Bitcoin – What is it?
Bitcoin was known as the first decentralized digital currency which was basically coins that can be used as payment for products and services throughout the internet. Actually, it was in 2009 when bitcoin was introduced to the public. The inventor of this digital currency was still unknown so people gave it an alias in the name of Satoshi Nakamoto.
Bitcoin transactions are directly made from individuals over the web. You don’t have to deal with clearinghouse or bank to serve as middleperson on the deal. And for this reason, the fees for transaction are a lot lower and may be used in various countries globally. There are many other benefits for opening bitcoin accounts and one among which is that, it can’t be frozen plus, there is no prerequisites for opening one. Almost every day, more and more merchants are beginning to accept bitcoins.
It is feasible to exchange Euros, Dollars or whatever currencies you have to bitcoin. You can even sell and buy using other currencies. For you to keep the bitcoins, you should store it in what they call as wallet. You can find these wallets on your mobile device, computer, laptop or on third party websites. Sending bitcoins is relatively simple just like when sending email to someone.
You can use your bitcoins to make anonymous purchases over the internet and at the same time, it makes international payments to be cheap and easy. The reason for this is that, bitcoins aren’t tied to any country and thus, they aren’t subjective to regulations. In the transaction using bitcoins, there’s actually no credit card fees involved which is why many small businesses love using such. There are others who see bitcoins as another form of investment and thus, they buy it and expect it to increase in value.
There are a handful of ways that are used for obtaining bitcoins and these include “Buy on an Exchange” and “Transfers”. As you read on, you will be able to discover how each method works.
Number 1. Buy on an exchange – when this method is used, it enables people to sell or buy bitcoins from websites that are otherwise known as bitcoin exchanges. They are doing this by making use of the country’s currency and other currency they like or have.
Number 2. Transfers – people may be able to send bitcoins to each other by using their computers, mobile phones or online platforms. Practically, it is similar to sending cash but in digital approach.
Say that you do are looking for ways to acquire bitcoins, then better study how these methods work.