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Bitcoin For Dummies

Author: Prypto

Bitcoin For Dummies is the fast, easy way to start trading cryptocurrency, with clear explanations and expert advice for breaking into this exciting new market.

Additional information

Format

Kindle, Paperback

Publisher

For Dummies

Year of Publishing

2016

Categories: , , , Product ID: 19963

Description

Learn the ins and outs of Bitcoin so you can get started today

Bitcoin For Dummies is the fast, easy way to start trading cryptocurrency, with clear explanations and expert advice for breaking into this exciting new market. Understanding the mechanisms and risks behind Bitcoin can be a challenge, but this book breaks it down into easy-to-understand language to give you a solid grasp of just where your money is going. You’ll learn the details of Bitcoin trading, how to set up your Bitcoin wallet, and everything you need to get started right away. An in-depth discussion on security shows you how to protect yourself against some of the riskier aspects of this open-source platform, helping you reduce your risks in the market and use Bitcoin safely and effectively.

Bitcoin uses peer-to-peer technology to operate with no central authority or banks, with transaction management and issuing of Bitcoins carried out collectively by the network. Bitcoin allows easy mobile payments, fast international payments, low- or no-fee transactions, multi-signature capabilities, and more, but the nuances of the market can be difficult to grasp. This informative guide lays it all out in plain English, so you can strengthen your understanding and get started now.

  • Understand the ins and outs of the Bitcoin market
  • Learn how to set up your Bitcoin wallet
  • Protect yourself against fraud and theft
  • Get started trading this exciting new currency

The Bitcoin market is huge, growing quickly, and packed with potential. There’s also some risk, so you need to go in fully informed and take steps to manage your risk wisely. Bitcoin For Dummies is the clear, quick, easy-to-follow guide to getting started with Bitcoin.

Table of Contents

  • Part I Bitcoin Basics 5
    • Chapter 1 Introducing Bitcoin 7
      • The Origin of Bitcoin 7
      • Getting Technical 9
      • Bitcoin as Currency 10
      • Bitcoin as a currency tool 11
      • Bitcoin and retailers 12
      • Bitcoin and consumers 13
      • Figuring Out How Bitcoin Works 14
      • Using Bitcoin Anonymously 15
      • Introducing third-party anonymity 16
      • Protecting privacy 16
      • Demonstrating fungibility 17
      • Trusting the Idea of Bitcoin 18
      • Trusting bitcoin technology 19
      • Trusting bitcoin as currency 20
    • Chapter 2 Buying and Storing Bitcoins 21
      • Getting Started: How to Obtain Bitcoins 21
      • Getting registered on an exchange 22
      • Know-Your-Customer: Passing the KYC 24
      • Figuring out exchange rates 24
      • Understanding peer-to-peer versus regular exchanges 26
      • Storing Your Bitcoins: Being Safe While Using Exchanges 28
      • Using two-factor authentication (2FA) 30
      • Understanding liability 31
      • Encrypting Your Bitcoins 33
      • Choosing a passphrase 33
      • Beware malware 34
      • Storing physical bitcoin 35
      • Buying Bitcoins in Person 36
      • Your bitcoin wallet address 36
      • Meeting in public places 38
      • Paying premium rates 38
      • Choosing a payment method 39
      • Hot Wallets and Cold Storage 40
      • Securing user funds 41
      • Preventing exchange hacks 42
    • Chapter 3 Bitcoin Pros and Cons 43
      • Adding Up the Pros of Bitcoin 43
      • Financial freedom 43
      • Security 47
      • Removing fraud 48
      • Transparency 50
      • Low fees 51
      • Subtracting the Cons of Bitcoin 52
      • Awareness and understanding 52
      • Trust 54
      • Risk and volatility 57
      • Limited use (for now) 58
    • Chapter 4 Making Money with Bitcoin 61
      • Mining Bitcoins 61
      • How bitcoin mining works 61
      • A short history of bitcoin mining 62
      • Trading Bitcoins 64
      • Day trading versus fiat 64
      • Day trading versus altcoins 66
      • Crowdfunding with Bitcoin 67
      • Understanding ICOs and IPOs 68
      • Offering company shares and dividends 69
      • Holding Bitcoins for the Future 69
      • Driving your investment vehicle forwards 70
      • Hoarding your booty 71
      • Earning Bitcoin 72
      • Earning through forums 72
      • Earning through jobs 74
      • Earning through faucets 75
  • Part II Banking with Bitcoin 77
    • Chapter 5 Your Bitcoin Wallet 79
      • Unlocking Public and Private Keys 79
      • Getting Your Hands on a Bitcoin Wallet 81
      • Software wallets 82
      • Hardware wallets 83
      • Paper wallets 83
      • Web wallets 86
      • Setting up a Bitcoin Address 87
      • Grasping Your Wallet Securely 88
      • Securing mobile wallets 88
      • Securing online wallets – or not 89
      • Securing paper wallets 90
    • Chapter 6 Bitcoin Transactions 91
      • Figuring Out How Transactions Work 91
      • Receiving Confirmations 94
      • Regular six confirmations 95
      • Double-spending 96
      • Zero confirmations 97
      • Calculating Bitcoin Fees 98
      • Looking at Transaction Speed 99
      • Understanding Mining Fees 99
      • Dealing with Multi-signature Transactions 100
    • Chapter 7 The Blockchain 103
      • Recording Transactions 103
      • Understanding Blockchain Analysis 105
      • Seeing Beyond “Just Transactions” 106
      • Working with Blockchain Applications 106
      • Moving Ahead to Bitcoin 2.0 108
  • Part III Using Bitcoin in Business 111
    • Chapter 8 Using Bitcoin in Commerce 113
      • Selling Your Goods for Bitcoin 113
      • Selling on auction sites 113
      • Creating your own online store 114
      • Selling on BitcoinTatk forums 115
      • Looking at Bitcoin Payment Solutions 116
      • BitPay 118
      • Coinbase 119
      • Accepting Bitcoin Payments for Your Store 120
      • Online stores 120
      • Brick-and-mortar stores 121
    • Chapter 9 Staying on the Right Side of Legal 123
      • Understanding Bitcoin and Taxation 124
      • Taxable countries 125
      • Getting help with bitcoin taxes 128
      • Bitcoin Regulation Around the World 129
      • Regulating with BitLicense 130
      • Regulating elsewhere 131
      • Money transmitter licenses or not? 131
    • Chapter 10 Bitcoin Security 135
      • The Bitcoin Network: An Overview of How It Works 135
      • What makes it secure 136
      • The role of bitcoin nodes 137
      • Defending Bitcoin from Hackers 137
      • Hacking bitcoin services 138
      • Watching Out for a 51 Percent Attack 140
      • Theorycrafting the 51 percent attack 140
      • How likely is a 51 percent attack? 141
      • Double-Spending 142
      • Theorycrafting the bitcoin double-spend attack 143
    • Chapter 11 Mining for Bitcoins 147
      • Heading Down the Mine 148
      • Understanding How Bitcoin Mining Works 149
      • Cloud Mining 150
      • Advantages of bitcoin cloud mining 151
      • Disadvantages of bitcoin cloud mining 151
      • Risks associated with bitcoin cloud mining 153
      • Securing Bitcoin with Mining 153
      • Starting Your Own Mine 154
      • Getting the right hardware 154
      • Calculating your costs 156
  • Part IV The Part of Tens 159
    • Chapter 12 Ten Great Ways to Use Bitcoin 161
      • Use Bitcoin as an Investment Vehicle 161
      • Use Bitcoin As An Educational Tool 162
      • Go and Spend Bitcoin for Everyday Needs 163
      • Indulge in Luxury Expenses with Bitcoin 163
      • Support Charities with Bitcoin 164
      • Gamble Online 164
      • Invest in Precious Metals: The Gold Standard Reinvented 165
      • Give It Away! The Joy of Gifting Bitcoin 165
      • Pay Bills 165
      • Use Bitcoin as a Social Experiment 166
    • Chapter 13 Ten (or So) Other Crypto-Currencies 167
      • Litecoin: The Silver to Bitcoin’s Gold 167
      • Dogecoin: Such Wow, Much Fun, Very Coin 168
      • Dash: Formerly Known as Darkcoin 168
      • Ripple: A Different Type of Crypto-Currency with Potential 169
      • Peercoin: Introducing Proof-of-Stake 169
      • StartCOlN: Crowdfunding 170
      • NXT: Using Proof-of-Stake for Transaction Consensus 170
      • CasinoCoin: Branding for Casino Users 171
    • Chapter 14 Ten Online Bitcoin Resources 173
      • The Bitcoin Wiki 173
      • BitcoinTalk Forums 174
      • Bitcoin subReddit 174
      • Bitcoin.org (and bitcoin.com) 174
      • Bitcoin News Sites and Blogs 175
      • Mainstream Media 175
      • Bitcoin Documentaries 176
      • Bitcoin Price Charts 176
      • FiatLeak 177
      • CoinMap and CoinATMRadar 177


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