We all need a starting point and although the Crypto Space has a lot to offer it is best to start with Bitcoin and move from the beginning. The first thing you need to recognise is that your real world is already very similar but with one added ingredient. In the real world it is centralised, the banks control your money and so does the governments. As such the wealth is built by a few to serve a few.
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Bitcoin has no centralisation in a traditional sense, if anything its price and usages are driven purely by the people and the Bitcoin network. Is it a currency you can spend? It is still not a cheap currency to trade and even using some of the cards that trade Bitcoin and other currencies in the crypto world into FIAT (FIAT being your dollars, euros, sterling etc.) charge high fees as well as the transaction fees in the network currently are very high if buying small items such as a coffee. Where Bitcoin excels though is being a pivot coin. Either that or for larger purchases or transactions.
If you imagine you want to trade on the Crypto markets and buy ETH, NEO or other crypto currencies that are similar to Bitcoin. You need to first buy Bitcoin with your dollar, sterling or euros etc. which can be done on exchanges like Coinbase also if you use my link and spend over $100 (£75) you will get $10 free. Although I do recommend if buying Bitcoin to make in one transaction rather than several smaller ones. Transaction fees soon mount up but you may find for example if you did one transaction instead of four, even with the same amount you could save yourself 3/4 of the costs.
Once purchased it will sit on the exchange until you tranfer it elsewhere. What you need to decide now is what you want to do with your Bitcoin. Myself I use it for trading so I moved mine to the Bittrex exchange. Other people prefer to keep it in a wallet or leave it on the exchange to save transfer fees. I recommend researching about leaving Bitcoin on an exchange as it can have some risks.
Wallets are where you store your Bitcoin aswell there are different types of wallet. Some are for your desktop/ laptop such as Exodus wallet which you password protect and keep a security code for unlocking in emergencies. You can also trade between different currencies within this wallet as well that saves having to go to a main exchange. But whenever you trade always watch your fees as they soon add up. If exchanging it’s often best for the long-term, if trading go to an exchange as they work differently. As exchanges keep the money inside the exchange this allows the ability to move into other coins without heavy transfer fees. But this is an example of the importance of Bitcoin as it is the price benchmark value of altcoins along with Euro and Dollar. You will find buying and selling though you are doing it from the new coins back to and from Bitcoin (on some exchanges also dollar).
So what can you buy with Bitcoin? there is a growing number of online retailers that will take Bitcoin and things like Overstocked.com offer a wide variety of things from furniture to jewellery. I will be adding a list of companies that take Bitcoin in the next couple of days.
Why keep Bitcoin? If you hold it as a saving which many people are doing even if not involved with anything else in Crypto. The answer is it seems to be going up in value regularly. When I got into the market it was $3,200 and now is over $8,000 in literally months. At the same time I find the bank here in Spain actually charges me for leaving money in there. There has been a shift in trust and certainly value of real world FIAT savings. Along with the fact we are still seeing Bitcoin not recognised as a currency, securities or commodity which makes it tax-free. Because it has no value in the real world until the banks and governments accept it. Which will be some time yet as simply FIAT currency is utilised as a mechanism for devaluing the money in your pocket. So that the wealthy continue to grow their wealth, governments continue to live off the back of taxpayers and at the same time your pension fund devalues. Bitcoin by simply holding it is something that will likely see more financial growth than anything you have in your real world savings.
On top of that if trading on the exchanges like myself you may find that you can grow your money from a small pot to much larger in a short period of time due to the volatile markets that exist. Although it does have risks with it, yet if you do your research it can be extremely profitable. Binance exchange is a very clean and easy exchange to use. But I do recommend doing some research on trading before starting. Although it will take a few days to set up your account properly so worth doing early on even if not trading yet (don’t need to transfer any Bitcoin into the markets but simply wait for verification first).
Another reason is that trading between people with Bitcoin makes it global and without the transfer losses that often occur with banking or other traditional methods. As sending or receiving money globally in the form of Bitcoin is easily done and easy to transfer to others in a matter of seconds.
The Bitcoin revolution is the beginning and although there are people with doubts, myself I see it as a growing entity that has become more than just a coin but several industries generated from within the concept.