Hello friends, once again I am here with a new article in which I will tell you about bitcoin. Have you ever heard of crypto currency, Crypto currency or We can then say that digital currency I mean here with bitcoin. What are these bitcoins and How does work ? So let me give you complete information about bitcoin.
What Are Bitcoins?
Bitcoin – the initial virtual banking currency of the internet – has existed for several years now and many people have questions about them. Where do they come from? Are they legal? Where can you get them? Why did they split into Bitcoin and Bitcoin Cash? Here are the basics you need to know.
Bitcoin is a crypto currency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly through the use of cryptography, without an intermediary.
Once you own bitcoins, they possess value and trade just as if they were nuggets of gold in your pocket. You can use your bitcoins to purchase goods and services online, or you can tuck them away and hope that their value increases over the years. Bitcoins are traded from one personal ‘wallet’ to another.
A wallet is a small personal database that you store on your computer drive, on your smartphone, on your tablet, or somewhere in the cloud. Bitcoin was the first cryptocoin currency ever invented. No one knows exactly who created it – cryptocurrencies are designed for maximum anonymity – but bitcoins first appeared in 2009 from a developer supposedly named Satoshi Nakamoto.
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A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central recordkeeping.
Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically.
How To Get/Buy Bitcoin ?
OK, so you’ve learned the basics about bitcoin, the next step is to get some bitcoins. But how? This guide will tell you what you need to know.
You can buy bitcoins from either exchanges, or directly from other people via marketplaces.
You can pay for them in a variety of ways, ranging from hard cash to credit and debit cards to wire transfers, or even with other cryptocurrencies, depending on who you are buying them from and where you live.
Need A Bitcoin Wallet
Next, you will need a place to store your new bitcoins. In the bitcoin world, they’re called a ‘wallet’ but it might be best to think of them as a kind of bank account. Here is some Bitcoin wallet list you can store your Bitcoin in these wallet.
Warnings About Exchanges, Wallets And Banks
Despite the proof of identity requirements, remember exchanges and wallets don’t provide the same protections banks do. Bitcoin does not have legal status as a currency in most of the world, and authorities usually do not know how best to approach thefts. Some larger exchanges have replaced customer funds after a theft from the exchange itself, but at this stage they are not legally obliged to do so.
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