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Bitcoin 101

What is Bitcoin?

Before investing in bitcoin it is important to understand it. This guide lays out the basics: what Bitcoin is and the different ways it can be used. With this in mind, we have made a jargon-free summary and compiled a list of how to understand the technology, buy, sell, trade and use bitcoin wisely.

Make better choices with Bitcoin.

Course Overview

The blockchain

What is blockchain technology?

1a – What is a blockchain? The blockchain is the technology that makes cryptocurrency possible. This is the first thing anyone needs to know in order to understand what Bitcoin is. In layman’s terms, a blockchain is a publicly accessible accounting book (ledger) that records all transactions made with a single currency. Blockchain technology can...

What is bitcoin

What is Bitcoin?

2a – What is Bitcoin? Bitcoin is the first ever cryptocurrency, supported by the first ever blockchain. It was created in 2008 by person(s) unknown named Satoshi Nakamoto, shortly after they published an academic journal article entitled ‘Bitcoin: A Peer-to-Peer Electronic Cash System’. This article not only put forward the idea of cryptocu...

How bitcoin works

How does Bitcoin work?

3a – How are bitcoins transferred? Imagine sending someone (e.g. your friend Sarah) an email that reads ‘1 bitcoin’. You would: Log into your email account Enter Sarah’s email address Type ‘1 bitcoin’ into the body of the email Hit send Sarah would receive a message reading ‘1 bitcoin’ A bitcoin transfer works...

How to buy and store bitcoin

How to buy and store bitcoin

4a – How do I buy bitcoin? If you are looking to buy bitcoin using the money in your bank account, the best and easiest option is to use a brokerage. A bitcoin brokerage is essentially an online bureau de change for bitcoin. Brokerage platforms sell bitcoin at a fixed price, depending on the time and date of the transaction. Just like when exchanging p...

Ways bitcoin can be used

How to use and spend bitcoin

5a – What is bitcoin used for? It’s now a decade since bitcoin was created, and you can now use it for almost anything for which you’d usually use ‘regular’ currency. To give examples, many Australians today pay their household bills using bitcoin, you can gamble with bitcoin in many online casinos and betting sites, buy furnitu...

About the author

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Harry Atkins
Harry joined us in 2019 to lead our Editorial Team. Drawing on more than a decade writing, editing and managing high-profile content for blue chip companies, Harry’s considerable experience in the finance sector encompasses work for high street and investment banks, insurance companies and trading platforms.

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