Saturday, August 24, 2019

What is Bitcoin (BTC)?

Bitcoin operates on a simple concept and is therefore easy to understand. It is a digital or virtual currency that allows you to make the same transactions you would make with cash or routine wiring while having countless edge and benefits that these methods mentioned above would not provide.

All You Need to Know about Bitcoin

Here, we tell you all you need to know about the raving cryptocurrency, Bitcoin without all the confusing technical jargons.

Bitcoin is built on a complex mathematical algorithm that ensures its validity and security—called the blockchain— but of course, does not require you to understand it. The first of its kind, it is an interesting coincidence Bitcoin came unto the forefront of the world’s attention following the Occupy Wall Street Scandal that alleged that banks and central institutions were violating customers’ privacy and misusing funds: It is just this type of drama that Bitcoin spares you!

Why Bitcoin is Better

Apart from sparing you all the dram and insecurity by keeping all transactions anonymous and eliminating the need for a possibly shady middle-man, Bitcoin offers more than conventional fiat cash and payment systems in this regard:

1.    It is Irreversible

Give it to banks to trace transactions under scrutiny; no moving force on planet earth can reverse a completed Bitcoin transaction. Not your bank manager and definitely not the President of the United States. 

2.    Transparent and Anonymous

(Even the founder of Bitcoin is anonymous!) You can make transactions, transfer Bitcoin, and receive Bitcoin anonymously without a transacting party knowing your identity. This is made possible by wallet addresses unique to you which allows you to maintain your privacy.

Related Article:  Yale Economists Explains What Determines The Value Of Bitcoin

3.    Your asset and Bitcoin is secure

Only you can access your Bitcoin with your private key, as your assets are stored by a strong cryptography system built on mathematical algorithms.

4.    Permissionless

You don’t need the permission of anyone, or your bank manager to spend your Bitcoin. It cannot be frozen, or, loaned by third parties.

How to get Bitcoin

To buy Bitcoin, you can purchase from trusted cryptocurrency exchanges such as Binance and Coinbase for example. Be very careful where you obtain your Bitcoins, there are unfortunately hundreds of well-oiled crypto scams poised to either steal your account details or leech you of your Bitcoins.

Other ways of getting Bitcoin is through a Bitcoin ATM where you get Bitcoins in replacement of cash, and you can also sell your goods for Bitcoin in certain platforms such as Purse.

How to Store your Bitcoins

After purchasing on crypto exchanges, for example, you can choose to keep your BTC on virtual wallets on trade platforms, but it is essential for you to do personal research on what works or what options you would prefer. From desktop and mobile to hardware wallets, you can explore what works best for you here.

Welcome to the world of unending possibilities.

 

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