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All you need to know about Bitcoin

Bitcoin is a new digital currency is a type of money that is completely virtual. It,s like an online version of cash.  Transactions are made with no middle men meaning no banks. Bitcoin can be used to buy products and services but not many shops accept bitcoin yet and some countries have banned it.

Who created it?

A software developer by the name of Satoshi Nakamato proposed bitcoin in  2008, as an electronic payment system based o mathematical proof. The idea was to produce a means of exchange, independent of any central authority, that could be transferred electronically in a secure and verifiable system. 

Why bitcoin?

Through bitcoin international payments are easy and cheap because bitcoins are not tied to any country or subject to regulate. Small businesses may like them because there are no credit card fees. Some people just buy them as an investment hoping that they will go up in value  Find Out more about Bitcoin. 

How bitcoin work?

 Its first digital currency. The independent individuals and companies who own the governing computing power and participate in the bitcoin network also known as miners are motivated by rewards and transactions. it,s basically a computer file which is stored in a digital wallet app. People can send bitcoins to your digital wallet and you can also send bitcoins to other people. Every single transaction is recorded in a public list called block chain.

This makes it possible to trace the history of bitcoins to stop people from spending coins they do not own or making copies.

How do people get bitcoin?

There are main three ways people get bitcoins

  • You can buy bitcoin  using real money
  •  You can sell things let people  pay you with bitcoins
  •  Or they can be created  using a computer

Is it secure?

Every transaction is recorded publically.  So it,s very difficult to copy bitcoin, make fake ones or spend ones you don’t own.

It is possible to lose bitcoin wallet or delete your biotin and lose them forever. There are also been thefts from website that let you store your bitcoin remotely.

Advantages of bitcoins

The best thing about bitcoin is that you can settle international deals without messing around with exchange rates and extra charges. bitcoin is free from government interference. It is also transparent, so you know what is happening with your money. You can start accepting bitcoins instantly. And there is no verification for new users means anyone can use it.

Disadvantages of bitcoins

The value of bitcoins has gone up and down over the years since it was created in 2009 and some people don,t think it is safe to turn your real money into bitcoins. Due to bitcoin software complexity many people don,t like to use them. While its transactions are slow. You will have to wait at least ten minutes for your network to approve the transaction. Recently, some users reported waiting more than one hour for the transaction to confirm. Government and local municipalities require you to pay income, sale and capital gain taxes on anything that is valuable and that include bitcoins. The legal status of bitcoin varies from country to country. Many countries still banned it to use.

Some recommendations  while using bitcoin 

Protect your address: bitcoin is the most public form of transaction with anyone on the network seeing your balances and log of transactions. This is one reason why you should change your bitcoin addresses with each transaction. You can also use multiple wallets for different purposes so that your balance and transaction history remain private from those who send you money.

ALSO READ  Advances from the Internet of Things

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