Definition of Bitcoins
Bitcoin or BTC is a popular digital also known as crypto-currency, created and stored electronically. Sometime back in 2009 an unknown developer (or a group of developers) under the pseudonym Satoshi Nakamoto created the fundamentally new virtual money. BTC is not centrally controlled, nor are they printed; instead, bitcoins are made by people and businesses through software that solves mathematical problems.
Having created the algorithm of this crypto-currency and the method of its mining, Satoshi (or the group) simultaneously implemented the means of its preservation – the so called Bitcoin wallet, which was initially located on a PC but nowadays can be obtained from providers such as Cryptonator or Coinbase.
One of Bitcoins most distinguishing characteristics is that it’s completely decentralized. This means that its network is not controlled by any one institution. This makes a lot of people feel secure because it means that a large bank or institution won’t be able to control their money, therefore managing transactions and the issuing of this digital currency is carried out collectively by the network.
Why Would I Use Bitcoin?
The use of Bitcoin has many advantages such as:
- Transparency – BTC transactions are fully available on the blockchain for anybody to verify and use in real-time.
- Fast & Easy Transactions – You can send and receive bitcoins anywhere 24/7 in the world to other wallets at any time in a matter of a few seconds or minutes.
- Minimal Fees – Usually, the fees for BTC transactions are very small. Fees can fluctuate due to the dynamic fee market. In addition, some wallets will also allow you to pay a fee you’re willing to spend. With higher fees, you’ll get faster confirmation of your transactions.
- Security – Transactions are protected from identity theft since Bitcoins payments can be made without personal information associated with the transaction. When using Bitcoin, users remain in control of their transactions, basically you can be your own bank.
How to get Bitcoins
There are many options to obtain Bitcoins:
- Buy on LocalBitcoins – Search for individuals selling BTC in your area. It’s very easy and convenient. Simply enter the amount you wish to acquire, send the trade request and send your payment to the seller. Learn More
- Mining – Cloud mining is the process of using hardware power to mine cryptocurrency (such as BTC, LTC or Ether) remotely. You can buy contracts from cloud mining services such as Hashflare or Genesis Mining.
- Bitcoin Faucets – A faucet is a website that gives out “free” bitcoins (satoshi) in exchange for doing a simple task, such as clicking on an advertisement, solving a CAPTCHA, or viewing a webpage for a certain amount of time. One of the most popular faucets is Bonus Bitcoin, where you can claim up to 5,000 satoshi every 15 minutes, CLICK HERE to learn more…
As a new user, you can get started with BTC without understanding the technical details. Once you have installed a wallet on your computer or mobile phone, it will generate your first bitcoin address and you can create more whenever you need one. You can disclose your addresses to your friends so that they can pay you or vice versa. In fact, this is pretty similar to how email works, except that Bitcoin addresses should only be used once.
Bitcoin has a strong track record for security and privacy, thanks to its protocol and cryptography. With private keys, individuals’ wallets are kept secure. The only way this would not be true is if users lose this information. Keep your private information, such as your private key and mnemonic key, in a safe place. Don’t forget to continuously generate new wallet addresses and use them only once.
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