Bitcoin explained in 60 seconds!

   The word "BITCOIN" is the latest and most popular trend among people who earn (...and those interested in earning) money online. The sole purpose of this post is to define Bitcoin and explain it's uses to beginners without all the , stories and elongated posts. So let's get o it...


 What is a Crypto- currency?
   A cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure Its transactions, to control the creation of additional units, and to verify the transfer of assets.
  Cryptocurrencies, otherwise known as digital currencies perform  their transactions over the web, they are not hard currencies like US Dollars, Pound Sterling and the like. Kinda like softwares that can't be held or touched! They rely solely on algorithms, mathematics and codes.

Note:- Unlike hard currencies, Cryptocurrencies can be stored on an ENCRYPTED wallet (there are hardware and software wallets). You can get one  here  for free!

  What is Bitcoin?
   Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
  Bitcoin is a cryptocurrency and worldwide payment system .It is the first decentralized digital currency , as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.

 Also, join our Whatsapp group for more info Interact with other crptocurrency users.

Understanding Bitcoin In 60 seconds
Some people have been creative enough to create physical, holdable Bitcoin prototypes like the one in this picture

  There are many upsides to using Bitcoin, some of them include
✔ Receiving and making payments is super fast, easy and secure
✔You're able to mine Bitcoin on your mobile and also mine using  powerful laptops (Highly recommended if you're going to make any profits at all from mining!).
✔Sites not related to Cryptocurrencies that advertise products and services now accept Bitcoin as a means of payment (It is getting generally and widely accepted as a means of payment)

   There are lots of advantages of using Bitcoin, it's a currency I'll recommend investing into . It's current exchange rate is a whopping  over $8,000 to one(1) Bitcoin. 
   Although these figures rise and drop over time, it's still the most  EXPENSIVE CURRENCY IN THE WORLD.

  Like what you see? Interested in making money online with Bitcoin? Check out this detailed post!

  Or just head on to  Coinbase to purchase Bitcoin and start investing and/ trading  to earn some more and fill your wallet

No comments:

Post a Comment