Learning about Bitcoin may be a daunting task. Admit it - understanding something that deals with money generated from computing power may seem to be a really alien concept.
But don't worry. Concepts like cryptocurrency may indeed be strange. But you aren't the only one trying to figure out this sort of technology/currency. It does take time and effort to familiarise yourself with something new - and exciting! As such, here are some ways that may help you understand the logic and appeal of Bitcoin.
1. Know BTC's benefits
You probably know it as a form of currency - but BTC can be more than the conventional idea of money. Sure, a BTC signifies something of monetary value, but unlike fiat (money that you can hold), BTC has several benefits that far outshines the cash that you can physically touch. Here's a few:
- Inflation Protection - there is a limited amount of BTC to be generated. Unlike fiat (that comes with additional printing and minting), inflation is taken out of the equation with this currency.
- Quicker Payments - no need to go through third party protocols in both sending and receiving BTC.
- Recorded Transactions (Transparency) - powered by blockchain technology (think of this as a public ledger which records all BTC transfers), you will be sure that you’re getting (and sending) what you need.
...and these are just but a few benefits!
2. Alternative learning methods
Now that you've got some idea on what BTC may offer, you can go out and learn more about this cryptocurrency through different channels.
Conventionally, searching for an online guide would work. But in-depth write-ups may be overwhelming - so go for a baby-step approach. Start by watching documentaries about Bitcoin. Or better yet, attend local cryptocurrency meetups. There are many such meetups in Singapore and South East Asia, and what better approach is there than to be surrounded with peers who have a common interest. This is a casual but effective take on absorbing new information. And the more interested you are in something, the better you will understand this new concept.
3. Buy some BTC today
There is no better teacher than actually experiencing the new concept. Exchanges such as Singbit offers you a great way to get some cryptocurrency without transaction fee and without the hassle and stress of not knowing what you’re getting into. Aside from the safety measures that the platform has, the built-in referral program offers you the chance to earn some BTC. Now, with some BTC on hand, you’ll get to experience first-hand how beneficial this cryptocurrency is.
4. Through this blog
Let’s take away the technical and intimidating jargon that Bitcoin has. Keep checking our blog for new easy-to-digest posts on cryptocurrency. We would like you and more people to learn about BTC. And similar to the alternative methods mentioned above, we would like to think that we’re introducing simple, yet informative, ways on how to learn more about this innovative form of currency. Let us know what you think- help us know what you need to know - we’ll be more than happy to reach out.