What is bitcoin and how to start with a free £10 today?

Is Bitcoin really that different from our “normal” currencies?

What is Bitcoin (BTC)?

Unlike the image above of a bitcoin, which is actually worthless, bitcoin is a digital currency created in January 2009, following the 2008 financial crisis, which caused a global uproar as the wealthy made a mistake while getting richer, and everyone had to face the consequences. This is why Bitcoin offers lower transaction fees and is operated by a decentralised authority (non-sovereign). Bitcoin and Satoshi, the smallest unit of a bitcoin, can be traded or stored within a decentralised ledger system called a blockchain. The creator of bitcoin, who still remains anonymous, designed bitcoin to becomes the scarcest commodity on earth, as there will only ever be 21million bitcoins. At the time of writing this post, around 18.5 million bitcoins have been mined, and the remaining 2.5 million will be mined progressively by the year 2140. As we get closer to the 21 million limits, mining bitcoin will gradually become harder, as you can guess this will mean overtime getting your hands on 1 BTC will eventually become a luxury. This will naturally increase the value of bitcoin over time, as there is a change in demand and supply.

Bitcoin Price Action from Sep 2019-Jan 2021

Why does only 0.5% of the world population own bitcoin?

There are many reasons, but the general consensus is the lack of understanding or how to buy your first bitcoin. Hopefully, by the end of this article, you can be part of the 0.5% of the population, as owners of bitcoin.

How is Bitcoin stored?

Hardware Wallet

A hardware Bitcoin wallet

Bitcoin Exchange/ Bitcoin Wallet

The Luno Wallet

How you can get started with 0.00042 BTC (£10) today?

Step 1

Conclusion

I hope this has been an insightful read about bitcoin and its potential. You may still have lots of questions, hence you may not be ready to open your account today. I want you to reach out to me if you have any questions about bitcoin or about Luno. Ultimately, I’m glad that at least you now know where you can find information on how to start. Just by reading this page, you have shown to yourself that you are ready to change your attitude to bitcoin.

Next Bitcoin Webinar — By Jason Deane

Tuesday 26th January 2021 6 pm

--

--

Just someone who’s passionate about making money through passive income.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Shivalay Kara

Just someone who’s passionate about making money through passive income.