EDUCATION

What is Bitcoin?

• Bitcoin is the first and most well-known cryptocurrency, created in 2009 by an anonymous person or group using the pseudonym Satoshi Nakamoto. It's a digital currency that operates on a decentralized network known as the blockchain.

How Does Bitcoin Work?

• Bitcoin transactions are recorded on the blockchain, a public ledger of all transactions. Mining, the process of adding new transactions to the blockchain, involves solving complex mathematical problems.

Why Should You Care?

• Bitcoin offers an alternative to traditional banking, with features like lower transaction fees, anonymity, and security through cryptography. It's also seen as a hedge against inflation.

Types of Wallets:

• Hardware Wallets: Physical devices that store private keys offline for maximum security.
• Software Wallets: Desktop, mobile, or online platforms where you can manage your Bitcoin.
• Paper Wallets: Physical copies of your public and private keys.

Setting Up:

• Choose a wallet based on your needs. Follow the wallet provider's instructions to set up, which usually involves downloading software or receiving physical hardware, then securing your recovery phrase.