Your Guide to Bitcoin
Chances are if you have ever looked at an introduction to Bitcoin before, you have seen it explained in many different ways. You were also probably left with more questions than answers.
At CrownBits, our goal is to make Bitcoin easy to understand and even easier to own. We put together this short guide to help you begin navigating the world of Bitcoin.
Bitcoin is a type of money that you may be surprised to know is actually similar to the money you use everyday.
In fact, Bitcoin is not much different than how you use your credit or debit card, a mobile payment app on your phone, or even a transit fare card.
Every time you use one of these things, you are using what is called Digital Currency. This is because the money you are using only exists on computers connected to the internet.
Bitcoin is a Digital Currency too, but offers unique features that your cards and phone do not.
When you want to buy something with your credit or debit card, send money with your phone, or hop on a bus, your money needs to be processed by some entity for it to happen.
This entity is like a middleman between you and the person you are paying or receiving money from. So, this means any time you use your cards or phone, the money is under the control of, or centered around that one entity, such as the brand on your cards, or the maker of your phone.
This entity can be a problem, since they have the privilege of monitoring all of your purchases and transactions, collecting your personal info, and charging you fees every time you use your money.
On the other hand, Bitcoin has no such middleman. Instead, a diverse network of computers across the world publishes every payment, transfer, or movement of Bitcoin on a permanent list that everyone can see on the internet, without your personal info of course.
Plus, with Bitcoin’s technology, there is no middleman to be paid, so it can cost you much less to use your own money than using your cards or phone.
For the same reason, Bitcoin has no entity that collects your personal info when you use your money. If privacy is important to you, especially online, using Bitcoin allows you to keep your identity safe.
At CrownBits, we only ask you for the minimum amount of information we need so we can reward your online purchases.
Yet, the biggest difference between Bitcoin and the money you already use is the amount that is available for you to own.
Although Bitcoin is digital, it is not infinite. There is a limited amount of Bitcoin that will ever be in existence. The same cannot be said for the money you currently use, since no one knows how much of it will be created.
This difference is an important one, because if more people want to own Bitcoin in the future, its exclusivity can lead to any Bitcoin you currently own increasing in value over time. This possibility is something you do not largely see with the money you regularly use.
So, when it comes to online rewards, Bitcoin can be your ideal choice. Unlike dollars that just sit on your account until you can collect them, or imaginary points, getting Bitcoin through CrownBits means you can watch your free rewards potentially grow with time.
The best part is that it does not take long to get started with Bitcoin. While you may have heard that Bitcoin is expensive to get, it is easy to own a piece of a Bitcoin.
In the same way that a dollar breaks down into one cent pieces, a Bitcoin is made of a small piece called a Satoshi, or “Sats” for short. In truth, it is most common for people to own less than a full Bitcoin, but even that amount can be worth a lot.
To start owning Bitcoin, the traditional path is to create a Digital Currency wallet with some company, go to a currency exchange service, and buy Bitcoin directly.
With CrownBits, we take all the hassle out of this process. All you need to get Bitcoin is sign up and shop through us, then we will reward you for each qualifying purchase you make.
Finally, you may have heard that Bitcoin is used in scams and illegal activity, and have questions about whether you can trust it, and CrownBits.
It is true that a few people use Bitcoin as a means to steal from others and break the law. However, these sorts of activities are not specific to Bitcoin, as they have occurred long before Bitcoin was invented. It is essential to remember that you can encounter this issue with almost any type of money you use.
As long as you are informed, it is perfectly safe to use Bitcoin alongside the money you are familiar with. Just like anything you own, it is important to be smart with Bitcoin. Never respond to threats, weird social media posts, or too good to be true opportunities that ask you for Bitcoin.
At CrownBits, we take precautions to safeguard your Bitcoin from these sorts of potential thefts and cyberattacks. For the best security, we recommend transferring your Bitcoin to a personal wallet whenever possible, but only after you have thoroughly researched your options.
This guide is just an introduction for helping you to get started with Bitcoin. We know there is so much more to learn about Bitcoin and Digital Currency. From the mysterious story surrounding Bitcoin’s founder Satoshi Nakamoto, to how Bitcoin’s technology works in detail, plenty of time can be spent trying to understand the evolving world of Bitcoin.
We think CrownBits is the easiest way to start earning Bitcoin, and we encourage you to sign up and start collecting your Bitcoin rewards today! Have more questions about CrownBits? Send us a message!