What is Bitcoin?
Bitcoin, also known as Cryptocurrency is a digital or virtual currency that was invented in January 2009 by an unknown person or group using the alias Satoshi Nakamoto. This currency uses decentralised technology for securely storing payments that do not require the use of a central authority like a bank or intermediaries.
As of April 2017, there were over 16.6 million Bitcoins in circulation with their total value exceeding $20 billion. Bitcoin transactions can be made without the use of a bank. Also, you do not incur any transaction fee, and you don’t need to register or give your real name when transacting. You can buy practically anything using this currency from pizza, web hosting services or even manicures.
What are the advantages of using Bitcoins?
• You can use your Bitcoins to purchase merchandise anonymously, pay any bill with a Biller code or transfer to any bank account of your choosing
• Making international payments using Bitcoins is easy and cheap because the currency is not tied to any country, and it is not subjected to regulation
• There are no credit fees involved
• You can purchase them as an investment as you wait for their value to go up.
• Bitcoin transactions are fast. You can send your money anywhere, and it arrives at less than a minute later as soon as the Bitcoin network processes the payment. Unlike bank transactions that charge you
anywhere from $10 for international transfers, international Bitcoin transactions are free.
Snapshot: Bitcoin Past Year
How does this currency work?
From a user’s point of view, Cryptocurrency works more like a mobile app or computer program which provides its users with a personal Bitcoin wallet and allows users to transact with their Bitcoins.
Behind the scenes, this cryptocurrency network shares a public ledger known as the blockchain. This blockchain contains all the transactions ever processed, which permits users to verify the legitimacy of each transaction. Corresponding digital signatures protects each transaction’s authenticity to the sending address, which allows users full control over sending their Bitcoins from their Bitcoin addresses.
Who can use a Bitcoin?
Bitcoins can be used by anyone, including small businesses and individuals. Today, brick-and-mortar businesses such as law firms, restaurants, and apartments as well as online service providers like Reddit, Namecheap, and Overstock.com are using Bitcoins to transact. Although Bitcoin remains a relatively new phenomenon, it is growing at a fast rate.
Acquiring Bitcoins works like buying any other currency.
• You can salary sacrifice into Bitcoin. This is my preferred option. The payroll method has lower trading costs at this time. Show me how
• You can purchase Bitcoins at a Bitcoin exchange
• People can transfer or exchange Bitcoins to each other using their computers or mobile apps
• You can earn Bitcoins through competitive mining, or as a payment for goods or services
Is Bitcoin safe?
Bitcoin’s core protocol has been vetted by thousands of security gurus across the world, and so far, it has proven to be robust and reliable. Using Bitcoin is similar to using other private application on the internet like email and online banking. To access your Bitcoin, you need to have a password that ensures that your wallet is only accessible to you.
The Bitcoin future looks bright. However, Bitcoin is very different compared to any other currency you have used before. Therefore, it is essential to understand some key point and features about it before investing. At DC Digital Services, our priority is to help users understand how Bitcoins work so that they can start investing in Cryptocurrency. We provide a reliable and easy to use platform for companies and individuals looking to
invest in Bitcoins.