Have you ever wondered about the Bitcoin? And where cryptocurrency suddenly came from? In this article, we explore the journey of the bitcoin and behind its creation.
What is bitcoin?
Currently, the worldwide interest in bitcoins has grown. So, it will become necessary to understand the base of bitcoin. Bitcoin and its alternatives are all based on cryptographic algorithms which can be encrypted. This makes the currency decentralized giving ownership to the people. Bitcoin is a form of virtual currency which stores its money own, no one controls it and forms a decentralized, peer-to-peer, worldwide payment system. Bitcoin is not printed like dollars, rupees, euros. They are produced by people and increase business, running computers all over the world.
People can transfer bitcoin to each other by using smartphones or their computers. It is similar to transferring money digitally.
Landmark feature of a bitcoin is that it curbs the probabilities of fraud and identity thefts and hence it is considered as the safe mode of storing money. Bitcoins provide the buying of products and services online, as well as transferring money.
Why Bitcoin is Better than other Currency?
Few benefits of using bitcoins which make it better than any other currency:
Bitcoin is peer to peer and Isn’t Controlled by a Central Authority
Bitcoin allows exchanging value over the internet without any central authority or third-party and gives its users to access their balance through a password known as a private key. So it’s private, secure and at the same time open. all payments are peer-to-peer (P2P) and are settled in about 10 minutes – unlike credit card payments, that may take much time before they’re finally settled.
Bitcoin is most trusted and purchased by peoples than other cryptocurrencies. There is no way of duplicating a bitcoin, not like cash.
Less volatile than cash
Bitcoin has worldwide acceptance and is less volatile than cash / local currency. Due to this feature, it becomes easier to conduct transactions across boundaries and online.
Bitcoin is Simple to Set Up
In the bank, you go through a long procedure to set up a record including credit checks and dealer records and much more of that. But with bitcoin you can make an address in seconds, no charges problems, no credit checks problems, and no dubious inquiries to reply. Earlier you contributing, check the current bitcoin cost.
Take Less Transaction charges
It takes less transaction charges for bitcoin payments in comparison to the ones made for credit and debit card purchases. It helps small business ventures who don’t often sell their services or products internationally because of the high transaction fees. With the Bitcoin, the usual transaction fee is a couple of percents and you can even pay less if you’re not in a hurry to do the transaction.
How to Buy Bitcoin?
Create a Coinbase account
You have to visit coinbase.com to create your account where you fill the basic details like first/last name, email id and password and select the checkbox after that click on the signup button.
Phone verification is required to keep the community safe. It adds an additional layer of safety by means of ensuring nobody can access your account without knowing the password or holding your phone however you can access your account information. Scroll down the dashboard page and click verify your identity block.
Select your payment method
CoinBase allows both bank account and also credit or debit card transfers for payments.you have to link your account before do trading. Now Back on the dashboard, scroll it down and you have to click “Add a payment method”. Use your credit or debit card to buy bitcoin because it takes less time than a bank transfer and within the small fee. Go through the card authentication process and now you are ready to buy your first Bitcoin.
Buy your Bitcoin
Go and click “Buy/Sell” option on the Top Menu and also ensures “Bitcoin” is selected and your payment method should be pre-loaded.
Once you’ve made your purchase, your Bitcoin will be stored in your Coinbase wallet. Sending and receiving of Bitcoin is all managed by your Coinbase Bitcoin account. So starts trading with bitcoin and know more about it.
Who is Satoshi Nakamoto?
The greatest mystery in the tech world today is not how bitcoin works, but who is behind its creation.
Satoshi Nakamoto is the inventor of bitcoin but nobody knows the true identity of Satoshi Nakamoto. Some said he can be a person or group of team members who were involved in the development of bitcoin. Also claimed that Satoshi Nakamoto is a citizen of Japan. We don’t know him exactly but we know what he did for us. In 2009 he introduced the first unit of cryptocurrency known as bitcoin.