You must have heard of the word bitcoin (btc) through a Friend, the social media, or ads on a website, but you still have a little or no knowledge of what it does, btc however is gaining popularity on the online payment system as millions of transactions are been processed through these. a lot of business websites accepts btc as a payment Method, from the way I view it bitcoins will be the world leading online payment service in 200 days to come, due to the fact that it is available in all countries globally, you don't have to make use of a VPN to access your account, it has no limitations like PayPal. If you have a bitcoin wallet you'll be in control of your account, send and receive funds.
What is bitcoin...?
Bitcoin is a cryptocurrency 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.
What makes it different from normal currencies?
Bitcoin can be used to buy things electronically. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally.
However, bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.
Who created it?
A software developer called Satoshi Nakamoto
proposed bitcoin, which was an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.
How do I get a bitcoin wallet ?
You can create a new bitcoin wallet from blockchain visit the website and then sign up with your details, that's all its free to get a a wallet you don't need to pay for registration fee, once you've sign up, blockchain will automatically generate a unique address for you which you will use to send and receive funds from other bitcoin users.
What are its characteristics?
Bitcoin has several important features that set it apart from government-backed currencies.
1. It's decentralized
The bitcoin network isn’t controlled by one central authority. Every machine that mines bitcoin and processes transactions makes up a part of the network, and the machines work together. That means that, in theory, one central authority can’t tinker with monetary policy and cause a meltdown – or simply decide to take people’s bitcoins away from them, as the Central European Bank decided to do in Cyprus in early 2013. And if some part of the network goes offline for some reason, the money keeps on flowing.
2. It's easy to set up
Conventional banks make you jump through hoops simply to open a bank account. Setting up merchant accounts for payment is another Kafkaesque task, beset by bureaucracy. However, you can set up a bitcoin address in seconds, no questions asked, and with no fees payable.
How do I fund my bitcoins wallet ?
It's easy to fund a wallet here are a list of trusted website which you can purchase bitcoins from.
>> Bitpanda
>> Luno ($60 minimum account funding)
>> UFX
Conclusion:
Like your physical money, bitcoins too can be invested online, a lot of people have become millionaire's with the use of btc, there are tons of website out there you can associate with by signing up as a member, then get your bitcoins to start working while you are sleeping. I will be updating wisdomx13 viewers on how to grow your bitcoins, and withdraw btc on your local currency directly to your local bank account.
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