What Is Bitcoin?

What is bitcoin

What is bitcoin

The latest news in town is about bitcoin and Cryptocurrencies,

with lots of speculation, Now what! what is bitcoin? that’s the question i see a lot of people asking and that is the main purpose of this post.

In this post we will cover the following questions.

  • What is bitcoin
  • Why can i use bitcoin
  • Where can i get bitcoin
  • Where can i save my bitcoin
  • Anonymity
  • Acceptance

What is bitcoin?

Bitcoin is a new currency based on decentralize cryptography. It is just like any other form of currency which people accept as money. Bitcoin was introduced in 2009 by a unknown person portrayed as Satoshi Nakamoto. Bitcoin transaction are done without the need of any banking institute which means no middle men.No transaction fees so you can send as much as you want.

 

Why can i use bitcoin?

Bitcoin is becoming popular by the day. it can be used to buy merchandise online. More merchants are beginning to accept them,You can use bitcoin to buy web-hosting services, clothing’s, accessories and a whole bunch of products ans services. Here is a list of over 140 sites and companies that accept bitcoin and cryptocurrencies as a means of payment. these include large multinational companies like Microsoft to small startups.

 

Where can i get bitcoin?

Buy bitcoin on an Exchange,there are a lots of marketplaces called “Exchanges” which allows people to buy or sell bitcoins using different fiat currencies and cryptocurrencies.

People can also send bitcoins to each other using mobile apps  wallets or their computer wallets. It’s just like sending cash digitally.

You can also mine bitcoins using computers to solve complex math puzzles. This is how new bitcoins are created.

 

Where can i save my bitcoin?

Bitcoin can be saved in different way. generally there are software’s called wallets which are similar to the normal wallet we save our fiat currencies.

The only difference is that cryptocurrencies wallets are digital and encrypted. Here is a list of wallets you can try. there are different types of wallets which include Paper Wallets and Hardware Wallets which are very secure and online wallets. some exchanges also serves as wallets.

 

Anonymity

Bitcoin Transactions are anonymous, hence names of buyers and sellers are never revealed, only their wallet IDs are stored in a blockchain. While that keeps bitcoin users’ transactions private, it also lets them buy or sell anything without easily tracing it back to them. Although if someone knows you bitcoin address, they can goto the blockchain website and check how much that address has in it, or how much it has ever received. That’s why it advice to always create multiple accounts and only send and receive money from different accounts.

 

Acceptance

Governments are concerned about taxation and the not-possible way of tracing who owns a bitcoin address. and that is one of the main reasons why today a lot of people are accepting bitcoin and other cryptocurrencies as a means of payment because they are tired of been traced by governments and other financial bodies.

 

Bitcoin is a good innovation that’s here to stay and even though it creator somehow invisible i think he deserve a HUGE Thank You.

 

What do you think about bitcoin? Let us know in the comment section

Leave a Reply