WHAT IS BITCOIN?
Bitcoin is basically a digital currency, born in January 2009. It is a form of online cash or crypto currency without a central bank or any stuff like single administration. For this reason it is also called as decentralized digital currency. Bitcoins can be easily exchanges between the users online with a peer to peer bitcoin network with no need of any middle men source.
Bitcoins offer a promise related to decreasedORIGIN OF BITCOIN:
It all started in January 2009, when an individual with a false name “Satoshi Nakamoto” published the first proved concept of Bitcoin as crypto currency. This individual still has a hidden identity but his published proof hit the internet, media and printing press hard.
Satoshi left this project in 2010 and it was taken over by random developers. As soon as developers started top play their role on this Bitcoin project, it immediately became an open-source that was exposed publically. After going public, Bitcoin system went under many modifications which brought a great revolutionary development after the 2008 financial cash.
transaction fees as compare to other online payments mechanisms. They are not an actual currency having some physical appearance but only a digital form of money. No bank or government can issue you Bitcoins other than the digital owner to them.
The balance for Bitcoin is maintained by using two types of keys; private and public.
The public key (alike the bank account number) is used as an address to which other user can send the Bitcoin. Also it serves as published address for the public use.
The private key (more alike your ATM pin) is a personal or very private thing. It is supposed to keep in secret and guarded and is only allowed to use for some authorized transactions of Bitcoins.
HOW BITCOIN WORKS?
Bitcoin system is the pioneer system to use peer-to-peer technology. This is to ensure instant payments with no hidden or exposed transaction charges. The individuals or company groups that are involved in Bitcoin network governing the power of computing Bitcoin are called “Miners”. The motivation for miners is the reward that they get in terms of new Bitcoins and the fees paid in Bitcoin transaction.
This new release of Bitcoin as an award to miner is a fixed one. Its decline rate is periodic and this is in such a manner that the total supply of the Bitcoins reach to 21 million. Let us make this clear that one of your Bitcoin is divided into eight decimal places; 100 millionths of a single Bitcoin. The smallest unit of Bitcoin is named after the hidden man who initiated this system, “SATOSHI”. The possibility of further divisibility exists if the miners accept it mutually.
Bitcoin mining is nothing related to rocket science. It is simply a process through which Bitcoins are made to circulate. It is basically a solution for computationally difficult puzzle thing to discover a new “Block”. When you discover a block being the miner, this block adds up to the “Block chain”, hence you receive an award in the form of Bitcoins.
This block chain adding reward was around 50 Bitcoins in 2009. According to the rule, it drops every four years. The more Bitcoin creation takes place, the more difficult the mining process gets.
The price of Bitcoin in 2017 alone increased from around $1,000 in the beginning of the year, to $19,000 by the end of the year. It was more than 1400% increase. Basically, the price of Bitcoin is dependent on the mining network size it uses. The larger the network size, the harder to and costly it is. Due to this, Bitcoin price has no other option than rising as the production cost rises too.
CAN BITCOINS BE RECEIVED AS PAYMENT?
Yes! Bitcoins can be received by means of some kind of payment. You can receive Bitcoins for your products that you sale or even any service that you provide. This is same as you receive physical money for your product or service.
Take this example; if you have an auto-parts store, just display a sign board with “Bitcoin Accepted Here” written on it. You will observe that many of your buyers will actually buy your products with Bitcoins. This Bitcoin transaction can be easily managed by exchanging your Bitcoin wallet address by means of QR codes and even a touch screen app.
Also being an online business man, you can easily accept Bitcoins by just adding an extra payment option for the Bitcoins along with other options like, credit cards, PayPal, Payonner, etc. Keep in mind that online Bitcoin payments will ask for a Bitcoin merchant tool; this is an external processor like Coinbase or BitPay).
INVESTING IN BITCOINS:
Bitcoin lovers who actually believe and can make you believe too that digital currency is the future of planet Earth. These Bitcoin lovers are very well aware of the fact that it offers a much easier and faster payment method, with no any fee related to transaction across the globe. Although Bitcoin network is not at all backed up by the government or central bank, but it can be exchanged easily for traditional currencies. In fact, its exchange rate against the dollar strongly appeals potential investors and traders who are interested in currency plays.
This works like any other asset, buying low and selling high simply applies to Bitcoins too. The most popular way of playing your part in the currency increase is through making purchase on a Bitcoin exchange. There are many other ways also to earn and own Bitcoins.
WHERE TO FIND BITCOINS:
I hope you are enough interested to start your journey as a Bitcoin miner and join this amazing network. If that is the case, no need to worry where to start. For your ease I have gathered these four major options you can explore to get your very first Bitcoin:
CRYPTOCURRENCY EXCHANGE: Cryptocurrency exchange is a place where you are able to exchange “Regular” coins for Bitcoins or even for Satoshis. Satoshis are also like the type of cents in Bitcoins.
Popular Resources for cryptocurrency exchange are:
Coinsquare (For US & Canada)
BITCOIN ATM: Here you can change Bitcoins or even cash for another cryptocurrency. Popular Resources for Bitcoin ATM are:
A CLASSIFIED SERVICE: A classified service is the one through which you can find a seller who will actually help you trade Bitcoins for some cash.
Popular Resources for a classified service:
SELLING A PRODUCT OR A SERVICE: As mentioned above, you can sell your product or service for Bitcoins.
Over the last 11 years, Bitcoin has truly disrupted the world’s economy and huge financial systems. It is said that this is just the beginning, there is lot to come. The Bitcoin revolution has a lot of miles to travel and show the actual Bitcoin strength. We are super excited to see where our Bitcoin journey leads us.
If you are willing to join the Bitcoin network, now is the perfect time!