Skip to main content

Introduction To Bitcoin And Its Advantages

Bitcoin is a form of currency existing only in the digital world. The technology was created by an individual hiding under an identity named Satoshi Nakamoto. To this day, the creator/creators of the system never materialized, maintaining an anonymous status.

Bitcoins are not printed like traditional currencies as there are no physical representations for the cryptocurrency; it is produced by users and numerous businesses through a process called mining. This is where dedicated software solves mathematical problems in exchange for the virtual currency.

A user takes control of it using electronic devices, which also serves as medium to complete transactions with the help of numerous platforms. It is also kept and secured with the employment of virtual wallets.

Characteristics of Bitcoin

Bitcoin has the characteristics of traditional currencies such as purchasing power, and investment applications using online trading instruments. It works just like conventional money, only in the sense that it can only exist in the digital world.

One of its unique attributes that cannot be matched by fiat currency is that it is decentralized. The currency does not run under a governing body or an institution, which means it cannot be controlled by these entities, giving users full ownership of their bitcoins.

Moreover, transactions occur with the use of Bitcoin addresses, which are not linked to any names, addresses, or any personal information asked for by traditional payment systems.

Every single Bitcoin transaction is stored in a ledger anyone can access, this is called the blockchain. If a user has a publicly used address, its information is shared for everyone to see, without its user's information of course.

Accounts are easy to create, unlike conventional banks that requests for countless information, which may put its users in jeopardy due to the frauds and schemes surrounding the system.

Furthermore, Bitcoin transactions fees will always be small in number. Apart from near-instant completion of processing, no fees are known to be significant enough to put a dent on one's account.

Uses of Bitcoin

Apart from its abilities to purchase goods and services, one of its known applications features its use for a number of investment vehicles. This includes Forex, trading Bitcoins, and binary options platforms. Furthermore, brands offer services that revolve around Bitcoin as currency.

Clearly, Bitcoin is as flexible as traditional legal tenders. Its introduction provides every individual with new beneficial opportunities with its ease of use and profit making capabilities.




Source by Bart Rozum

Popular posts from this blog

The Basics of Cryptocurrency and the Way It Works

In the times that we're living in, technology has made unbelievable advancement as compared to any time in the past. This evolution has redefined the life of man on almost every aspect. In fact, this evolution is an ongoing process and thus, human life on earth is improving constantly day in and day out. One of the latest inclusions in this aspect is cryptocurrencies. Cryptocurrency is nothing but digital currency, which has been designed to impose security and anonymity in online monetary transactions. It uses cryptographic encryption to both generate currency and verify transactions. The new coins are created by a process called mining, whereas the transactions are recorded in a public ledger, which is called the Transaction Block Chain. Little backtrack Evolution of cryptocurrency is mainly attributed to the virtual world of the web and involves the procedure of transforming legible information into a code, which is almost uncrackable. Thus, it becomes easier to track purchases

Virtual Currency Games

Every little boy's (and many grown men's) dream of making a living by playing video games is edging closer to reality. The recent release of HunterCoin and the in-development VoidSpace, games which reward players in digital currency rather than virtual princesses or gold stars point towards a future where one's ranking on a scoreboard could be rewarded in dollars, and sterling, euros and yen. The story of the millionaire (virtual) real estate agent... Digital currencies have been slowly gaining in maturity both in terms of their functionality and the financial infrastructure that enables them to be used as a credible alternative to non-virtual fiat currency. Though Bitcoin, the 1st and most well known of the crypto-currencies was created in 2009 there have been forms of virtual currencies used in video games for more than 15 years. 1997's Ultima Online was the first notable attempt to incorporate a large scale virtual economy in a game. Players could collect gold coins

Devcon4 Live Stream Links + Agenda + Mega Thread

IT'S THE MOST WONDERFUL TIME OF THE YEAR DEVCON!!!!! I am excited to fill you all in on our livestream and agenda options this year! :) Agenda We have a mobile app this year ! It has stuff like a schedule, conference maps, personal schedule, and more! We also have a desktop version of that mobile app with some removed features . We also have a Google Sheets version of the agenda for those who prefer that. Livestream This year we have SlidesLive providing live streams of the Main Stage (Spectrum). The link to the Devcon4 Main Stage live stream is https://slideslive.com/ethereum/live . LivePeer is live streaming various breakout sessions and other talks throughout the day at http://devcon4.tv/ Recordings of Talks If you've checked out the agenda you can see that we have a toooonnn of content this year. It is not logistically possible to live stream every room this year, but we are taking recordings of some rooms. The following rooms will have their talks recorded: Spe