Bitcoin for Dummies: Tutorial for Investing in This Money-Mania

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By: Jimmy Rhoades Posted: 5:34 PM, Jan 30, 2018

What is Bitcoin? How do you set up a Bitcoin account? When is the best time to buy Bitcoin? If you're looking for answers to these questions, we've got you covered! The List has launched a three-part YouTube series explaining exactly how Bitcoin works — so you can decide if jumping on this financial roller coaster is right for you. In our first installment below, Jimmy Rhoades explains in plain English the basic fundamentals of Bitcoin and the world of virtual currencies. Subscribe to our YouTube page at @TheListTVShow and look out for parts two and three of this web series. 

Craving more information on Bitcoin? Read on for 5 things you should know about cryptocurrency!

1.  Basic Definition of Bitcoin

Bitcoin is basically cash that lives on the internet. It's like dollar bills you can send through essentially an email-like system to anybody else, regardless of what country they live in. There are lots of cryptocurrencies out there. Bitcoin was the first, getting its start back in 2009. Now there are thousands of options.

2.  What is Cryptocurrency?

It's basically just a list that keeps track of who owns exactly what. It's called Blockchain. Think of it as a universal, online ledger that allows everyone to see any transactions you make, but your identity is encrypted, so you remain anonymous.

3.  How Many Bitcoins Are There?

There will only ever be twenty-one million coins. If a single coin's worth thousands of dollars, how do you buy a stick of gum? Each of those coins can actually be split down to one one-hundred-millionth of a bitcoin. So, there's no problem ever with sending exact change.

4.  How to Get Bitcoin

Set up an account with Coinbase and link your credit card or link a bank account and have the money be taken out of your bank account, put into Bitcoin. Have it be taken out of Bitcoin, put into your bank account and then just make purchases or sell through that.

5.  Is Bitcoin Here to Stay?

We've seen hundreds of different news articles and people say that this event, whatever that event happens to be, is the end of Bitcoin. But as time goes on, it just gets stronger and stronger and stronger, and the attacks against it work less and less and less.

Would you ever consider investing in Bitcoin? Join the conversation!