ICO Basics If you Google “Initial Coin Offering 2017,” you’ll find hundreds of results. Just don’t expect these results to explain what an initial coin offering actually is,

ICO Basic Everything You Need to Know About Initial Coin Offerings

Initial Coin Offering 2017 ICO Basic

ICO Basic If you Google “Initial Coin Offering 2017,” you’ll find hundreds of results. Just don’t expect these results to explain what an initial coin offering actually is,

BUZ INVESTORS  ICO Basics If you Google “Initial Coin Offering 2017,” you’ll find hundreds of results. Just don’t expect these results to explain what an initial coin offering actually is, because the vast majority of them were written by coders. In other words, they sound like gibberish to anyone who isn’t an expert.

But that doesn’t mean you should abandon hope of making money on initial coin offerings.

Blockchain Is the Key to Everything

The standard line is that blockchain is a public ledger that is distributed, shared, and synchronized across a wide array of…sorry, I nearly put myself to sleep typing that. Who could expect to remember such a boring definition?

Scrub it from your mind and remember this: Blockchain is an antidote to power.

Imagine if you and your friends were trying to organize a party. For one reason or another, you designate one person to be the Chief Party Planner. No one else is supposed to speak individually; all communications are supposed to pass through the Chief Party Planner.




ICO Basic

There are a lot of ways that blockchain can be used. Right now, all of your personal data flows through the servers of Amazon.com, Inc. (NASDAQ:AMZN), Alphabet Inc (NASDAQ:GOOGL), and Facebook Inc (NASDAQ:FB). They are able to sell your information to third parties whenever they want to (and believe me they do!), because they own the “master copy.” Blockchain will break their grip by decentralizing the power structure of the internet.

What Is an ICO?

Bitcoin was the first time we saw blockchain in action. It was the pioneer, but it only applied blockchain to money, whereas competitors like Ethereum apply blockchain to everything else.

That’s where ICOs come into play.

Ethereum allows companies to raise funds on its platform, much like companies raise money on the stock market. Instead of selling shares, they issue tokens that are denominated in ether (the currency on Ethereum).

How Does ICO Work?

Although ICOs are relatively new, there is a pattern to how they emerge. It often begins with a white paper that outlines a new “use case” for blockchain. This is basically a business plan written by the founders, exploring the risks and opportunities of their new venture.

How to Invest in Initial Coin Offering?

You’re going to need a “wallet” to store your funds. This is basically a place to store your cryptographic key, which is really just a unique string of code that acts like a bank account.

You can use either “MyEtherWallet” or “Jaxx,” although there are new ones cropping up all the time.

 

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BUZ INVESTORS Bitcoin Basics “Now what the heck is Bitcoin?” asked my cousin, bustling into the coffee shop where I sat sipping on my coffee. I’ll put it mildly; my cousin is not the savviest of people. Answering that question meant

Bitcoin Basics: Everything You Need to Know About the Digital Currency

Bitcoin Basics Explained for New Investors

BUZ INVESTORS Bitcoin Basics “Now what the heck is Bitcoin?” asked my cousin, bustling into the coffee shop where I sat sipping on my coffee. I’ll put it mildly; my cousin is not the savviest of people. Answering that question meant

BUZ INVESTORS  Bitcoin Basics “Now what the heck is Bitcoin?” asked my cousin, bustling into the coffee shop where I sat sipping on my coffee. I’ll put it mildly; my cousin is not the savviest of people. Answering that question meant I had to start from the beginning—from the Bitcoin basics.

BITCOIN BUZZWORD

Adam heard (what he calls) the “buzzword” from a bunch of coworkers who invested in Bitcoin and were making wild Bitcoin price predictions for 2017

So what really is it and why are so many going crazy about it? Sadly, Google wasn’t much help to Adam—it’s all gobbledygook for newbie Bitcoin investors. So, I’m making a Bitcoin guide for him that might come in handy for you, as well.



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Bitcoin Basics

Why Bitcoin?

Satoshi Nakamoto faced a dilemma in 2016. If he wanted to transact money, he roughly had two options. First, he could buy and sell using cash, which could exchange hands without him divulging any information about himself. But cash had a downside of safekeeping. Large sums were difficult to carry around and ran the risk of getting stolen.

The other options encompassed checks and electronic transactions via credit cards, which were safer to carry but compromised personal information. Nakamoto didn’t like the government or banks surveilling his life.

What Is Bitcoin?

Two words; electronic money!

Satoshi Nakamoto—the enigmatic founder of Bitcoin—wrote a computer code that generated complex mathematical equations. These mathematical equations, when solved, give the solver the rights to pass on ownership of a virtual currency—Bitcoin.

Now, Nakamoto was the first person to solve some equations and get hold of a few bitcoins. He then found enough people who believed in his idea to start transacting in bitcoins.

So, Who Creates Bitcoin?

Nobody! That’s the whole idea of Bitcoin. It is decentralized—which means no central authority or individual controls it. That’s the fundamental concept in bitcoin basics that you need to wrap your head around.

Satoshi Nakamoto programmed the computer code in such a way that only a certain number of bitcoins get unlocked every two years and will do so for the next 150 years. Yes, 2140 is the cut-off year. By then, a total of 21 million bitcoins will be in circulation. That’s it! No more bitcoins after that.

What Is Bitcoin Mining?

To put it simply; mining means solving Nakamoto’s mathematical equations.

You know by now that only a certain sum of the 21 million bitcoins becomes available every two years. But the bitcoins are locked in computer code, so to say. To unlock them, someone has to do the complex math.

The equations put out by Nakamoto’s code are like puzzles. Nakamoto was the first one to solve some and get access to the first bitcoins. The equations are open to all computer geeks out there. Anyone can solve them to “mine” or unlock the bitcoins.

I’m No Computer Geek, Do I Have to Mine Bitcoins?

No, you don’t! Mining is for Bitcoin enthusiasts or for those looking to make money out of it by mining and selling their rewards. If you want to get hold of bitcoins, you can do one of the following

Okay, But How Does Bitcoin Work?

It’s easy! All you need is a smartphone or a computer with Internet access and you’re set.

The first thing you need to do is download a Bitcoin wallet. That’s where you’ll be keeping all your bitcoins. You can find some of the popular e-wallet apps on the Bitcoin website: (Source: “Choose your Bitcoin wallet,” Bitcoin, last accessed April 13, 2017.)

Once you have the wallet, the next step is to get your public key or address. This is your identification. The app lets you send a request for the address. You’ll receive back a lengthy alphanumeric code. This is the address you give to other bitcoiners when sending or receiving bitcoins.

Where Can I Buy Bitcoin?

If you have nobody to send or lend you your first bitcoins, you can go buy them. Where? On a Bitcoin exchange. That’s where bitcoins are traded for real currency.

You can create an account on a Bitcoin exchange and link it up with your bank. Once the bitcoins you’ve bought get deposited into your account with the exchange, you can then transfer them to your bitcoin wallet.

The price of a bitcoin is set by market forces of demand and supply, and is currently hovering over $1200 for one bitcoin. The unit of bitcoin is expressed as BTC.

Is Bitcoin a Legal Currency?

Yes, absolutely! At least in the U.S. and most of the other countries, it is.

In fact, Bangladesh, Bolivia, and Ecuador are the only countries in the world where Bitcoin is outrightly banned All other countries are either mum on its use or have explicitly allowed it.

Should I Invest in Bitcoin?

So I believe Adam finally understands the bitcoin basics and so do you. Now comes the final question; should one invest in this digital currency?

It depends on your risk appetite.

If you look at its penetration into the mainstream, you can easily tell that the currency is still in its infancy. But if you look at its adoption rate, the growth is vivid.

From a market valuation of a few cents to a billion dollars in just three years—that kind of growth is unprecedented in history. Neither Apple Inc (NASDAQ:AAPL), nor Alphabet Inc (NASDAQ:GOOGL), nor Amazon.com, Inc. (NASDAQ:AMZN) have matched up to that growth.

 

 

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