Bitcoin is a cryptocurrency and a digital payment system[14]:3 invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto.[15] It was released as open-source software in 2009.[16]

The system is peer-to-peer, and transactions take place between users directly, without an intermediary.[14]:4 These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Since the system works without a central repository or single administrator, bitcoin is called the first decentralized digital currency.[14]:1[17]

Besides being created as a reward for mining, bitcoin can be exchanged for other currencies,[18] products, and services in legal or black markets.[19][20]

As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.[21] According to a research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.[22]


Bitcoin has been designed as a deflationary currency, so it has a strictly limited money supply of $21M.
Broadly speaking, a deflationary currency is one that increases in value over time. Goods and services priced in a deflationary currency will therefore tend to reduce in price – all other things being equal.




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Bitcoin Trading Basics

1.How To Set Up a Wallet

A “wallet” is basically the Bitcoin equivalent of a bank account. It allows you to receive bitcoins, store them, and then send them to others. There are two main types of wallets. A software wallet is one that you install on your own computer or mobile device. You are in complete control over the security of your coins, but they can sometimes be tricky to install and maintain. A web wallet or hosted wallet is one that is hosted by a third party. They are often much easier to use, but you have to trust the provider to maintain high levels of security to protect your coins. There are four main wallets that we recommend for beginners.


Coinbase is a web wallet with a simple design and a number of very useful features that make it excellent for beginners. You can send and receive bitcoins via email and buy and sell bitcoins directly from Coinbase. A full-featured Android app enables access to all account functions on the go. Coinbase’s founders have a proven startup track record and have raised money from very prominent venture capitalists. This gives Coinbase a level of legitimacy unparalleled in the Bitcoin space. They are also one of the only large Bitcoin companies to never suffer a major hack. Click here to sign up.


Electrum is a software wallet that enables you to set up a strong level of security very quickly. During the simple installation process, you are given a twelve word phrase that will allow you to recover all of your bitcoins in the event that your computer fails. Your wallet is also encrypted by default which helps protect your coins against hackers. Electrum is available for Windows, OSX, and Linux and is our recommended software wallet for beginners. Click here to download the right version for your operating system.

Bitcoin Wallet for Android and Blackberry

For those looking for mobility and security, we recommend the simply-titled Bitcoin Wallet mobile app. There is a version for both Android and BlackBerry OS. It is a software wallet, so you retain complete control over your bitcoins. It also works well with QR codes and NFC, making transferring coins to someone else’s phone easier than writing a check. Be sure to backup your wallet (with the included “Backup Wallet” feature) or you risk losing all your coins the next time you get too close to a pool.

Other Wallets

We also recommend a few other wallets, but not for the beginning Bitcoin user. If you are up for more of a challenge, Armory is a good choice for those requiring the highest possible security, and the original Bitcoin-Qt client is also trusted and worth learning how to use.

How To Buy Bitcoins


If you don’t mind waiting a couple of days, the easiest and cheapest way to get your hands on some bitcoins is to sign up with Coinbase and link your bank account. Coinbase charges a low 1% fee and you receive your bitcoins as soon as the transfer from your bank account clears. Coinbase doubles as a web wallet with a mobile Android app. This allows you to easily purchase and sell bitcoins from your office, on the go, or from the comfort of your own home.


Another great way to get bitcoins today is LocalBitcoins.com. It operates like a craigslist for bitcoins allowing buyers and sellers in the same geographical areas to find each other and trade bitcoins for cash. While this can be very simple and quick, we recommend taking the same precautions you should take whenever meeting a stranger from the internet. LocalBitcoins.com has a rating system that should help you find a trustworthy buyer or seller, but maybe don’t meet them in a dark alley or under a bridge.

Online Bitcoin Exchanges

Bitcoin exchanges enable you to store both dollars and bitcoins in your account and then buy and sell bitcoins instantly at the market rate. This enables you to trade bitcoins the way you might trade a stock. The main downside of exchanges is that it can be difficult to fund your account with dollars in the first place or transfer your dollars out after selling coins.

Other Exchanges

As Bitcoin is a currency without borders, there are many other exchanges that can be used internationally. We have had some success with Russia-based BTC-e despite their clunky interface. European Union-based Bitstamp is well regarded.



How To Use Bitcoins

Sending bitcoins

Sending bitcoins is as easy as copying and pasting someone else’s address, choosing an amount, and clicking send. This may seem backwards to people used to supplying credit card information to purchase things online, but this method allows the sender to be in complete control of the payment process. Transactions are also irreversible. Essentially, sending a bitcoin is a lot like sending an email. You put in someone else’s address and there’s no going back after you hit send.

Feel free to practice sending bitcoins by donating . Our donation address is that string of letters and numbers below.

My BTC address : 13kQ9GS7we7jgf7fS8DWq9Qize5jr8KEyY

Don’t worry if it takes a few minutes for the recipient to see the payment that you have made. Depending on the network and on the wallet applications the two parties are using, it can take up to ten minutes for the first confirmation of the transaction. Some services require six confirmations (which can take about an hour) before they recognize the transaction.

Receiving bitcoins

To receive bitcoins, choose a receiving address from your wallet, provide it to the other party and wait for them to send payment. As mentioned above, it can take around ten minutes for the transaction to be confirmed by the Bitcoin network, and it is standard to consider transactions that have been confirmed six times to be fully confirmed.

IRS stand on bitcoins

It goes without saying we must not forgoe our friends at the IRS to report our gains!

note: Not an endoresement – https://greentradertax.com/irs-guidance-on-bitcoin-transactions-will-chill-its-use/

IRS – https://www.irs.gov/uac/newsroom/irs-virtual-currency-guidance

Forbes – https://www.forbes.com/sites/greatspeculations/2017/02/21/if-you-traded-bitcoin-you-should-report-capital-gains-to-the-irs/#49091541e3d8