Brian Harrington

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A Complete Guide on Bitcoin

A Complete Guide on Bitcoin

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The first purchase which was made with the bitcoins was of two pizzas in the Jacksonville, Florida and it

was sold for 10,000 BTC. Today, this amount is worth about $33.7 million and its Bitcoin owners are

purchasing a lot more than the pizza.

Bitcoin has become one of the invisible commodities in the society. It offers a greater security along with

a lower transaction fees for consumers and businesses alike and holds a potential to equip the global


Being the business owners and merchants, they need to be familiar with the Bitcoin, and few other

things such as on how to get it, store it, and use it.

The Bitcoin is a cryptocurrency which is both a technology and a digital currency which is commonly

called as the “currency of the internet”. Bitcoin is not controlled by the government or any of the

financial institution therefore no banks are associated with the cryptocurrency.

The purchases and exchanges using the bitcoins are made directly between the anonymous bitcoin

owners on blockchain; this kind of system uses no account numbers, names, or any other identifiers.

It is not a coincidence that the Bitcoin was invented very soon after the housing market crash in the year

2008. With no corporate middleman involved or any closeted transactions, where the bitcoin leaves

little room for any kind of corruption which is something that cannot be said about the other financial


The Bitcoin also cuts out unnecessary fees and makes it easy to transfer the bitcoin funds across the

world. Today, there are numerous bitcoin casinos online accepting bitcoin and other cryptocurrency as

their banking option for players to deposit and withdraw funds from their online casino account.

When the user transfers money through the banks or institutions, they end up paying a lot of fees such

as the currency conversion fees, the bank service fees, or deposit and transaction fees to the payment

gateways like PayPal or the Stripe. Then how else will these institutions or businesses make their money.

But Bitcoin, on the other hand, is transferred digitally, directly, and also anonymously. It puts the power

back into the hands of buyers and sellers.

Few terminologies related to Bitcoin are;


The bitcoin transactions are recorded on the blockchain, which is a public record that is used to verify

the bitcoin transactions and also to prevent scams. These transactions are recorded on the block and

each new block is added to the chain roughly for every 10 minutes.

The confirmation with the transactions happens when the transaction has been processed by the

network and is recorded onto the block. Many multiple confirmations occur as transactions and they are

recorded onto the subsequent blocks, and each of these transaction decreases the risk of a reversed



The Cryptography is the act of writing in or can be also called as deciphering the code. It is a type of

mathematics which allows the users to create the secure transactions and the online environments,

which are the encrypted accounts or wallets.


Mining is the metaphor for the Bitcoin's proof of work system where the miners solve the math

problems which validate every bitcoin transaction in exchange for the bitcoins. These complicated

mathematical calculations increase the security and subsequently releases a newly created bitcoins. It is

more like the physical mining for the gold or jewels, except that it is done using the various mining

hardware and mining software. Mining is done in only one way which is the hardest and most profitable

way for the users to get the bitcoins. The block reward for solving the math problem is around 12.5

tokens for the miners which is equivalent of over $40,000 at present. Similar to the US dollar, there is a

limited number of bitcoins floating around the market.There are at present 15 million in existence with a

cap of around 21 million, which leaves only 6 million more of bitcoins to mine.

Private Key:

A private key is theconfidential piece of data which verifies the user’s right to spend the bitcoins from

the specific wallet. It is like the Bitcoin password where each wallet is associated with a own private key.


A signature is the piece of cryptography which verifies the user’s bitcoin ownership and it is the public

facing side of the private key. But the cryptography ensures that no one can guess or decipher the user’s

private key or any other data.

Buying and Earning Bitcoin:

There are a number of ways to get or earn the bitcoins, and buy the bitcoins by the users. But just

because bitcoin is purely a digital one it does not make it easy to come by. Few methods require the

users time, money, or both in exchange for the bitcoin.

Exchange of Fiat currency for Bitcoin:

The cryptocurrency exchanges allow the users to buy the bitcoin and other cryptocurrencies using credit

cards, bank transfers, and even the PayPal payments. Few of the most popular online exchanges include

Bitfinex, Bitstamp, and Coinbase. The users can also exchange money for bitcoin in person at the Bitcoin

ATM, the retail store, bank, or even directly with other people.

Accept bitcoin as mode of payment:

It requires to simply share the bitcoin address with the shoppers either in-person or online and can also

display a Bitcoin accepted here sign. Also, the users can consider selling goods and services for bitcoin

on few sites like Purse.

Tasks for Bitcoin:

There are few sites called as “bitcoin faucets” which essentially exchange the bitcoins for time which

means time playing games, watching the ads, or writing about the cryptocurrency. While this is the

legitimate and also seemingly easy way to get the bitcoin, and the return on the investment of the user

is just the time which is very little.

Earn interest by lending Bitcoin:

If the user already owns a bitcoin, then he can put it to work for more and in a better way. Consider

lending the bitcoin and receiving the interest payments. The users can do this with a peer or friend or

through the site like BlockFi.

Bitcoin is an extremely volatile cryptocurrency. The trading price of it can fluctuate hundreds of dollars

in a matter of just hours. Few people treat the bitcoin as a daily currency, while other people purchase

the bitcoin like they do to stock, which means they buy it, leave it alone, and only sell the bitcoins when

the price hits skyrockets.

Store and Use Bitcoin:

Bitcoin is unique in the way how it is stored, the users cannot quite tuck it under their mattress or toss it

in the piggy bank. But instead, they can use bitcoin wallets.

A bitcoin wallet is like the physical wallet. But rather than storing the currency by itself, the wallet stores

all the private keys which are linked to the bitcoins the users can spend. The bitcoin wallets allow the

user to see their bitcoin balance and make the payments to others.

Before the users can buy, earn, or collect any of the bitcoin, they first need to set up their bitcoin wallet.

There are a few other different kinds in which the users can use. They differ by the storage method; the

hot storage is when the cryptocurrency is stored online, and the cold storage is completely offline


Software Bitcoin Wallets:

The software wallets includevarious types such as the desktop, online, and mobile wallets. They live on

the user’s device, with some being the cloud based which means they fall under the hot storage. Hot

storage is a great one for quick access and for easy transfers, but it is also more susceptible to the

cybercrime while depending on the type of wallet, it can be compromised if the device is totally


The Desktop bitcoin wallets are downloaded to a single PC or the laptop and are only accessible from

that device. Armory is an example for Desktop Wallets.

Online bitcoin wallets are the cloud-based and are accessible on any device. They are the easiest ones to

use and also the easiest to be hacked. It is not recommended to store a large amount of bitcoin in the

online wallets. Coinspace and BitGo are examples for online wallets.

The Mobile bitcoin wallets operate through an app and are also the most convenient option as they are

accessible on-the-go and are handy. MyCelium and CoPay are examples for Mobile wallets.

Hardware Bitcoin Wallets:

The Hardware bitcoin wallets live on the external device similar to the hard drive or the USB. They are

accessible by plugging the device into the computer and logging into it. These wallets are considered as

cold storage as the data is stored completely offline.

The cold storage provides a best security and is also the best for large sums of Bitcoin but it can be

intimidating to set up, inconvenient to use, and also susceptible to physical damage, loss, or theft.

Ledger, Trezor, and Keep key are examples of Hardware Wallets.

Paper Bitcoin Wallets:

Paper bitcoin wallets are exactly the ones as they sound like; they are the pieces of paper which contain

the private keys. Rather than relying on the software or hardware, which is susceptible to malware,

cybercrime, and damage, they simply need to keep the track of paper bitcoin wallets. These wallets are

also another type of cold storage and are pretty easy to generate. Sites like the can

help and all that the user need is an internet connection and a printer.

Spending on Bitcoin:

When the user sets up their bitcoin wallet, they will create a public bitcoin address which will look

something similar to this 1GV5Vye4LCfpkM9V5oFSQsZk8kq2vBxvCK.

The bitcoin address is similar to the email or physical address. It is the only information needed for

people to pay them with the bitcoin, and it is the only public facing data which the user will share as a

part of the transaction. Each and every transaction uses a unique bitcoin address.

To spend the bitcoin, the user simply needs to share their bitcoin address for the recipient to decode

using the wallet. The transactions are recorded at this point of time on the blockchain for all the other

bitcoin users to see.

There are over 100,000 merchants worldwide which accept the bitcoin payments, including the expedia

and the The users can use bitcoin to do anything from booking the luxury vacations to

donating to the charity.

Read The Bitcoin Standard -

Buy Bitcoin on Cash App -

Mine Bitcoin -

Earn Bitcoin Back on Purchases -

Get Paid in Bitcoin to View Ads -

Earn 6.2% Interest on Bitcoin -

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