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Saturday, 9 September 2017

BitCoin: Basic Things You Need To Know.

  Bitcoin, Digital, Money, Decentralized




A Short Introduction to Bitcoin

Bitcoin is a peer-to-peer payment system and digital currency introduced as open source software in 2009 by pseudonymous developer Satoshi Nakamoto. It is a cryptocurrency, so-called because it uses cryptography to control the creation and transfer of money. Users send payments by broadcasting digitally signed messages to the network.
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 Participants known as miners verify and timestamp transactions into a shared public database called the block chain, for which they are rewarded with transaction fees and newly minted bitcoins. Conventionally "Bitcoin" capitalized refers to the technology and network whereas "bitcoins" lowercase refers to the currency itself. Bitcoins can be obtained by mining or in exchange for products, services, or other currencies
 

 Basic Things You Need To Know About Bitcoin

No Central Command


Bitcoin isn’t owned by anyone. Think of it like email. Anyone can use it, but there isn’t a single company that is in charge of it. Bitcoin transactions are irreversible. This means that no one, including banks, or governments can block you from sending or receiving bitcoins with anyone else, anywhere in the world. With this freedom comes the great responsibility of not having any central authority to complain to if something goes wrong. Just like physical cash, don’t let strangers hold your bitcoins for you, and don’t send them to
untrustworthy people on the internet.
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Secure Your Wallet

There are several different types of Bitcoin wallets, but the most important distinction is in relation to who is in control of the private keys required to spend the bitcoins. Some Bitcoin “wallets” actually act more like banks because they are holding the user’s private keys on behalf. If you choose to use one of these services, be aware that you are completely at their mercy regarding the security of your bitcoins. Most wallets, however, allow the user to be in charge of their own private keys. This means that no one in the entire world can access your account without your permission. It also means that no one can help you if you forget your password or otherwise lose access to your private keys. If you decide you want to own a lot of Bitcoin it would be a good idea to divide them among several different wallets. As they saying goes, don’t put all your eggs in one basket.
Bitcoin, Money, Electronic, Currency
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Bitcoin Price

Like everything, Bitcoin’s price is determined by the laws of supply and demand. Because the supply is limited to 21 million bitcoins, as more people use Bitcoin the increased demand, combined with the fixed supply, will force the price to go up. Because the number of people using Bitcoin in the world is still relatively small, the price of Bitcoin in terms of traditional currency can fluctuate significantly on a daily basis, but will continue to increase as more people start to use it. For example, in early 2011 one Bitcoin was worth less than one USD, but in 2015 one Bitcoin is worth hundreds of USD. In the future, if Bitcoin becomes truly popular, each single Bitcoin will have to be worth at least hundreds of thousands of dollars in order to accommodate this additional demand.
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Bitcoin Exchanges

There are several ways to buy Bitcoin, but trusted exchanges are a great way to acquire Bitcoin. Because there are inefficiencies in the traditional banking system, exchanges will sometimes have slightly different prices. If the difference is too great, traders will buy low on one an exchange and sell high on another and close the gap. If an exchange constantly has substantially different prices than others, it is a sign of trouble and that exchange should be avoided. As with everything else, do your research and find an exchange you can trust. It’s also a good idea not to use an exchange as a wallet. Move your Bitcoin to your personal wallet so that you have control over your funds at all times. You can view our list of Bitcoin exchanges here.
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Bitcoin Isn't Completely Anonymous

Because all Bitcoin transactions are stored on a public ledger known as the blockchain, people might be able to link your identity to a transaction over time. Some companies offer various tools such as Bitcoin mixers to help achieve greater privacy, but it takes a huge amount of effort to use Bitcoin anonymously. You may want to follow your country’s tax regulations regarding Bitcoin in order to avoid trouble with the law, but you have the power not to should you choose to take that risk. To improve privacy, most newer Bitcoin wallets will use a new Bitcoin address each time someone sends bitcoins to you.
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Unconfirmed Transactions

Bitcoin transactions are seen by the entire network within a few seconds and are usually recorded into Bitcoin's world wide ledger called the blockchain, in the next block. While it’s possible that a transaction won’t be confirmed in the next block, in the vast majority of circumstances it is fine to accept a transaction as soon as it has been seen by the network. Unlike traditional payment systems, Bitcoin transactions are lightning fast and can be sent globally. Bitcoin is still relatively new, but with each passing day the technology becomes more reliable. It is more and more unlikely that a major bug will emerge in the system as time goes by, and people can trust the technology more with the passing of time. Each month people transact hundreds of millions of dollars worth of Bitcoin.
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Source: www.wikipedia.com, www.bitcoin.com

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26 comments:

  1. I never knew bitcon was real now i am on my way looking for bitcons master thanks toba with your lovely posts

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    Replies
    1. You're Welcome, Olayinka. Thanks For Stopping By.

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  2. Super interesting thanks for this post

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  3. quite interesting article keep it up

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  4. Some great info here. I didn't know much about Bitcon, maybe coz I hadn't taken time to better understand how it works. Now i do. Thanks for explaining and sharing this.

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  5. i recently came to know about bitcoin due to a netflix documentary, surely interesting!

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  6. Of course this is probably banking of the future. I'm not ready to take this kind of leap or commitment.

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  7. I have been trying to figure out Bitcoin and it has been so far over my head! Thank you for explaining all this! It really helped me wrap my head around the concept a bit more.

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  8. Very informative article I did not know these things

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  9. This was so helpful! I had heard of bitcoins but didn't understand the intricacies.

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  10. This was really interesting - I've been struggling to understand bitcoins for a while so thank you for helping to explain it in a clear, concise way!

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  11. This is really interesting. Bitcoins was something strange to me. But now I have a clear understand.

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  12. I knew some of the point you made but not all. I am not sure I'll ever use bitcoin but i guess it is always good to know more!

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  13. I have been hearing about bitcoin a lot, but this information put a lot of light on it!

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  14. This is interesting. I really do not know when I would ever use Bitcoin, but this is good to know.

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  15. I keep seeing articles about Bitcoin and may just have to look into it!

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  16. Awesome article I have never understood Bitcoin but have learned how much money you can make and how it's reached crazy highs!

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  17. I have heard of them, but never used it. It's nice to know a bit more about it.

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  18. An informative post. I had heard of the bitcoin but really didn't know what it was. Now I do.

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  19. I do know there is a lot of companies that use Bitcoin. My son has used them but I have not. It does seem like a great way to keep your money secure when purchasing. Thanks for sharing the information.

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  20. I heard about bitcoin but this is a great information :D Thanks for posting :)

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  21. I have been hearing chatter about bitcoin for a while now but didn't really know what it was. Your post def got me interested in learning more.

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  22. Bitcoin is weird, but cool. I have a hard time thinking about it because my husband used to own some bitcoin that would be worth quite a lot today, except we needed to take it out due to poverty and needing to pay the rent. So it hurts a lil. We need to pay our rent again.

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