Introduction
Bitcoin is a cryptocurrency, the currency that is hidden, secret, or unknown to the public. It is a kind of digital currency that was created in 2009. Transactions are made online, from computer to computer or mobile phone. It has no physical existence. It is just a computer file stored in a computer having a link from person to person. It’s most salient feature is that it is not controlled by any government authority. Bitcoin Gemini is also one of the best recommended plan to make money online. Bitcoins are not issued by any bank or government. It has no legal tender. Transactions are made directly from user to user without the mediation of any bank or financial agency.
How to get Bitcoins?
These are the ways to get bitcoins.
- It can be bought using real money.
- In consideration of things, you sell out.
- It can be created through a computer.
What is a Bitcoin Wallet?
Bitcoin holder has to establish a digital wallet. Bitcoin wallet unlike a physical wallet is a piece of digital information consisting of a private key used to access Bitcoin addresses and to make transactions. Kinds of Bitcoin wallets are mobile, web, hardware, and desktop.
What is Blockchain?
The role of the Blockchain is the same as a ledger in the accounting system. It called Distributed Ledger Technology (DLT). It records all the transactions made by users. Blocks are the pieces of information, comprising three parts. Blocks record information about transactions, date, time, and amount of transaction. Information is stored about who is making transactions. Blocks store information, making it distinguished from other blocks. Newly stored data is added to Blockchain. The Blockchain is an array of different blocks concatenated together. In brief, blockchain is a system to record transactions, and provide security to users, fortifying your investment from access to any nefarious person.
Decentralized currency
There is no need to declare your investment before state institutions, also investor is not under any obligation, imposed by the state, regarding the investment. It is free from state bindings.
- P2P transactions
Among all the advantages of Bitcoins, it is the most important advantage that there is no third party involved while making a transaction. It keeps the secrecy of business. Bitcoin is not controlled by a central authority, there is no involvement of bank, a government, or any other financial agency. This is the most salient feature of Bitcoin.
- Globally accepted
The number of investors is increasing day by day. Due to Bitcoin technology (Blockchain) buying and selling are becoming easier. As compared to the past, bitcoins are accepting every ware in the world.
- Nominal Transaction Fee
The transaction fee has decreased with time, the median transaction is lower than $0.02.
- Use of the mobile app
Transactions through a mobile phone is also a plus point of Bitcoins. The user has to install Wallet application on his phone. By using his mobile user can make transactions any time and every ware.
- Minimum chance of hacking
It has reported in the past, many banks have been targets of hackers, but Bitcoin exchange has powerful software and hardware technologies, like blockchain and bitcoin wallet, so there are minimum chances of hacking.
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Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
