What is Bitcoin? Know the most popular Cryptocurrency

cryptocurrency trading mistakes

What is Bitcoin:

Invented in 2008, by Satoshi Nakamoto, Bitcoin is a cryptocurrency. The currency was launched in 2009 and ever since that day, it became popular among investors. The most vital benefit of going with this digital money does not involve any mediator or middle-man. That means one can perform actions with bitcoin without any bank. This is what attracted the investors towards this most popular cryptocurrency and brought a revolution in the Bitcoin era

Just like your regular currency you can use Bitcoin to purchase or most anything anyway however the major perspective of this digital currency is to make money through trading. No sooner did the people realize how important Bitcoin is, the market saw a dramatic uptrend in its price. In this article, we will see everything you should know about Bitcoin in-depth. 

What You Can Buy With Bitcoin:

Bitcoin can be used for almost every kind of purchase. Wherever you see that the buyer is accepting the Bitcoin you can certainly buy that product or service with this cryptocurrency. 

  • You can buy materialistic obsessions like books, furniture, games, and more from Bitcoin. 
  • One can also use Bitcoin for online booking which involves hotel reservations through Expedia, booking travel packages, etc;
  • However, the major purpose of Bitcoin is to use it for trading. This means Bitcoin can also be used to purchase global trades. 

Bitcoin For Earning Money:

  • Keeping in mind the regular up trends in Bitcoin, the investors also make a good investment in this cryptocurrency. 
  • One can easily buy or sell Bitcoin using ‘Bitcoin Exchange’. At Bitcoin Exchange, one can exchange different types of currencies to Bitcoin. Those who are willing to buy this digital currency can visit the Bitcoin Era. 
  • Mining Bitcoins is another way of earning good money. You just have to Mine Bitcoins to solve complex math puzzles and you will be rewarded every 10 minutes with around 12.5 Bitcoins.  

How To Purchase Bitcoin:

The first question that will appear in your mind after hearing the word cryptocurrency is how to purchase it. Buying Bitcoin is a 4 step process that involves:

  • First, you need to have a secured internet connection, an online transaction gateway and your KYC (Know Your Customers) documents in place. 
  • Next, you have to pick a Bitcoin Exchange, this will help you buy, hold and sell the currency. 
  • After this, you have connected your payment gateway with the Bitcoin Exchange. This will make the withdrawal easy for you. 
  • Once you have selected the Bitcoin Exchange and connected the same with your payment gateway, the next thing to do is place an order for the cryptocurrency. 

Where To Store Bitcoin:

As we have already seen that you don’t need any bank or any gateway when it comes to Bitcoin. This might give rise to a question in your mind, if not banks where can we store the Bitcoin? The answer is very simple in the Bitcoin wallets. This wallet is somewhat like a virtual Bank that allows you to perform Bitcoin transactions. There are two types of wallets available for Bitcoin operation and savings. 

  • Hot Wallet: The type of wallet which operates with an internet connection is the Hot Wallets. If your internet connection is highly secure and you are good at remembering passwords, you can certainly go with Hot Wallet.
  • Cold Wallet: Cold Wallet or offline wallet is the type that doesn’t require an internet connection for operation. 

Privacy

Privacy is a vital issue of concern when we are dealing with cryptocurrency. The same is the case with Bitcoin. While performing transactions on a Bitcoin wallet, your ID will never be revived. You perform all the give and take of this cryptocurrency by using your wallet ID. When you perform the transaction, it is your wallet id that will get displayed, neither your name nor any other identity. This makes Bitcoin transaction hue more private and personal than regular money transactions. 

Advantages Of Using Bitcoin:

  • As Bitcoin doesn’t have any go-between its operation becomes cheap and easy. 
  • Bitcoin can be easily stored in wallets. You do not need any bank account for the storage and processing of Bitcoin.
  • As Bitcoin doesn’t involve any bank, one doesn’t have to pay any credit card fees. 
  • Transaction performed highly secured and private.
  • Those who are willing to deal with the International currency can easily do it with the help of Bitcoin. 
  • Considering the ease of use Bitcoin is a better option for small businesses.
  • Just the way you send cash from your bank or wallet to someone else’s bank or wallet you can do the same with Bitcoin as well.  For sending, you just have to use a bitcoin-related mobile or computer application. 

Final Thought:

If you want to make use of this amazing cryptocurrency then all you have to do is visit the Bitcoin Era. The software is created by the experts of Wall Street. The Bitcoin Era is a one-stop solution for all your Bitcoin-related requirements. The software provides you with an opportunity to earn good money while dealing with cryptocurrency.

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