bitcoins

Bitcoins – An Insight

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Introduction:

Bitcoin is an exchange where people can buy or sell Bitcoins using different currencies; it is a new currency which was created by an intruder using the alias Satoshi Nakamoto. The fact is no transactions are controlled by banks but still you will have an access towards other services like booking hotel, on Expedia, Shopping, etc.  Bitcoin is a crypto currency designed in 2009.

What is Bitcoin:

Bitcoin is new way of payment network where you can buy merchandise of unknown name, where international payments are made easier and cheap because it is not bound to any regulation, authority or country.  You will not find any credit card fees which is convenient for small businesses. The main agenda of few people buying bitcoin as an Investment  anticipating that they will go high in value.

Buying Bitcoins:

  • Bitcoins are can brought on an exchange , well you can see in many market places calked as bitcoin exchanges where you are allowed to buy or sell bitcoin using different currencies .
  • Point to think over here is security which can be a concern. In 2016 millions of dollars were lost from Bitfinex which was hacked

Transfers and Mining:

  • Here there is a possibility that anyone can send or transfer Bitcoin using the mobile app or computers as same as sending the cash through both devices.
  • Math puzzles are solved with mine bitcoin using computers ,this is how bitcoins are created, and if you can see there are winners rewarded roughly in every ten minutes.

 


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