All you need to know about Bitcoin

All you need to know about bitcoin is, it is the latest way to transact. You can use this currency to buy things online. This is a kind of money which is not regulated by gold or silver or a centralized entity like other currencies however it is controlled by a mathematical model. There is no financial institution governing this money. The only constraint we have over bitcoin is that the creators cannot create more than twenty-one million bitcoins.

How Bitcoins are Produced?

Unlike other currency Bitcoins are not mint, they are mined using several servers. The source is an open source and can be viewed by anyone to know how it works and what it does. The coins could be divided into several smaller parts without any constraint over it. The one-hundredth part of bitcoin is called “Satoshi” after the name of its founder.

Where is, it being used?

The bitcoins were proposed by a software developer Satoshi Nakamoto. They are now popularly being used online to transact in a way you transact other currency like dollars, pounds or yen. Lately, in Japan, even some electronic stores agreed to transact physical products at their stores in exchange for bitcoins.

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Where you can buy, and sell bitcoins?

One can very easily buy bitcoins at any marketplace with the exchange of currency like dollars, pounds and yen. They are part of the marketplace in the countries like US, UK, Japan and Korea. The value of bitcoins has appreciated five times since its inception and is largely becoming popular very fast. There are various websites, or phone apps or even some physical kiosks which are used to buy and sell bitcoins. Some of the popular websites are coinbase.com, Zebpay etc. There are various other available for a quick search on google.

Word of Caution

It is prescribed to use your credit card or PayPal to buy these bitcoins or else there is no proof of transaction otherwise and if you change your mind, you can always stop or chargeback your money through an ease of a phone call.

If you have a public account for bitcoin, then anyone can tell how many bitcoins you own except for knowing that they belong to you. Best way to transact safely with bitcoins is transacted in the small amount and keep changing your bitcoin wallet credentials frequently.

Still, it has a long way to go. Your money is always at the risk of hackers due to loss of online identity. Also, if the hackers hack the bitcoin account then there is no guarantee of your money like you have with current physical banks.

 Bitcoins provide an altogether new way to transact however it still very near to its inception and need to see much more sky before it gets an overall acceptance all over the world.

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