What is Bitcoin.
Many people have heard about it but don’t actually know what it is and how its impacting the financial world. Bitcoin is a new currency that was unveiled to the public in 2009 by a man called satoshi Nakamoto. It’s the first decentralized currency, meaning it’s for the people. Not regulated by any government or institutions. Anybody from anywhere in the world can get their hands on Bitcoin because it’s a digital currency. This is money/currency where transactions are made with no middle men (no banks or anything like that). Bitcoin transactions do not require any fees and people can decide to stay in secrecy since you don’t need to provide your personal details like real names, date of birth, drivers license or identity cards etc. More and more institutions/merchants and the money influences are starting to accept the currency. Cryptocurrencies have been dubbed the future of money, actually we have seen and continue to see many buy and pay for web-hosting services, others use Bitcoin in pizza restaurants and more.
Why you should embrace Bitcoin as a currency.
Well the number one issue with many consumers is privacy while purchasing items online (anonymity). Sending money home to your parents and relatives internationally has for years been a jump across the huddles due to the high charges by banks for any transfers, well Bitcoin is here to change that because international payments are easy and cheap due to no regulation by any country or institutions. There are no such things as credit card fees incurred. There are many people investing in the currency and many have and continue to make money, a lot of it. This type of investment has proven credible mostly to its earlier adopters because since its creation, Bitcoin has been rising and doesn’t seem to be slowing in pace.
Purchasing Bitcoin.
Many acquire Bitcoin on an exchange and there are several of them now offering to get you some Bitcoin for a fee. These places (Bitcoin exchanges) give ordinary people the power to purchase and sell their Bitcoins in almost all the world’s currencies today. You can check for the best Bitcoin trading exchanges and join the revolution.
Transactions.
With Bitcoin, today people can send money worth of bitcoins to each other using desktop and mobile applications with no middle men or regulatory body. The digital money revolution allows transfers in a peer to peer network. The apps are widely available across software providers for your devices, IOS, Android and Windows.
Bitcoin is got through a process.
Mining;
Not the typical mining you are familiar with, but rather mining bitcoin digitally using computational power and of course the internet at your disposal. Many compete in this process of mining by solving very complex math puzzles. That’s how crypto like bitcoin is mined or created . The coins are awarded every 10 minutes of mining.
How to get yours.
There are wallets used to keep bitcoin safe, because many people try to steal them from others due to their worth today. Bitcoin wallets exist either on a computer as an app or can be in the cloud which is a lot more safer. These wallets act as bank accounts that allow users to send and receive money in bitcoins, pay for goods and services and also save for the future. The wallets are not regulated or controlled by any one, it’s you and your money.
Caution;
Digital wallets (cloud wallets) can be hacked and bitcoins can actually be stolen. This is due to its worth and many hustle to actually get some for themselves.
Computer wallets (apps) can be lost through virus attacks or you can accidentally reset or delete your device data and Lose the wallet.
Anonymity (biggest purpose of Bitcoin and other cryptocurrencies).
Whenever a purchase is made or transacted with Bitcoin, it is recorded immediately by the public (the whole Bitcoin user network in real time). The fact that every transaction is recorded on the network doesn’t mean any personal data is revealed, the only information revealed are the wallet IDs. The problem with Bitcoin transactions is that you can’t trace your purchases and hence there is nothing like refund like most PayPal or any other online payment system users are used to. This has actually led to Criminal Minds stepping up and try to manipulate the system by purchasing drugs and guns, cyberattacks asking for ransom have been rampant in this crypto age and they always get away with it since Bitcoin is some dame secure Tech.
Thing is we don’t know what will happen with this currency or the other cryptocurrencies because they are un-regulated and as more governments come to terms with it and gain confidence. The problem is tax invasion by many bitcoin users and lack of control of transactions that can distablise national security and money institutions.