Bitcoin is the first decentralized online currency. Compared to other alternatives, bitcoins are digital coins that are sent online and can also be used to purchase things electronically. What makes bitcoin different from other currencies is the fact that no institution controls this network. This puts most people at ease since no bank is involved to control your money.
Let us have a look at how bitcoin works. There are many currencies available where you can obtain your coins from Dollars, Yen, Eros or more. After you get bitcoin, they will be kept in your account and you can access it through your mobile device or computer. Sending bitcoin is as easy as sending any other thing online like email and you can purchase anything with bitcoin. After your transaction is verified, they are put on record in a clear public ledger.
The benefits of using bitcoin are:
- It is easy to transfer bitcoins directly from one person to another via the internet without necessarily going through the bank
- The charging fees are much lower compared to banks
- You can use bitcoins in any other country worldwide
- Unlike other financial institutions, your bitcoin account can’t be frozen
- There aren’t prerecords limits.
- It is easy to set up
- It is decentralized
- Very fast
- It is non- repudiable
Bitcoins open up a unique platform for innovation, the software is a complete open source and any user is allowed to review the code. Bitcoin is evidently changing finance the same way website change publishing because when everybody has access to an international market, great ideas will flourish. Bitcoin is one of the best ways for businesses to reduce transaction fees since it doesn’t cost anything to start accessing them, they are easy to set up, no chargeback plus you will get an additional dealing with the bitcoin cost-cutting measure.
Who created bitcoin?
Bitcoin was created back in 2009 by Satoshi Nakamoto who was a software developer that based this electronic payment system on a mathematical proof. The intention was to develop an independent currency of any central authority that is transferred instantly and electronically.
Are bitcoins printed?
Bitcoins are not physically printed. They are digitally created by a group of dedicated individuals that anyone can join. Bitcoins are mined by means of computing power in a disseminated network that will also precess transactions that are made with an effective currency which makes bitcoin its own payment system. Bitcoin is simply based on mathematics
At xCoins.io you can buy or sell bitcoins using different currencies at a very good profit. all you need is to verify your xCoins.io account, and fund it. People can transfer bitcoins instantaneously to each other using their computers or mobile apps; it is similar to transferring cash digitally and they will be stored in your digital wallet which exists on a user’s computer. Digital wallet can be defined as a kind of an effective bank account which allows customers to buy or send bitcoins, pay for goods and services, or even save their money. Bitcoins wallets aren’t insured by the FDIC unlike bank accounts