Have you ever heard the term “cryptocurrency”? If so, you probably know what Bitcoin is. For those who don’t know what Bitcoin is, you are in the right place. This post will provide you the important things you need to know to start with Bitcoin.
What is Bitcoin?
Bitcoin is a type of digital money that circulates in the crypto world. It is one of the most popular forms of digital currencies. A very mysterious person or group of individuals established Bitcoin. They are using a pseudonym “Satoshi Nakamoto.” Bitcoin has loads of uses. You can use it to invest in your desired property and real estate. Aside from that, many crypto fans are using this to avail services and products.
Different states have their stand on whether to accept the cryptocurrency. Other countries are subject to adopting Bitcoin in purchasing luxurious items. But with the sudden inconstancy in its market value, some countries restricted their citizens from using Bitcoin.
If you are planning to get your first Bitcoin, you should read further. Here are the important things to know before getting your initial Bitcoin.
Bitcoin is not Anonymous
Government agencies and skilled hackers have their unique ways of tracking almost everything. This includes Bitcoin. If a hacker got a chance to attach nodes to the network, all the data obtained could track every transaction.
It is not the only Cyber Currency
Bitcoin is a well-known type of digital money. Despite that, it is not the only digital currency that circulates in the crypto world.
For example, Ether is also a popular cryptocurrency. Like other digital money, this one is only created with little coins for mining. Unlike Bitcoin, this one circulates in its network, called the Ethereum network. A lot are using this digital money for investing and gambling.
It is used on the Black Market
No doubt, a lot are using Bitcoin on the black market considering its anonymity. But on the one hand, the United States and other states allow their people to use Bitcoin as their payment mode.
Some digital sites and platforms are already accepting Bitcoin as a regular payment. Some of these popular sites are Microsoft, AT&T, and Wikipedia. Food stores such as Burger King, KFC, Pizza Hut, and Subway also accept Bitcoin. The popularity of Bitcoin increases the number of places that will use it.
You Need to Account for Bitcoin on your Taxes
Some states are still working on Bitcoin regulations, but the United States government sees it already as a real currency. Cryptocurrencies like Bitcoin are viewed as a capital asset like bonds and stocks. You may get under tax evasion if you do not account for it.
FBI Has the Largest Bitcoin Wallets
The FBI banned the Silk Road from operating. Silk Road is a type of black-market site. As mentioned, Bitcoin is frequently used on the black market for making purchases. In connection, the FBI acquired all the bitcoins they get from the site. Back in October, the FBI has now acquired 1.5 percent of the amount of Bitcoin around the world.
Conclusion
Some people think that starting with Bitcoin requires complex steps to follow. As long as you have a strong internet and basic knowledge about crypto, you can get started with Bitcoin. With the important facts about Bitcoin and cryptocurrency, you can now enter the crypto world with confidence. Bitcoin works like our fiat currency. The only difference is that it circulates in the crypto world. You may visit this registration form to know more about Bitcoin and cryptocurrency.
