1. What is Bitcoin?
Bitcoin is a cryptocurrency created in 2009 by Satoshi Nakamoto. Bitcoin is decentralized, meaning that no single person controls it – it’s not managed by any central authority. Bitcoins are generated through a process called mining, where users use their computers to solve complex mathematical problems (hence the name). As soon as a problem is solved, the miner receives a reward of newly minted bitcoins.
2. Why would I want to trade Bitcoin?
The biggest advantage of trading Bitcoin is that you don’t need to worry about the price fluctuating. You’re only responsible for buying and selling at the best time. Also, if you buy Bitcoin now, you’ll have them forever. There are many different ways to invest in Bitcoin, including purchasing them directly from exchanges, investing in futures contracts, and even using margin trading.
3. How do I get started?
You can start trading Bitcoin on Coinbase. Once you’ve signed up, you’ll receive $10 free bitcoin just for signing up!
4. Is it safe to trade Bitcoin?
Yes, it’s completely safe to trade Bitcoin. Coinbase uses 2FA to protect your account and we store your private keys offline. Your funds are stored in cold storage, fully separate from our hot wallet. We take security seriously and regularly perform audits to ensure that everything is secure.
5. Can I trade Bitcoin on my mobile device?
Yes, you can trade Bitcoin on your phone. Just download the Coinbase app from Google Play or Apple App Store.
6. Are there fees associated with trading Bitcoin?
There are no fees to open an account or deposit money. However, once you begin trading, there may be some small transaction costs involved. These fees range between 0.25% and 1%, depending on the method you choose.
7. Where can I learn more about Bitcoin?