Wednesday, March 14, 2018

What is Bitcoin?

Well unless you have been living under a rock all this time, you would have at least have heard of Bitcoin, if nothing else. Well, if you have not heard of Bitcoin, here is information on it.

In the year 2009, Bitcoin was born.
What is Bitcoin? Bitcoin is a new currency. It was the brainchild of someone going by the name of Satoshi Nakamoto… an alias. The real name of the person who created Bitcoin is unknown – at least to most people.

No banks are involved.
Yes, there are no banks that are involved in Bitcoin transactions. True, there are no banks. To deal in Bitcoins, you have to go through middlemen.

How can you benefit by Bitcoin?
You can buy lots of stuff using Bitcoin. But the main thing here is –
You can trade in Bitcoin and make lots of money.
In 2017, the price of Bitcoin skyrocketed.

Where do you buy Bitcoins?
There are many places where you can buy Bitcoins. These places where you can buy Bitcoins are called "Bitcoin Exchanges". 

How do you buy Bitcoins?
You go to a Bitcoin Exchange and you buy Bitcoins from this Bitcoin Exchange, using currency. These Bitcoin Exchange allow you to buy Bitcoins, using many different types of currencies.

Leading Bitcoin exchanges are:

1.     XCoins

2.     Changelly

3.     Bitbond

4.     CEX.IO

5.     CoinBase

Can you send Bitcoins to other people?
Yes, you can very easily send Bitcoins to anyone you want to – from your computer or by using mobile apps. It is just like the way you would send cash digitally.

Where do you STORE/KEEP Bitcoins?
You store Bitcoins in a "Digital Wallet" - this  "Digital Wallet"  is on your computer or in a Cloud.

What is this Bitcoin "Digital Wallet"?
This Bitcoin "Digital Wallet"  is just like a bank where you would keep your money. In a bank you would keep your money. In a Bitcoin "Digital Wallet", you would save your Bitcoins, receive Bitcoins and pay for many kinds of goods.

How are Bitcoin transactions recorded?
Every Bitcoin transaction is recorded in what is known as – a "Bitcoin Public Log." 

Your very own "Bitcoin Wallet ID".
Yes, when you deal in Bitcoins, you get your own personal "Bitcoin Wallet ID". This is a unique ID, that is only yours – none else in the world has this "Bitcoin Wallet ID" – only you.

Whenever your buy or sell Bitcoins, your ID is never revealed. Only your "Bitcoin Wallet ID" is revealed. As this "Bitcoin Wallet ID" is known ONLY TO YOU, nobody else in the world knows that you are the person who is dealing in Bitcoins.

Totally Private Transactions
Thus, because of your "Bitcoin Wallet ID", all of your Bitcoin transactions are TOTALLY PRIVATE and only you will know about them. As such you can buy and sell almost anything – without it being tacked back to you.

The FUTURE of Bitcoin…
At the moment, nobody knows what the future will be of Bitcoin. But for the moment, Bitcoin is worth its weight in Gold. Bitcoin prices have reached the sky – beyond that perhaps.

At the time of writing this…
1 Bitcoin = US $9600.01
Shocking? To say the least!
There you have it, all you needed to know about Bitcoins. 

1 comment:

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