Somebody give me a rundown of Bitcoin (READ FULL POST BEFORE REPLYING)

[doodle]

Hello, dear visitor of MC-Market.
So, for my previous transactions, I've never stuck with PayPal, Venmo, or CashApp, mainly because of the information they track and fees they take from the person using it. For those wondering, I use Apple Pay for my personal life & payments between trusted friends, and Visa Prepaid cards exchanged so that I can send them to my bank and have them deposited into my account.

Anywho, I've been interested and somewhat skeptical about Bitcoin ever since it exploded. I know certain things about it, such as:

• One, single Bitcoin is worth approximately $5,000 USD (as of writing this)
• The Bitcoin Market fluctuates rapidly and is quite unpredictable
• Bitcoin is a virtual currency, and is not real, therefore alienating previous issues, such as fees and criminal/illicit activity
• Nobody controls how many Bitcoins are produced
• Etc, you get the idea; I know the basics.

A lot of people were asking me to get into Bitcoin and start accepting it as a method of payment to make my life easier (including Kamikaze). So, if anyone could do the following in the comments/replies below, it'd be greatly appreciated:

• Explain exactly why I should buy into Bitcoin
• Why I should choose Bitcoin over more predictable services, such as the Stock Market
• A more complex rundown of Bitcoin & how it works
• How do I know Bitcoin won't crash & burn within the next 10 or so years?
• If I invest in Bitcoin, how much real money should I put in?
• How does "mining Bitcoin" work / what does that mean / how do I do it?
• Anything else I should know relating to Bitcoin & how it works

Thank you to everyone who took the time to read this. Further updates may come if I choose to switch/transfer to Bitcoin. If I think your comment is good enough and extremely helped me understand more about this situation, I'll leave a positive reputation. As always, questions, comments, and concerns are always welcome in the replies.

 

[doodle]

I will respond to replies in the morning (EST). Thanks to all who choose to help me on this journey!

 

[Daigan]

Nobody is going to take time to write you a essay about how to spend your money all these questions can be looked up in google

 

[doodle]

Nobody is going to take time to write you a essay about how to spend your money all these questions can be looked up in google

Lol, this is for people who actually know stuff about BTC and are willing to help. It's also an easy pos reputation grab. If you don't want to help, you don't have to; just don't respond/trash.

 

[Blood]

Why you should use Bitcoin: Irreversible transactions, privacy, everyone can use it (unless their countries bans it).
Bitcoin over predictable services: Don't use Bitcoin to invest.
Complex rundown: Bitcoin is a virtual currency that relies on "the blockchain". The blockchain (computers that "mine" Bitcoin) runs calculations to confirm Bitcoin transactions. This processes the payment and makes sure the Bitcoin is assigned to the correct owner. For now, mining Bitcoin is rewarded with a newly created Bitcoin. New Bitcoin will be generated until the maximum limit is reached (21 million). After all the maximum supply is reached, miners will only be rewarded with processing fees.
Bitcoin's lifespan: There's no way to know how long Bitcoin will have value and where it'll be in a few years. Keep up with crypto news to know if there's going on that will lead to Bitcoin's downfall. As of now, the bad news going around is that China will be banning crypto mining to cut down on CO2 emissions. This will increase confirmation time and increase fees, seeing as confirmation time and fees are dependent on the computational power being contributed to the blockchain.
Investing in Bitcoin: Don't. Use it as currency first and when you get a feel for it maybe you can start invest but it's not wise. Prices change way too often and it's unpredictable.
Starting out: Use blockchain.com to get started with a wallet. It's very easy to use and you can use 4 different cryptocurrencies on there. It also has graphs to track price changes of the different currencies. You should also know that typically your Bitcoin address will be changed every time you are sent BTC but addresses are reusable and will always be connected to your account. Addresses change for privacy reasons. If you want to have one static address (like I do), follow Zyger's guide https://www.mc-market.org/threads/445086.

I remember getting into cryptocurrency was a bit daunting for me as there was so much to know about it. Let me know if you have any further questions!

 

[Tomb]

btc probs gonna crash soon--china cutting co2 emissions and with it standing at around 40-50% of btc mining infrastructure, could definitely take a hit from its stable 5k atm

 

[Eccat]

Zyger can help you out with some of your questions probably.