Bitcoin is the premier decentralized digital currency. Basically, you can send Bitcoins via the internet. A software developer created these coins in 2009. Until today, the creator’s name is still unknown. He goes by an alias Satoshi Nakamoto.
Why trade Bitcoins
Traders conduct Bitcoin transactions from one person to another via the internet. A clearing house or bank to act as a middle man is unnecessary. It can be traded in many world currencies, such as Bitcoin to Euros, or Dollars. Because of that, transaction fees are extremely low. The other advantage of Bitcoin is the fact that you can trade them regardless of where you’re located in the world. People can’t freeze Bitcoin accounts. Additionally, there aren’t any prerequisites to open these accounts.
As each day passes, more and more merchants are beginning to accept Bitcoins. You can purchase anything you need with these coins.
How do Bitcoins Work?
You can exchange other currencies such as euros or dollars to Bitcoin. It’s possible to sell or buy Bitcoin just like any other currency. For you to keep this digital currency, you must store them in what’s known as Wallets. The wallet is usually located in third party websites, mobile device, or PC.
Sending these coins is a walk in the park. It’s akin to sending an email.
You can use Bitcoin anonymously to purchase anything, literally. International payments are not only cheap but easy. Due to this fact, Bitcoins aren’t tied to any country. Moreover, they aren’t subject to regulations. Since there aren’t credit card fees involved, small businesses love Bitcoin. Some people purchase the coins just for investment, anticipating them to raise their value.
How to store and save Bitcoin
As indicated earlier, Bitcoins are stored in digital wallets. The wallets can either exist in people’s computers or in the cloud. A wallet is almost the same as a virtual bank account. The wallet enables folks to receive or send Bitcoins, pay for items or save the currency. Unlike Banks, the FDIC doesn’t insure the Bitcoin wallets