Below is a summary of what Bitcoin Kit is.
What is Bitcoin Kit?
Bitcoin Kit is a free to use website providing cryptocurrency-based tools and guides.
We post regular, free, beginner-friendly guides on a range of cryptocurrency topics such as trading, mining and investing in general; covering coins like Bitcoin, Ethereum, Litecoin, and a range of others (what some people refer to as altcoins). We also post overviews of these guides on our YouTube channel. Over time we hope to post unique content just to YouTube based around cryptocurrency basics, mining, trading and investing.
We also make cryptocurrency tools. As of March 2018 we have 2 mining calculators, for hardware mining and cloud mining, and a working coin tracker. As our user-base grows we hope to improve these existing tools and continue adding new ones. Long-term we have big plans for our coin tracker in particular, aiming for support of all popular exchanges and coin wallets.
We started Bitcoin Kit in late 2017, but as our traffic grows in 2018 we hope to spend more time and resources to continue improving our website and content. If you have any ideas or suggestions for potential guides or tools, get in touch!
If you're very new to Bitcoin/virtual currencies, this section gives a short introduction.
What are cryptocurrencies?
When you get some cash in person and deposit that into a bank, this then becomes a virtual 'asset'. It isn't something you can touch, you just see a number representing your money when you do online banking. This is comparable to cryptocurrencies. These are entirely virtual, the price of a cryptocurrency is determined by how many people own them and their value (comparable to dollars, where if suddenly things become more expensive - the value of a single dollar becomes less). Cryptocurrencies are decentralised, which means they aren't controlled by a single person/body; this is attractive because changes to how they work can only be done if a large percentage of its users agree.
What does 'Crypto' mean?
Our website is called Bitcoin Kit, and we get lots of people asking what the 'Crypto' part means.
In general, this word is an alias for 'virtual', or 'digital'. Any time someone says 'crypto currency' or 'virtual currency' or 'digital currency', they're normally referring to the same thing - a form of money/asset that only exists on the internet. To visualise this, compare it to PayPal or online banking - where you have a 'virtual' balance, but that money doesn't actually exist, it's just a number on a website. The value of that money is what Paypal/your bank says it is.
This is where the benefits of virtual currencies come in to play. In PayPal, your money is controlled by a company. If this company wanted to, they might be able to close your account and take your money. Most virtual currencies are trustless, which means you have full control over your money; no entity owns it on your behalf. To verify payments in a trustless system, 'cryptography' is normally used; this is where the name 'crypto' comes from - and why it's synonymous with Bitcoin, virtual, digital, etc.
What is an exchange/wallet?
Cryptocurrency exchanges are websites that allow you to trade between different cryptocurrencies such as Bitcoin. Comparatively, a wallet is where you'd store cryptocurrencies long-term. You'd use a wallet over an exchange, because when your money is in an exchange - if the exchange were hacked, you could potentially lose every penny of your money. If you were to use a wallet, this can be kept offline - so can't be hacked in the same way. Generally if you have over $1000 in an exchange it's good to start moving some of your profits into a wallet. Our coin tracker allows you to track your balance across multiple exchanges and wallets, and see how much profit you've made.
Never invest money you can't afford to lose.
All information on this website is for general informational purposes only, it is not intended to provide legal or financial advice. We encourage you to consult your own legal & financial advisors before making any cryptocurrency-related purchase.