Bitcoin is essentially about series of code (as in programming) with value attached thereto. This value or figures are often exchanged and sold for money (physical cash). Bitcoin trading is the pioneer of all sort of cryptocurrency that’s alive today.
Bitcoin constitutes about 31,000 thousand lines of code that was created by a person called Satoshi Nakamoto. History believed that Satoshi Nakamoto was only an alias employed by the creator. His identity remains unknown as at when he invented the road of code called Bitcoin in early 2009.
Nakamoto’s Bitcoin invention was birthed out of the will and thought of getting a money flow system whereby authorities, companies, or individuals had control over it’s operation without being traced.
Bitcoin Wallet
A Bitcoin Wallet” may be a specially designed program which allows a user store his/her Bitcoin and also, transfer to other users (merchant or customer) that accepts Bitcoin as a sort of payment. It’s Like your physical currency where you retain your money in your pockets, purse or a wallet.
Is Transferring of Bitcoin Safe?
Transferring of Bitcoin is safe as you’ll manipulate it. It constitutes encrypted codes for transaction which makes the user have full access thereto. This same encryption guides the creation of latest units also.
How Do i buy My Bitcoin?
Let’s compare Bitcoin to any purchasable commodity. Bitcoin is sort of a commodity (a currency within the real sense of it) that you simply can acquire; Buying it, or Mining (Creating) it.
Bitcoin mining is completely FREE! However, the resources and therefore the know-how you would like to possess to mine the virtual currency may cost you some extra money.
How To Buy or Sell Bitcoin?
Before starting out as a Bitcoin Marchant, you’ve got to possess a wallet and be a registered user on the platforms where Bitcoin are bought and sold. These Bitcoin sales and buy websites are referred to as Bitcoin Exchanges.
Note that security and trust is a big factor when choosing your Exchange platforms to trade your Bitcoin. In 2016, Bitcoin worth many dollars were stolen when Bitfinex, a Bitcoin Exchange platform was hacked.
How do I store my Bitcoin?
As already mentioned above, a Bitcoin Wallet is sort of a virtual purse where you store your Bitcoin…and there are various sorts of them available.
1. Hardware Wallet
2. Online and Mobile Wallets
3. Software Wallet
4. Paper Wallet.
Conclusion
The world as a global village is gradually drifting to virtual currencies. In many ways money launderers, exchangers, and money merchant take advantage of it. So the set time to utilize this ever growing opportunity is now.
