The Basics of Bitcoin

January 23rd, 2020

The Basics of Bitcoin

What is Bitcoin?

Bitcoin has become one of the world’s most popular cryptocurrencies. Bitcoin made its big debut in 2009. At first, the concept of digital currency excited and scared a lot of people. As its popularity increased, Bitcoin has become active all over the globe. However, there are still many unsure of what Bitcoin really is and how it can be used. Bitcoin is a form of electronic cash, where the seller is in control. This means that there is no middleman. This idea was a huge attraction for many who were simply looking to send and receive money without any interference. Bitcoin has become more accessible over the last few years.

Knowing the Basics

Bitcoin has become a popular craze all around the globe. Bitcoin can be used as an investment or for online purchases. It has become accepted in major retail stores and business. Expedia, Microsoft, Wikipedia, and subway are just a few examples of popular places to spend your coins. The main attraction for most is that it’s not sponsored by any financial institute or government. Bitcoin instead works through a network in the Bitcoin community. People within the network uses a computer to complete calculations also known as mining. 

Advantages of Bitcoin

Other forms of payment,such as credit and debit cards have high transaction fees. However, Bitcoin transfers have low and affordable fees. The high fees charged by other financial institutions have led many to avoid these payment forms. Transactions in the cryptocurrency space are based on a peer-to-peer mode and do not involve any third party. This allows for numerous benefits. Users are not charged extra fees.  Similarly, transactions are much faster since both parties will be dealing directly with each other. Due to its nature, Bitcoin transactions are more secure compared to other payment modes. Hackers cannot prey on the transactions with hopes of defrauding either party. Transactions are carried out via a blockchain network, which translates to zero chances of fraud taking place.  

Where to Store your Bitcoin?

Still eager to know where you can store your Bitcoin? Here are some pointers that may help you find a safe place to store your coins. Typically this is the first step a customer will follow before buying Bitcoin. To start, you need to arrange a digital wallet. Both online and offline digital wallets are available to help in storing your crypto-assets. A digital wallet can be used to buy or sell; it’s basically a program on your smartphone or computer. Cryptocurrencies can be transferred from this digital wallet instantly. Then it can be used further for purchases of goods or services at online or offline stores. Over time, many businesses and merchants have started accepting Bitcoin as a form of payment. Bitcoin has started to integrate into a daily trend for many. With the use of digital wallets, you can make transactions instantly. We also have our own digital wallet app that is linked to our website!

Are You Looking to Learn More?

Our Youtube channel is the perfect place for cryptocurrency beginners to get started. There are so many people asking “where can I buy bitcoin” and “what even is it” We offer many different tutorials when it comes to using our services, but we also offer important explanations for cryptocurrency terms. We created our Youtube channel in hopes to make our customers feel both educated and comfortable when they use our services. You can visit our youtube channel “Bitcoin of America:” to get started!

 

 

 

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