Bitcoin is a digital currency which is completely new and it has created a huge buzz around the world. Bitcoin is an anonymous form of payment and it has taken the world by storm. You might be thinking what bitcoin is, let me tell you.

First of all, we need to understand that Bitcoin is not a currency but a virtual currency. It is the only cryptocurrency which is decentralized. Decentralized means that the system doesn’t have any central authority or a single point of failure.

Bitcoin is a digital currency and it is based on cryptography. Cryptography is used to secure the transactions and they are completely anonymous. We cannot trace the money to its source.

So, how can you use it?

The first thing is that you can send any amount of money anywhere in the world. The transactions are completed within seconds and the value of the transaction will be displayed on your screen. You don’t need to worry about bank account verification, because you don’t need any bank account for the transactions. All the transactions are verified by the miners and if your transaction is not verified then your transaction will not be complete. So, when it comes to sending money online then it is the best option.

Once you create your account, you can start buying bitcoin and other cryptocurrency. To get started, you can follow these steps:

Download the Coinbase wallet application on your mobile device and register your bank account with them. Once done, sign up for an account with ShapeShift.io, which is another great way to get started using bitcoin.

Once you have created your account and connected it to your bank account, you will need to deposit some money into your account. You can do this by visiting your bank’s website or by transferring money from your checking or savings account into your bank account.

You can also buy bitcoin at a local store or online through a digital currency exchange, like Coinbase.com or Gemini.com

Is it safe to use?

It is completely safe to use Bitcoin. If you have a regular bank account then you can transfer money from it to the bitcoin wallet. The wallets can be created on a computer or mobile phone. If you have a smartphone then you can easily create a bitcoin prime wallet using Coinbase, Blockchain or Mycelium. These three companies have wallets which are very easy to use. You can also get the bitcoin wallet in Google Play Store.

Why is bitcoin in demand?

Bitcoin is in demand because of the following reasons:

- It is anonymous and secure.This is why it is preferred over the credit cards and debit cards.

- It is free and you don’t need to pay any transaction fee. The transactions are verified within seconds by the miners and this makes it easy and affordable.

It is completely decentralized and no single point of failure exists. It is a peer to peer network and there is no central authority for the transactions.

Can bitcoin be converted to cash?

When you hear the word Bitcoin, the first thing that comes to your mind is digital currency, but it has more than just that. It can be used as a currency for other purposes like buying groceries or even for investing.

Bitcoin was introduced in 2009 by Satoshi Nakamoto, a group of cryptographers who were not from the computer science world. Satoshi Nakamoto designed it for better payment system and transaction, which makes it different from traditional banking and financial institutions.

Conclusion:

Bitcoin is a completely new form of payment and it has created a huge buzz around the world. If you want to know more about bitcoin then you can visit the website and follow all the guidelines. I hope you liked the post and you can share it with your friends.