Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.It was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as an open source software in 2009.It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.
How does Bitcoin work?
Bitcoin is computer program that provides a personal Bitcoin wallet and allows a user to send and receive bitcoins with them.A wallet is a small personal database that you store on your smartphone, on your tablet, on your computer drive or somewhere in the cloud.
Behind the Bitcoin network is sharing a public ledger called the “block chain”. This ledger contains every transaction ever processed, allowing a user’s computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses, allowing all users to have full control over sending bitcoins from their own Bitcoin addresses.Anyone can process transactions using the computing power of specialized hardware and earn a reward in bitcoins for this service.
How to Acquire bitcoin?
*You can Acquire Bitcoin as payment of goods and services.
*Purchase Bitcoins at a Bitcoin Exchange or at some other user you know.
*Earn Bitcoins through competitive mining.Joining Online Programs that offered Bitcoin.
If you are about to explore Bitcoin, there are a few things you should know. Bitcoin lets you exchange money in a different way than with usual banks. As such, you should take time to inform yourself before using Bitcoin for any serious transaction. Bitcoin should be treated with the same care as your regular wallet, or even more in some cases.
Any transaction issued with Bitcoin cannot be reversed, they can only be refunded by the person receiving the funds. That means you should take care to do business with people and organizations you know and trust, or who have an established reputation. For their part, businesses need to keep control of the payment requests they are displaying to their customers. Bitcoin can detect typos and usually won’t let you send money to an invalid address by mistake. Additional services might exist in the future to provide more choice and protection for the consumer.
Thinking to get your first Bitcoin? You must create a bitcoin wallet first.You can bring a Bitcoin wallet with your mobile or you can have a wallet only for online payments on your computer.
Best Bitcoin Wallets Below!
Coinbase is one of the most popular Bitcoin exchange services used globally.Merchants and consumers can transact with a variety of digital currencies including Bitcoin, Ethereum, and Litecoin. You can purchase using your bank account or credit card.
Coins.ph is where Filipinos make online payments and exchange bitcoin without a bank account.