Bitcoin basics 2017

bitcoin basics 2017

Common crypto and blockchain myths. During the Bitcoin hype, a lot of misconceptions about the whole industry started. How a blockchain works: the basics Bitcoin and beyond: the 10 cryptocurrencies with the highest market A Basic Beginners Guide”, December What you'll learn · What is money, the fundamentals of Bitcoin and cryptocurrencies, how to purchase, recieve, send and store them · Why Bitcoin was created in. KRAKEN ?? BITCOIN

Founded in by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources , and more. Learn More. The biggest investing story of has undoubtedly been the incredible take-off of cryptocurrencies. While there have been dozens of initial coin offerings ICOs and several cryptocurrencies have risen to various levels of prominence this year, the undisputed champion remains bitcoin.

Yet, while there is plenty of hype and buzz surrounding this cryptocurrency, a great deal of confusion still exists concerning what exactly bitcoins are, how they might prove to be useful, and whether they truly represent a once-in-a-lifetime investment opportunity or if there is a bitcoin bubble ready poised to burst. With this sense of confusion in mind, here is a brief primer for investors wanting to know more about the biggest investing story of Bitcoin is the king of cryptocurrencies but does it make for a good investment?

Image source: Getty Images. It's probably best to begin by defining the terms. Bitcoin is a type of cryptocurrency. One of the better definitions I've found is from OxfordDictionaries. It might be useful to think of bitcoin as a digital currency that can be used to complete a transaction between two parties without involving a middleman. In other words, it enables direct, private transactions between users, with virtually no transaction costs; something it can accomplish because it is powered by blockchain technology.

A blockchain is a decentralized and distributed ledger that can be accessed by many different parties simultaneously. When a transaction is completed, it is recorded on a "block. It then becomes part of the permanent database of transactions of the blockchain. For the purposes of bitcoin, the blockchain records transaction details, like the amount and time, but not personal details of the parties involved.

Blockchain technology is the technological backbone behind bitcoin. Of course, when used for applications other than bitcoins, the blockchain can be used to record all sorts of information which is why several companies are already using blockchain technology for a variety of applications aside from cryptocurrencies.

These applications include everything from financial trade platforms to proxy voting to supply chain control. The blockchain is monitored by computers connected to the network called nodes. A node receives a downloaded copy of the blockchain upon joining the network. When a new transaction is recorded, each node is able to independently record and verify it. Once information is recorded in a block, it cannot be altered unless the entire network agrees to the change.

There are several ways to buy bitcoin. One of the most popular is through a bitcoin wallet, a digital wallet used exclusively for bitcoins. The most popular of these bitcoin wallets is probably Coinbase, which lets users link an existing bank account to deposit and withdraw funds for the purpose of purchasing and selling bitcoins.

Another bitcoin wallet featuring a nifty feature is Wirex, which comes with a payment card that converts your bitcoin into the local currency when making a purchase. Another way to purchase bitcoin is through Bitcoin Depot, which allows users to make cash deposits at select ATMs located in several states.

Minutes after depositing cash, the purchased bitcoin will be deposited in the user's Airbitz bitcoin wallet. Due to its special characteristics, predictions for this technology are very optimistic, regardless of whether Bitcoins will prevail or not. The performance of Bitcoins is indeed breath-taking. The first opening price of Bitcoins in was 6 cents USD 0. Since then, the price has on average increased by a factor of 10 every year!

Of course, this lures many speculators to the table. In , the performance was even above the historical average. Whether or not an asset has created a bubble is something you only know once it has burst, but unfortunately not before that. But after such a strong performance like the one we have seen over the past months, a correction is very likely. Bitcoins do not represent any value per se.

The value depends on whether and how many people recognise Bitcoins as an asset class, and whether they will ever be used as means of payment. Bitcoins can be bought in various ways. The direct way requires an electronic wallet. After that, you can buy Bitcoins on a stock exchange or from a Bitcoin vending machine. You can also invest in certificates or in an ETF. Futures contracts have been available for institutional investors since 17 December from the Chicago Mercantile Exchange.

Erste AM is interested in the topic and keeps monitoring the development closely. At this point, Erste AM does not yet invest in Bitcoins. He has worked at Erste Asset Management since He has been employed in the finance industry since Your email address will not be published. This document is an advertisement. Our languages of communication are German and English. The exact date of the most recent publication of the fund prospectus, the languages in which the key investor document is available, and any additional locations where the documents can be obtained can be viewed on the web site www.

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bitcoin basics 2017

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