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CryptoNoob

What is Bitcoin? How does Bitcoin work?

By | CryptoNoob

What is Bitcoin? How does Bitcoin work?

Bitcoin emerged in 2008 by a software developer going by the name of Satoshi Nakamoto.  To this day, no one knows who Satoshi Nakamoto really is.  Anyway they created a decentralized system where you control your own funds meaning it eliminates the middleman (Bank, Government, VISA), no interest, transactions are transparent and cut fees.  To put it simply, Bitcoin is a virtual currency.  Bitcoin is becoming very popular and big companies such as Dell, Expedia, Paypal and Microsoft accept bitcoin as payment.  Transactions however cannot be reversed unlike electronic fiat transactions, it does mean that any transaction on the bitcoin network cannot be tampered with.

The smallest unit of a bitcoin is called a satoshi.  It is one hundred millionth of a bitcoin (0.00000001).  Yes you can buy “bits” of a bitcoin, many people get confused by this and think you have to buy 1 bitcoin in order to get some bitcoin.  This is very useful for micro transactions that traditional electronic money is not possible.  The number of new bitcoins created each year is automatically halved over time until bitcoin halts completely with a total of 21 million bitcoins in existence.  This is estimated to reach 21 million bitcoins by 2140.

This is a sneak peak at our “Bitcoin for Dummies” course.  You can sign up for FREE and enroll on the course for FREE.  You can either click on the link at the top of our website “Crypto Courses” or click here!

Crypterra cloud mining – UPDATE

By | CryptoNoob

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Well so far so good with Crypterra.  I’m still treating this company as medium risk due to the fact there’s still no evidence of actual mining equipment and charging no maintenance fees.

As you can see above I have mined a total of 202.47 dollars worth of Bitcoin. Take note these numbers change when the value of Bitcoin increases or decreases in value in real time. So tomorrow if Bitcoin shoots up it would be near $250.

No problems what so ever with withdraws, still takes between 6 and 12 hours to receive the payments and this is because they bulk everyone’s withdraws in 1 transaction saving on fee’s and helping with the blockchain congestion.

Even thought Crypterra’s support is absolutely terrible they seem to be making upgrades and helping things remain smooth.  That said I am really looking forward to February and I hope we get to see photos and videos of their actual mining equipment.  This will help the company massively and become transparent like they said they would.

https://crypterra.net/?code=CR6328

The website is here!

By | CryptoNoob

Here we are at last!  The website is up and running, a few things need changing but apart from that I’m really happy!  I will apologise now my English and grammar, it sucks!  Anyway I will be adding a few bits here and there to the website and if anyone is interested in posting blogs on a weekly to monthly basis on this website to earn some bitcoin then let me know!  Also sign up to the website and let me know below what you think of the website and what we don’t need or need!  It would be awesome to get feedback.

Remember this site just wants to help the noobs get into cryptocurrency and hopefully this site will help others.  If you need any help at all then contact me and ill try and give as much information as possible.

 

Never risk money you can‘t afford to lose.  Never put all your eggs in 1 basket.  Have multiple streams of income!