Bitcoin: An Overview
An unknown person under the name Satoshi Nakamoto as an alias created a new internet currency in 2009. This new currency is called Bitcoin and become viral in no time. Well, if you ask how this Bitcoin become viral, the answer is its unique transactions process.
In the traditional transaction, we need a bank as the middlemen. On the other hand, Bitcoin doesn’t need that in the transactions. No need to pay the transaction fees and give our identity. We just need a username or alias to do that. Moreover, more and more merchants begin to accept Bitcoin as the payment. We can even buy a pizza with Bitcoin.
The best thing about Bitcoin is we can purchase anything anonymously. Furthermore, this currency doesn’t bound with any government regulations or rules. Therefore, it’s easier and cheaper than traditional currency. Bitcoin unique characteristics allow small business to grow bigger because there are no credit card fees in the process.
For the people who love to invest, Bitcoin is the gold mine. Some of them pile up their wallet hoping the value to increase in the future.
How to acquire Bitcoin
People do the buying and selling process in the marketplace called “Bitcoin exchanges”. There are several currencies to use in the process of buying and selling. It depends on the market demand. It’s very flexible and has huge varieties of currency. One of the largest Bitcoin exchanges is Mt. Gox.
Moreover, people can send or receive Bitcoin through mobile apps or desktop. It’s similar to transfer electronic cash or even mp3.
By solving the complex math puzzles, people can obtain around 25 Bitcoins. This process is called mining. People mine the Bitcoin through their computer. We just need a decent internet connection and a computer to do the mining process.
When you obtain Bitcoins, it will be stored safely in a digital wallet. It’s like a bank account in real life. It allows us to do the transactions such as sending, receiving, and paying for our purchase. It’s extremely safe as long as we keep our password as secret. Don’t ever try to tell the other about the password. It’s our key to everything in the Bitcoin world.
Indeed, Bitcoin is easy and simple to use. But remember; don’t ever share our Bitcoin account to everyone. It will give the other person the capability to do the transactions with our account.