Bitcoins | Everything you need to know

Bitcoins | Everything you need to know

Now a day’s everybody is talking about bitcoins all around. Bit cons are going high, Neteller are accepting Bitcoin , Somebody have purchased bitcoins, Some of your well known have had invested in bitcoins and now he is damn billionaire, On the other hand some guys are like-what the heck is this bitcoin?

if you are the other one then this article is for you.Make sure to read the entire post.

 

Now a day’s everybody is talking about bitcoins all around. Bitcoins are going high, Neteller are accepting Bitcoin , Somebody have purchased bitcoins, Some of your well known have had invested in bitcoins and now he is damn billionaire, On the other hand some guys are like-what the heck is this bitcoin?

In this article we will be covering the following topic on bitcoin:

  1. What are Bitcoins?

  2. What is the Unit of Bitcoin?

  3. How to use Bitcoins?

  4. Where to use Bitcoins?

  5. Buying and selling Bitcoins? 

  6. Future of Bitcoins?

  7. Bitcoins in India?


1.What are Bitcoins?

blockchain
blockchain

Bitcoin is a worldwide digital payment system and cryptocurrency. It’s the first decentralized digital currency, means the Bitcoin don’t need any central repository or administrator as the normal currency(dollars rupees ,GBP etc.) Surprisingly nobody knows, who have invented the Bitcoin. However it was first introduced under the name of Satoshi Nakamoto. It was not a currency back than rather it was an open source software. The Bitcoin system works on peer to peer system and user can transact it directly which is verified by network nodes are taken care or recorded on a public distributed ledger system known as Blockchain.The term Bitcoin was first defined in the white paper published on October 31st 2008.

 

2.What is the Unit of Bitcoin?

Unit of bitcoin
Unit of bitcoin

Like all other currency ( Dollor=$, Pound=GBP etc.) ,As of 2014, Bitcoin has the Unit BTC or XBT. Millibitcoin is the smallest unit and are referred as mBTC or Satoshi. One Satoshi equals to 0.00000001 bitcoin or one millionth of one bitcoin.

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3.How to use bitcoins?

In 2015, the number of merchants accepting Bitcoin exceeded up to 100,000+. Merchant who accept bitcoins often pay fees under 2%, down to 0% ,Instead of 2–3% typically, as imposed by credit card processor. PayPal, Microsoft, Dell, and Newegg are some major firms that accepted payments via Bitcoins.When a payment is made in form of Bitcoins , the payment is accepted by the Payment Service provider(Bitpay or Coinbase) on behalf of merchant or the firm, to whom the payment is made. Apparently the Bitcoins are converted to local currency and are sent directly to the bank account of the receiver of the payment or the firm to whom the payment is made

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4.Where to use bitcoins?

Bitcoin can be used to send or receive any sum of amount globally, with anyone at very low fee as compared to general currencies (GBP,INR ,$ etc.). It is impossible to block Bitcoin Payment and the wallet can’t be frozen.It is impossible to block Bitcoin Payment and the wallet can’t be frozen. Bitcoin can directly be controlled by the owner without involving any third party like PayPal and Banks.Be wise while making payment through Bitcoins as the transactions in mode of Bitcoins are not reversible or refundable.Unlike the transaction made in form of currency, are private and secure, the transaction of Bitcoins are prone and open to public as the Bitcoin transactions are stored on network anybody can know the transaction of Bitcoin of any address.

Before transaction Bitcoins Everything you need to know
Before transaction: Bitcoins Everything you need to know

5.Buying and selling Bitcoins?

Caused by volatile price of Bitcoin, every second person is curious about getting their hand in Bitcoins.Buying or investing in Bitcoin is quite simple,as plenty of firms in US and other countries are involved in buying and selling of Bitcoins,,Any one can buy or sell Bitcoins from these firms above 1% of the price of current market price of bitcoin.

For the updates, exchanges are not known as the only way to acquire Bitcoins. The other way to buy Bitcoins offline is through local Bitcoin. Some websites pair up potential buyers and seller. When one buys Bitcoins offline , the seller locks the Bitcoins in the escrow.. Now in case of dispute only seller can release them to buyer.

 

6.Future of Bitcoins?

Future of Bitcoins
Future of Bitcoins

As a protocol Bitcoin itself will evolve.The Buying process of Bitcoins will be made much more easier than the present. Bitcoin has the potential to change the way of banking, doing transactions, and view currency.Wallet owners can use bitcoins for any transactions where the counter party accepts bitcoins.

 

7.Bitcoins in India?

Unocoin is most popular bitcoin wallet in India. There are two way to invest in Bitcoins in India.

  • Mining
  • Investing

Mining:

The compiling of recent transactions into blocks to solve a computationally difficult puzzle is called Mining. The first participant who has solved the puzzle, is pushed to next level or block, on the block chain and claims the reward. In other words you can earn Bitcoin through mining even by playing video games or writing blogs,Articles on the platform who pay its users in form of cryptocurrency.

Investing:

But unlike the mining, while investing you need to buy the Bitcons in the exchange of real money(Dollar ,GBP,YEN, INR etc.).

 

 

Conclusion: 

As it is still confusing that why these currencies are going through the roof. They are not based on any mathematical model so it’s complete Luck. Before making any investment make sure to carefully understand the latest development and do discuss the person who have already invested. Other than Bitcoins you may go for some other currencies viz. Ehtereum, Ripple, Lite Coin etc.

 

 

 

Any suggestion, Advice or queries, fell free to use the comment box below.

anu.rnj@gmail.com'

A. R. Krishna

I.T. Professional completed my B.E. , a blogger Enthusiast, Software developer, and a ICTE freelancer not to boast but really a great entrepreneur willing and waiting for authentication. While working as freelancer I have worked with some great people and agencies that taught me lots of things.

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