Recommended Cryptocurrency Books

library

Hello Reader,

Have you finished reading all my previous articles and find yourself with an insatiable desire for more crypto currency knowledge?

Then you’ve come to the right place, this post is dedicated to my favourite books on the subject. You’ll find no money-grabbing referral links here, just great content from some of my favourite authors in the space to continue your education.

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How do Bitcoin fees work?

bitcoin feesHello Reader,

It’s time to talk about the elephant in the room, Bitcoin fees.

When Bitcoin first launched, the cost of each transaction fee was negligible and in many cases, you could send transactions with zero fees which would still be processed.

However, I’m afraid that time has long gone and the average cost of a transaction has now crept above a dollar.

So what happened?

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Setting up a mobile Bitcoin wallet using Breadwallet

Breadwallet

Hello Reader,

In my introduction to Bitcoin wallets, I took you through the concept of a mobile wallet as an easy and quick way to get up and running with Bitcoin.

In this post, I am going to explain in detail how to actually use a mobile wallet. This post will focus on my favourite app, Breadwallet on iOS. Yes, I’m afraid I’m a guilty as charged Apple fanboy. However, the app functions nearly identically on both iOS and Android so the tutorial should work pretty much the same whichever platform you choose.

Breadwallet was created by Aaron Voisine and Adam Traidman, two silicon valley based developers. It’s main principles are simplicity and beautiful design which I think is sorely needed in the highly complex and confusing world of crypto currency.

But enough waffling, let’s get this show on the road.

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So how do I actually purchase crypto currency and Bitcoin?

purchase

Hello Reader,

Last time we went through the various ways that you can get hold of some crypto currency and Bitcoin. In this article, I am going to take you through the most common method of getting bitcoins. Purchasing them with fiat currency!

Buying bitcoins can be harder than you might initially expect as the industry is still in it’s fledgling years. However, there are still many different ways, so let’s take a look at each of them in turn.

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How to get crypto currency and Bitcoin

worker bee

Hello Reader,

In the last article we explored the different types of Bitcoin wallet and took a look at some recommendations for each of them. However, having a new fangled digital wallet isn’t all that exciting if you don’t have any bitcoin to store in it!

In this article, we are going to explore the different ways that you can get hold of bitcoin (and by extension, other crypto currencies too).

There are four main ways that you can get hold of crypto currency and bitcoin:

  1. Be given a small amount via a tip or from a faucet
  2. Mine as part of a mining pool
  3. Earn bitcoin as payment for work under taken
  4. Purchase bitcoin directly

Let’s explore each of these in more detail…

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What types of Bitcoin wallets are available and which should I choose?

Hello Reader,

We’ve already explored what a bitcoin address is and how they are protected by cryptography. Now we will learn what bitcoin wallets are, which options are available and how you go about using one. Yes, this is the post that gets you on board the digital currency train.

A wallet is simply a collection of bitcoin private keys which enables you to use multiple bitcoin addresses with ease

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Mining in crypto currency and Bitcoin

Mining

Hello Reader,

We’ve now covered how bitcoin addresses are secured and become acquainted with the blockchain. In this post we are going to learn about the process known as mining which acts to secure the network.

What is bitcoin mining?

Miners are the engine that powers the blockchain. They check transactions are valid and then record them into blocks to be added to the chain.

There are two key questions that mining answers.

Bitcoin uses a peer-to-peer network, with no central authority issuing transactions. As a result, each node is likely to include different transactions in their respective blocks.

(1) How does the network decide which block to add to the chain?

Furthermore, computers are expensive to buy and operate.

(2) Why would anyone spend their resources running a node?

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