile applications
-Add Two Factor Authorization-identification to all applications on the smartphone, tablets and pcs.;
-Check the links to applications on the official site of the project.
Victims of hacking are most often smartphone owners with Android operating system, which does not use Two Factor Authentication (2FA).
3. Add-ons for crypto trading
-Use a separate browser for operations with cryptocurrencies;
-Do not download any crypto add-ons;
-Get a separate PC or smartphone just for crypto trading;
-Download an antivirus and install network protection.
2. Authentication by SMS
-Turn off call forwarding to make an attacker’s access to your data impossible;
-Do not use a 2FA (2 FactorAuthenfication) via SMS when the password is sent in the text,
-Only use a two-factor identification (2FA) when received without password.
It is easy to intercept an SMS with a password confirmation. This proved that any system can be accessed directly via SMS, even if 2FA is used.
3. Public Wi-Fi
-Never perform crypto transactions through public Wi-Fi
-Regularly update the firmware of your own router
4.Sites-clones and phishing
-Never interact with cryptocurrency-related sites without HTPPS protocol;
-If something seems suspicious, close the window and delete the letter from your inbox.
How to avoid Scams?
Bitcoin and cryptocurrencies are not scams. Blockchain is the biggest invention since the internet. Scams happen because people are not careful and are quick to fall for get rich schemes.
• Tutorial: Scams:https://www.consumer.ftc.gov/articles/what-know-about-cryptocurrency
• Tutorial: Blockchain: https://youtu.be/aQWflNQuP_o
• What Is Blockchain? https://youtu.be/6WG7D47tGb0
• 19 Industries the Blockchain Will Disrupt: https://youtu.be/G3psxs3gyf8/