Bitcoin: Everything You Need To Know

Bitcoin: Everything You Need To Know

Bitcoin: Everything You Need To Know

By Ariana Watson

Camille Beckman is now accepting Bitcoin; here’s everything you need to know about the new age of cryptocurrency

What is Bitcoin?

Bitcoin is a cryptocurrency. It functions as a decentralized currency, meaning there are no banks involved in your transactions. There is no company, person, organization or government that regulates bitcoin, meaning it is not controlled by any one source. The currency is operated and by a large network of computers, and people called miners operate these computers. 

How Does Bitcoin Work?

Just as banking is designed to be physical, with bitcoin, this cryptocurrency is specifically designed to be digital. There is no middleman when it comes to bitcoin, therefore there are less hidden fees and ability for institutions to take advantage of unsuspecting  customers. 

Only you the user have access to your funds, no bank or third party. This means the bank cannot access your funds or freeze your accounts. When you sign up for bitcoin, you are assigned an account number. This is your identification. It is free to sign up for a bitcoin account and there is no minimum amount to buy in. While it is used as a currency, many people also invest in bitcoin as a commodity, and it is the first noted time in history any person can have access to investing with little to no buy in. This is a major plus for allowing a redistribution of wealth without government intervention and creating a more equal society; one of the major reasons we love bitcoin and decided to start accepting it!

Can Bitcoin be Converted Into Cash?

Yes, and there are a few different ways to go about this. 

Bitcoin ATMs

There is a bitcoin ATM that can be used for converting your bitcoin into cash. Most major cities offer bitcoin ATMs, and you can easily find one by searching your address in their search engine. 

There’s a Website for That

If interested to use for investment, use the Cash App.On this app you can buy bitcoin outright or acquire it through transactions. Coinbase and CoinJar both offer cryptocurrency purchasing services as well. 

Bitcoin Debit Cards

Bitcoin debit cards have multiple useful functions. If you are looking to spend your bitcoin, but are unable to in the place you would like to shop at, you can secure a bitcoin debit card. 

How Can You Earn Bitcoin?

Just as you would with any other currency, bitcoin transactions occur between businesses, such as Camille Beckman, individuals and friends. The more you use bitcoin, the more you can potentially earn simply by accruing it through your transactions. 

Can I Make Money With Bitcoin?

Yes, bitcoin can absolutely be profitable. Just as dealing with any other monetary trade, there can be risks. If you’re interested but perhaps a little unsure, this article helps weigh out the pros and cons of investing in Bitcoin. 

How Long has Bitcoin Been Around?

It was first introduced to the public in 2008 by an anonymous person or persons of the name Satoshi Nakamoto

Is Bitcoin Safe to Use?

Bitcoin uses blockchain technology. This means that your data is saved on a ledger, stored in a database. This makes bitcoin difficult to hack, because there is no one source, but multiple sources for the information. The blockchain is a shared public ledger and while people’s names remain anonymous, the blockchain ledger keeps track on a public database of all bitcoin transactions. 

Is Bitcoin Free?

In order to buy bitcoin, you need to decide how much to invest. One of the great things about bitcoin is that it’s decentralized, accessible to people worldwide, and you don’t need to worry about interest and exchange rates.


Bitcoin offers access to a currency globally, which means that it is accessible to those who don’t have access to banks, either because of their location or because of other life circumstances. With bitcoin, all people need is access to a smartphone or computer and they’re good to go. 

How Do I Purchase Bitcoin?

Before purchasing bitcoin you must clear up digital space for your money to be stored. To do that, click here

Is Bitcoin Legal?

Yes, bitcoin is absolutely legal to use. Because there is no middleman, i.e. banks, involved in bitcoin transactions, it can sometimes be viewed in a negative light. However, bitcoin is legal within the United States and a host of other countries as well. 

How Does Bitcoin Have Value?

Not to get too philosophical, but how does any money have value? Because a group of people have agreed that it possesses value. The value of bitcoin increases with the amount of people who invest and use this currency. The more businesses that accept bitcoin, the more the value can increase as well.


What is important to note is that there is no physical backing to bitcoin. However, there is also no physical backing to money as well. The common misunderstanding is that US dollars are backed by gold. Though this used to be true, it is no longer true in today’s current economy. US dollars can be printed in greater or lesser amounts based on how much are printed. Thus, the value of any good is determined by those who are using it.      

What is Mining?

Often times when we think of mining, someone wearing a hardhat and covered in coal dust comes to mind. bitcoin mining is much less dirty, but still presents it’s own challenges. 


Bitcoin miners earn bitcoin while mining, without the need to invest the way the rest of people do.


Thru mining more bitcoin is released into the public, they are the minters of this cryptocurrency. More bitcoin can only be released through miners, and the amount of bitcoin released does in fact have a cap of 21 million. 


Bitcoin miners use specific software designed for bitcoin miners to solve math problems. Once they solve the problems, they are issued a certain amount of bitcoin as compensation. Miners also approve bitcoin transactions, and serve a critical role in the production and distribution of bitcoin. The more miners that become a part of the system, the more challenging the problems become. 

Banks v. Bitcoin

Banks use ledgers to keep track of every user’s account. Because a bank is a single corporation, it keeps track of it’s ledger on a centralized computer. 


When it comes to bitcoin, the ledger is stored on a network of computers, making it decentralized and more difficult (or rather, impossible) to fully hack or for one institution to manipulate. 

Can You Track Your Bitcoin Spending?

The short answer is yes, you can track spending, but the names of those spending is anonymous. While the media tells us this anonymity is a challenge, the truth is bitcoin is far easier to track than fiat currency like US Dollars.

Bitcoin Language

Blockchain = The ledgers used to keep track of bitcoin that is shared on a public database

Bagholder = Someone wanting to sell their bitcoin, but at a higher price and are now holding onto their  money until prices go up

FUD = An acronym for fear, uncertainty and doubt  

HODL= Hold onto your bitcoin, don’t sell

Mining = The process in which the cryptocurrency is earned, via a computer processor

Moon = The expectation that the cryptocurrency will skyrocket in value

Pump and Dump = People buying bitcoin to make the value increase, and then selling quickly, leading to a crash. This can be intentional or accidental, however it’s important to be aware of pump and dump groups

Wale = Someone that holds a lot of bitcoin 


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