Bitcoin is a digital currency, that require no bills to print or coins to mint. The amazing this thing is that it’s completely decentralized without government, financial institution or any other authority interference.
It’s well secured because there are no human interference to abuse the process, the system are anonymous. It mainly uses blockchain technology and encryption keys to connect sellers and buyers.
The blockchain is a distributed ledger where cryptocurrency transactions are validated and recorded in a distributed peer to peer (P2P) network extending across the globe for secure reasons.
All the computers involves in this P2P network are called nodes and have a very key role when it comes to verifying each transaction and generating and saving a permanent record of it.
Major technology giants and banks are investing heavily in blockchain technology, as a bad wagon effect, the race is on to create blockchain-based products for banks as well.
A Bitcoin gets “mined.” just like diamonds or gold. It is “mined” by powerful computers that are connected to the internet and isn’t issued from the top down such as traditional currency.
There is no single point of failure in the distributed ledger.
If one of the nodes on the network fails, the network is not impacted and no information is lost. Note that all the data remains available with no downtime. Which means that the data in the distributed ledger cannot be changed, which prevents internal fraud and cyber threats.
This is really the biggest paradigm shifts in modern human history, as the way the world actually thinks about money and stored value might be changing in a tidal wave of recognition. You can use bitcoin to buy things from almost more than 100,000 merchants, though still few major ones. Also, you can sell it and you can just hang on to it while the value appreciate. The amazing thing is that there are no inherent transaction fees with it, although exchanges like Coinbase typically charge a fee when you buy or sell.
Transactions are processed fast and funds can be transferred anywhere within a matter of minutes. Distance and geography doesn’t impact the speed of the transaction.
This is how the system works, if you are trying out Bitcoins or how to mine bitcoins for free. You need to sign up for a cryptocurrency wallet to put your bitcoins in.
The Bitcoin Wallets
Below are the three different applications that Alice could use.
The first thing to do is to read this in-depth Bitcoin Guide – Investing Shortcuts-for buying Bitcoin. It is very easy to get started. As a beginner, just downloads the required software for free and can start receiving and sending funds immediately. There are no accounts to be opened and no documentation to be submitted.
You can access your first bitcoins from any of these four places.
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