Bitcoin is digital crypto currency and world wide payment system. It operates peer to peer and doesn't actually exist physically. You can not keep it in your pocket and banks. It is the first decentralized currency. The network is peer to peer and the transactions are verified by network nodes and recorded in public ledger called Blockchain. It was developed by pseudoanonymous named Satoshi Nakamoto and released as open source in 2009.
Bitcoin actually is an amazing type of currency. It can do the work of every thing you can do with your national currency but the amazing thing is you can neither touch it, see it or put in your wallets or banks. Bitcoins can be stored and transacted through a digital medium called wallet. It can be used to send, receive and trade for other services. You can create a free Bitcoin wallet. If you don't have one refer to the following post.
You may be amazed to know the craze for something that can not be felt physically but exist virtually. It is because of its increasing value and ease of use that the use of virtual currencies have been increasing. The value of bitcoin has increased by 1100% in just one year in today's date.
Units Of Bitcoins:
Bitcoin actually is an amazing type of currency. It can do the work of every thing you can do with your national currency but the amazing thing is you can neither touch it, see it or put in your wallets or banks. Bitcoins can be stored and transacted through a digital medium called wallet. It can be used to send, receive and trade for other services. You can create a free Bitcoin wallet. If you don't have one refer to the following post.
You may be amazed to know the craze for something that can not be felt physically but exist virtually. It is because of its increasing value and ease of use that the use of virtual currencies have been increasing. The value of bitcoin has increased by 1100% in just one year in today's date.
Units Of Bitcoins:
Bitcoin is represented by BTC or XBTC and is composed of smallest unit called satoshis. It may be given name satoshis for the honor of its developer who is still unknown exactly.
1 Satoshi=0.00000001 bitcoin
1 μBTC = 0.000001 bitcoin
1 mBTC = 0.001 bitcoin
The value of 1 Bitcoin when writing this post is more than 12,000$ and its value is estimated to get up to 40,000$ at the end of 2018.
Why Use Bitcoins?
This question may have strike your mind that why use something that is not centralised and does not even actually exist. It has many advantages over the transactions of the actual cash over the internet. I have enlisted some of them below.
1. Low Cost Transactions:
Whenever you have to do transactions from one centralized office to another you have to pay some transactions fees. The transaction fees are relatively high when you have to transactions between the territories of different countries.But as bitcoin is decentralized currency you don't have to pay exchange fee for international transactions and the transaction fee are very minimum as compared to other centralized currencies and the fees are paid to miners.
2. Freedom
The bank activities may be usually affected by holidays and other obstacles as well. The bank regulations may be changed as per the government orders as well. But since bitcoin is decentralized currency you can get rid of these all problems by use of this. You can transact whenever and how much you want to .
3. Secure Transaction:
Bitcoin transactions are usually anonymous and you don't have to worry to carry your official documents to transact the amount no matter how large the amount is. The transactions are carried out through your bitcoin address and are registered in public ledger called Blockchain and you can see this anytime of your life. So bitcoin is considered the best and secure transaction online.
4. Easy Transaction:
You may need several ATM cards or cheque or swipe machine for your transactions in bussiness. But for the transactions of bitcoin all you need is the internet connection so that you can access your wallet to send or receive bitcoins.
5. International Transactions:
Whenever you are short of money anywhere in the world you can use bitcoins (If you have them in your wallet) for any sort of services. You can use them to buy commodities or for other services with no other exchange fee added.
How To Make Bitcoins?
Bitcoins are created by a process called Mining. It is actually the digital form of other physical mining process. It is the process by which the transactions are verified by using the computing powers. Bitcoin mining provides rewards to miners to confirm transactions of the Blockchain.
Legality:
Different countries have different view on use of crypto currency. Bitcoins are legal in most of the countries of the world. But some of the states have banned its use such as Ecuador and Nepal. Rules vary from one territory to another so you better research about the legality of bitcoin in your location.
Can you Earn Money With Bitcoins?
The value of bitcoins fluctuates every day and every hour. With the increasing trend of value of bitcoins you can actually get rich investing on bitcoins. But don't invest much that you cannot afford to lose.
The best way to earn from bitcoins can be buy some bitcoins and keep them and wait until they rise higher than you have bought. Then sell them at a higher price. But don't trust me like this cause the value of bitcoin may go down as well which cannot be predicted accurately.
Getting Started With Free Bitcoins:
There are some ways you can earn free bitcoins online. But believe me this way you are not going to get rich instantly. But still free bitcoin sites can be useful to learn before you invest for other sites on how bitcoins can be used. I have discussed some ways you can earn free bitcoins online.
Claiming from Faucets:
Faucets are sites that pay you some satoshis for visiting there sites. They earn money from the ads placed on their site and they pay some part of it to its users.
Read : Highest Paying Free Bitcoin Faucets
Read : Highest Paying Free Bitcoin Faucets
PTC sites:
PTC means paid to click sites. These sites pay you to visit some sites for some time.
Read Also: Highest Paying Bitcoin PTC Sites with Minimum Payment Withdrawal
Read Also: Highest Paying Bitcoin PTC Sites with Minimum Payment Withdrawal
Microtasks :
These sites pay you to perform some small jobs like watching videos, completing surveys or liking videos etc.
Befor you get started with these you'll need a bitcoin wallet. To create a free online wallet refer to the post below.
Create a Free Bitcoin Address
If you have any queries please feel free to comment below.
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