Bitcoin but What is it?

sherin (38)in #bitcoin • 7 years ago (edited)

Bitcoin but What is it?

Bitcoin is a new currency that was created in 2006 by an unknown person, using the Satoshi Nakamoto enthusiast. Transaction is made with no middle men - money, no banks! There is no transaction fee and you do not need to provide your real name. More businessmen have started accepting them: You can buy web hosting services, pizza or even manicure.

Why Bitcoins?

Bitcoins can be used to buy antidepressants Anonymous In addition, international payments are easy and cheap because Bitcoin is not affiliated with any country or regulation. Small businesses like them because there is no credit card fee. Some people just buy Bitcoins as an investment, that they expect that the price will go up.

Acquiring Bitcoins

Buy on an Exchange
Many markets called "Bitcoin Exchange" allow people to buy or sell Bitcoin using different currencies. Megaton Gox is the exchange of the biggest Bitcoin.

Transfers

People can send bitcoin to each other using mobile apps or their computers, it is similar to digitally sending cash.

Mining

People use the computer to solve complex mathematical positions and compete with "my" Bitcoin. This is how Bitcoin is made Currently, a winner is rewarded 25 bitcoins with perfectly every 10 minutes.

Owning Bitcoins

Bitcoins are stored in a "digital wallet," which exists in the cloud or on a user's computer. Wallet is a type of virtual bank account that allows users to send or receive Bitcoin, pay for products, or save money. Bitcoin wills are not freed by FDIX against the bank account.

Although every Bitcoin transaction is recorded in a public logos, the names of the buyers and sellers are not disclosed - only their wallet IDs, although it keeps Bitcoin transactions private, allowing them to buy or sell them through easy tracking. Because it has become a preferred currency for online purchase of drugs or other illegal activities.

Future in question

No one knows what the Bitcoin will be. This is mostly irregular, but it can change. The government is concerned about taxes and lack of control over their currency.