The Crypto Dad shows you how to buy Bitcoin on Coinbase and move it to your Ledger Nano S
You can find the Ledger Nano S here:
Related videos on my YouTube Channel
How to set up a Coinbase account:
How to enable 2-factor authentication on a Coinbase account:
If you would like to get started buying Bitcoin, one of the easiest ways is opening a Coinbase account.
You can set up a set up a Coinbase account at:
You can also download the Coinbase App:
I highly recommend the Google Authenticator app for extra security on your Coinbase account:
New social Media links!
What is Bitcoin?
Bitcoin is a new technology that functions as a digital currency. It is a peer-based, decentralized way to hold, store, send, and receive value. It does this by maintaining a cryptographic “ledger” called the Blockchain. All of the bitcoins in existence are created and stored on the Blockchain.
Bitcoin with a capital “B” refers to the technology itself. Bitcoin spelled with a little “b” refers to the tokens that hold the value and can be exchanged with others.
Multiple copies of the Blockchain exist on thousands if not millions of computers worldwide. Each copy of the Blockchain “verifies” itself by connecting to the Internet and making sure it has the most up-to-date list of transactions. The Blockchain maintains its integrity by using strong, modern, encryption techniques. This makes it impossible for anyone to alter the ledger, create fake transaction or “double-spend” their bitcoins.
Bitcoins do not require banks or third-party financial services to act as central clearing houses for electronic transfers. In essence, Bitcoin technology “cuts out the middleman”. Bitcoin is a decentralized, peer-to-peer monetary system that exists outside of the traditional, centralized, fiat-currency based financial system.
Is Bitcoin money?
Good question! The short answer is yes! But the long answer requires that we talk a little about what “money” is or what it should be.
Money is basically an idea. It is a system that we can all agree upon which allows us to exchange value, so we do not have to carry around cows or chickens with us to trade for the things we need.
An ideal money or “currency” should have the following properties:
Cognizable (easily identified)
Does Bitcoin fit the bill?
Well it’s certainly portable. It is all digital. It weighs nothing (unlike gold which can be heavy and bulky in large amounts. For that matter, traditional paper currencies can also become heavy and bulky in large amounts!). It can be sent across the room or around the world with the same ease and comfort. You can carry it on a piece of paper, a laptop, or even your smart phone.
It is Fungible. Every bitcoin is like every other bitcoin (unlike shells, beads, and traditional precious metal coins which can be “shaved” or diluted in purity)
It is dividable. It is actually one of the most dividable currencies ever conceived! It is possible to spend small fractions of bitcoins and no need exists to make change. When was the last time you were able to spend 1/8 of a penny?
Bitcoin is durable. It is protected by strong encryption and the Blockchain exists in thousands if not millions of locations simultaneously. You would literally have to delete the blockchain from every computer and smart phone in the world to destroy a bitcoin.
Bitcoin is cognizable or easily recognized. It’s based on math. No one can dispute a number or deny that 1 + 1 =2. People are just beginning to understand what Bitcoin is. There is a bit of a learning curve. But once you are familiar with it, you will know it when you see it.
Is Bitcoin stable? Well the current value of a bitcoin has been quite volatile lately in relation to other traditional currencies. But the Bitcoin plan calls for the creation of only 21 million bitcoins. In this way, Bitcoin will try to avoid the pitfalls of modern fiat currencies such as inflation, deflation, market manipulation, monetary policy, quantitative easing, and other central manipulations that effect the day-to-day value of the money we use.
Bitcoin’s price is extremely hard to predict. Today, it is the result of a voting machine. There are several different explanations for why the Bitcoin price goes up. Manipulating the amount of bitcoin for a single second or minute is not too hard.
Which makes it tough to observe how bitcoin-as-payment-system can justify current valuations. Transactions are broadcast to the network in a few minutes. There are three main bitcoin exchanges, every one of them with their very own unique properties and a different fee structure. There’s no charge for bitcoins. The limit is probably going to be dictated by the overall quantity of money in different currencies which is available in order to be placed into Bitcoin. It might be advisable to avoid keeping huge amounts of money in bitcoins as well only holding you exactly what you ought to make intended purchases.
The Bitcoin network could still be in its first stages, but it’s unclear if it’ll ever get to the level of popularity that some believe it will. It is not completely anonymous and does not offer the same privacy as cash. On the flip side, the bitcoin network itself is also rather small. The complete Bitcoin network employs a block chain.
There’s no formal activation way of the software, but because of the character of Bitcoin a supermajority should support it. Businesses that operate in the recent Bitcoin economy also delight in a complimentary publicity of their company within the Bitcoin community. In addition, the bitcoin market is somewhat strange. The Bitcoin economy is increasing at a quick pace, as an increasing number of startups enter the sphere and attempt to provide traditional services but using Bitcoins. As demand for bitcoins rise, the cost may rise also. It is possible to read more concerning the supply of bitcoins here.
There are lots of resources online at which you can learn more on the subject of bitcoin and its one of a kind properties. The next three sites give an interactive map of bitcoin merchants near your region. There are specialized sites offering bitcoin wallet services. You are able to discover further info on bitcoins in our product info. The most amount of Bitcoins that may be created is 21 million. The most quantity of raw units may not be enough in the event the full world starts using BTC, but nevertheless, it would not be excessively hard to increase precision in that situation. Notice that there’s no name which goes in addition to the bitcoin address.
A positive outlook on the Bitcoin price is going to have significant impact in the marketplace as time passes. Our prediction is that a lot of forks will be published over the upcoming months until one of them will bring in the large part of the community. Our bitcoin price charts are a simple reference for current bitcoin rates.
The people having the most bitcoins are somewhat more likely to use it for illegal purposes, the survey suggested. At the time of publishing, it was trading at around ,500, more than 10 times its value at the beginning of the year. It is the most popular digital currency. Using bitcoins to obtain physical gold, silver or other metals has some possible advantages in addition to some possible drawbacks.