Welcome to According to Hank’s Crypto-Guide
On this page, you will find a range of tips, links, and tools to help you establish and build a portfolio of Bitcoins and other cryptocurrencies. The goal of this website is to get you started in the crypto world. Starting is the hardest part and cryptos can be very intimidating for newcomers. I hope I can help you start your journey.
Bitcoin is a virtual currency that allows people to send each other payments over the internet. A payment made in bitcoin is secure, the transaction is fast, and does not require the involvement of a bank. Transactions are recorded on a permanent ledger that is shared across a network of thousands of computers. The technology behind this ledger is called blockchain technology and allows for a level of privacy and security, and resistance to hacking and fraud. Everyday advancements are made in the crypto world making it faster and more efficient.
Bitcoin as an Investment
When Bitcoin was first developed and introduced to the world in 2009, it had no real value in dollar terms. Since Bitcoin’s creation of public interest in technology has created a desire among people to collect it, store it, mine it, and spend it. One of the most well-known stories is that of a man who bought 2 pizzas for 10,000 BTC, now worth over 100 million, talk about hindsight being 20/20!!
In the first quarter of 2011, the price of a single Bitcoin reached $1US for the first time. By the end of 2016, it was just under $800.
Today, in 2018, the market price for a single Bitcoin is over $10000 and has many people running around in a manic trying to get in while the going is good!
How to obtain Bitcoins
Bitcoins can be obtained by a number of means. They can be bought from people privately or on cryptocurrency exchanges; they can be collected as a reward for viewing ads via coin faucets or they can be mined with special machines and programs, many of which are free! Two excellent micro facets to get started are FaucetHub and Coinpot.
Storage of Crypto Coins
Cryptocurrencies, including Bitcoin, have become increasingly valuable over time, and so the methods for storing them have necessarily become more secure. When a single coin was only worth a few pennies, people saw little need to store them securely. Nowadays, with the price of coins reaching into the hundreds or thousands of dollars, it is a little different. Coinbase is a good standard wallet, it holds Bitcoin Cash, Ethereum, Litecoin, and Bitcoin
Virtual coins such as Bitcoin, Ethereum, Litecoin, and others, are stored in digital wallets; small apps, or programs located on a person pc or even a smartphone. These wallets are digitally encrypted with passwords and private keys so that only the legitimate owner has access to the coins held inside them.
Technically speaking, the coins are not held inside the wallets but instead, their ownership is indelibly recorded in the public, permanent ledger that removes the need for a central bank. Wallets provide a way to access a person’s balance of coins held on the ledger, and therefore MUST be protected from hackers and other threats. Creating a backup of your wallet keys is crucial in protecting your investment.
*The information on this website is not financial advice. The purpose is to educate you to get started collecting Cryptocurrency. This website contains links to other websites that we do not control. We may receive payment when you visit those websites but we cannot control the content on them. You are encouraged to do your own research before investing in any bitcoin or cryptocurrency websites. (Affiliate Disclaimer) (Disclaimer) *
Bitcoin Digital Currency How Does It Work
For a few months now those wishing to purchase Casascius physical bitcoins using a credit card or PayPal have been served thanks to the online vendor Memory Dealers. The operator of Memory Dealers, announced however that PayPal is yet again in the process of putting a stop to the use of PayPal for purchasing bitcoins.
Memory Dealers will continue selling bitcoins until PayPal takes action, apparently. This means those wishing to buy have just a short while to get their orders in. Casascius products available through Memory Dealers include the 1.0 BTC Casascius physical bitcoin (both v1 and v2), the 10.0 BTC Casascius silver bitcoin (1 Troy Ounce .999 Silver Round), and more pricey offerings as well.
Casascius also sells all of the coins directly however when purchasing from their site bitcoins themselves are the only method of payment allowed.
Though bitcoin is a digital currency normally intended for online use, bitcoins can be made to have a physical form as well though each implementation has advantages and disadvantages. BitBills were the first physical bitcoin introduced in early 2011 and months later Casascius introduced their physical coins. PrintCoins.com has also been selling a paper-based physical bitcoin product as well. All three methods use a hologram to keep protected the private key, though the customer must trust that the issuer is honest and has a secure method for manufacturing.
Bitcoins are easy to use, and now you can buy them in under an hour. Just fill out a cash deposit order, drive to any branch of one of the big banks, and deposit cash with the account details Quickco.in provide to you.
Then bitcoins arrive in your email inbox and you can do whatever you want with them.
- No bank account needed
- No exchange account needed
- No bitcoin account needed
Bitcoin is global.
Bitcoins can be transferred to and from anywhere with the internet like email. There is a peer to peer nodes that support the bitcoin system all across the world. When someone sends bitcoins, they are visible to the receiver instantly and can be spent within about 15 minutes.
Easy Payments Using Bitcoins
Bitcoin is a new and innovative digital currency that can be accessed online, regardless of where you are. The bitcoin system is based on crypto-currency and it is acceptable all around the globe. Bitcoin works using a peer-to-peer (p2p) technology and operates without the need for a central authority or an oversight body. Bitcoin is a valuable form of virtual currency, as there is only a maximum of 21 million units in the market at a certain time. Besides that, new bitcoins are generated at a diminishing rate.
Compared to other online transaction systems like Paypal, bitcoin uses p2p which eliminates the need for a third party to complete the transaction. Using bitcoins will help you to save in terms of transaction costs. Especially for people and online businesses that make a large number of virtual transactions, bitcoins can help you to reduce costs. Besides that, the currency is decentralized. What this means is that the currency is free from the control of central authorities. Regular banknotes and coins are suppressed and controlled by statutory bodies that oversee the printing and distribution of real currencies to the public.
So how do you use bitcoins? First of all, you will need to create a bitcoin wallet. Bitcoin is a virtual currency, so you will have to keep it in an e-wallet. E-wallets are secure and easy to access and use. To get you started, you can start by signing up for a bitcoin wallet on the Internet. There are many service providers like My Wallet from blockchain.info which provides you with free e-wallet services.
To make bitcoins even more accessible, many companies are providing users with bitcoin wallet applications for smartphones. Selling and buying of bitcoins can now be completed with a tap on your smartphone. If you are an Android user, you will be able to find many mobile apps to sell and buy bitcoins on your Google Play Store.
To improve the security of your bitcoin wallet, most people download and install desktop clients to store their bitcoin transactions into their computers. After you start your bitcoin wallet, always remember to save the file and back it up from time to time onto your desktop. Unlike banks, you are in charge of the safety of your currency and money. The Satoshi Client is widely used by bitcoin users as it has been in the market since 2009.
You can sell and but bitcoins after you have your wallet. There are a variety of methods that can help you obtain this virtual currency. You can purchase bitcoins from various sellers, receive it from business transactions, doing a simple task, and work to gain free bitcoins and you can carry out bitcoin mining. Bitcoin has been growing in demand over the years and the demand is expected to grow even stronger with the depreciation of real currencies. If you want to understand more about the concept of bitcoin and how it can benefit you and your business, feel free to search the Internet for more information.