Hi sorry for this question but I cant wrap my head around this. I found out about bitcoin about a year ago but just started looking into it again. After watching videos and reading all day I finally came across this forum so maybe someone could point me in the right direction. I dont understand how any of this really works.
Bitcoin is a speculative virtual cryptocurrency that works based on the demands of people as well as its limited supply of 21 million coins makes it special when it comes to its features like sending your money immediately to anyone in the world in a matter of seconds by paying least fees* and getting your transactions confirmed quickly.
* - Used to be lower, but now fees are higher because miners mostly accept high-fee transactions.
What I dont get is when you put money in your account what or how do you do with it. Do you buy coins from other ppl that want to cash out. That doesnt make any sents to me. Idk I dont get it.
You send your money to a Bitcoin seller and receive them in return, whether it's from an exchange or a trader himself. Yes, you buy what others are willing to sell, that's how it works. Whether general public or miners, if no one would sell, what would you buy? What doesn't make any sense to you here?
So far today all it got was IOTA was or is going to be as big as bitcoin, I set up an account at Coinbase,and one at Binance and Im waiting for my account to be confirmed. When I understand this is there a minimum amount of money I have to put in. I dont think there is but thought Id ask. Thanks for taking the time to help me.
IOTA is an altcoin (alternative cryptocurrency) just like Bitcoin and it's not just IOTA alone for which you saw such words being said, but many are there in the competition trying to beat Bitcoin, which is not going to happen soon. There's no minimum when you want to buy, but currently the fees are so big you need to think of buying an amount which will at least get you some better profits to deal with the fee you will incur in your transaction. Try to buy not less than 0.01 BTC nowadays.