Starter Guide

What are Bitcoin and Cryptocurrencies?

Satoshi Nakamoto created bitcoin in January, 2009, when he did the first transaction and created the first block. Bitcoin is:

  1. Peer-to-Peer digital currency
  2. It does not need an intermediary like banks for transfer from one person to another
  3. It is a scarce currency – eventually, there will be only 21 million bitcoins
  4. Its value has been rising year on year
  5. Currently, most people are buying this to use as a store of value
  6. A bitcoin transaction gets confirmed once it is included in a block and gets included in the longest bitcoin blockchain
  7. It takes about 10 minutes for a new block to get created

Similarly, there are other cryptocurrencies with different properties and protocols, some of them are used as cryptocirrency, some are used as cryptotokens representing some assets and help in transfer of these assets’ value between people directly in P2P network.

Some other popular cryptocurrencies are Ether, Bitcoin Cash, Dash, Ripple and others.

How to get cryptocurrencies?

you can acquire a cryptocurrency by either buying it from a crypto exchange, or from some other person or by mining it in case that cryptocurrency protocol allows it.

Some Popular Exchanges

India:

Zebpay, Unocoin, Koinex

Overseas:

Poloniex, Bittrex, Kraken

You can buy and sell cryptocurrencies from these exchanges by opening an account with them and transferring money via net banking.

What is a wallet?

A wallet is a combination of asymmetric keys – public and private. A public key is disclosed to the public and used for receiving coins and the private key is known to you and used for sending the coins.

Some Popular Wallets

Bitcoin, Jaxx, Electrum,

How to keep Coins Safe?

Your coins are attached to your wallets’ private key. To keep your coins safe, you need to keep your private key secure.

Never ever disclose your private keys to anyone

You can also keep your private stored in offline mode to keep it safe from any online attacks.