What is Bitcoin (BTC)?

WHAT IS REALLY BITCOIN?
Bitcoin is a virtual currency which is not own by any particular country, and it is generally accepted as a means of payment via the internet.

According to CNN MONEY: Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need to give your real name. More merchants are beginning to accept them: You can buy webhosting services, pizza or even manicures.

Why Bitcoins?

Bitcoins can be used to buy merchandise anonymously. In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation. Small businesses may like them because there are no credit card fees. Some people just buy bitcoins as an investment, hoping that they’ll go up in value.

Places where Bitcoins are acceptable as at today are:

  • Microsoft
  • Reddit
  • Virgin Galactic
  • Tigerdirect
  • Namecheap
  • Gyft
  • Dell
  • Cex etc…

 

Acquiring Bitcoins

Buy on an Exchange
Several marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies. Mt. Gox is the largest bitcoin exchange.Buying Bitcoins is as simple as buying airtime on your smartphones these days.

But personally I use Localbitcoins.com, Nairaex.com and Naira4dollar.com. you’ll have to signup and have an account with the above listed merchant sites.

 

Transfers
People can send bitcoins to each other using mobile apps or their computers. It’s similar to sending cash digitally.

It is as easy as sending money through your mobile applications.

 

Mining
People compete to “mine” bitcoins using computers to solve complex math puzzles. This is how bitcoins are created. Currently, a winner is rewarded with 25 bitcoins roughly every 10 minutes.

One of the sites to mine Bitcoins is https://freebitco.in/

 

Owning Bitcoins

Bitcoins are stored in a “digital wallet,” which exists either in the cloud or on a user’s computer. The wallet is a kind of virtual bank account that allows users to send or receive bitcoins, pay for goods or save their money. Unlike bank accounts, bitcoin wallets are not insured by the FDIC.

You can as well open a bitcoin wallet in various website such as blockchain.info, localbitcoins.com etc

 

Future in question

No one knows what will become of bitcoin. It is mostly unregulated, but that could change. Governments are concerned about taxation and their lack of control over the currency.                        

 

 

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