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What is Bitcoins: Everything you need to Know?


what is bitcoins

What is Bitcoins?

Bitcoin is a cryptocurrency that was founded in 2009 by an anonymous man known as the alias Satoshi Nakamoto. Transactions are made without any intermediate node neither bank nor humans! There are neither transaction fees nor require your real identity. More retailers are started to accept them. Using BitCoins you can buy anything you want from simple things to properties.

Use of Bitcoins

Bitcoins can be used to buy stock without giving your original identity. Using BitCoins global payments are simple and inexpensive because bitcoins are not the centralized currency of any country. You can do BitCoins transactions in various apps like Coinbase, Bitcoin wallet and you can buy bitcoin with credit card. Nowadays everybody wants to own bitcoins as they are top of in cryptocurrency and their value get increased day by day.

You can use Bitcoins without having the technical knowledge. just you have to signup in Bitcoin Wallet, install a Bitcoin wallet on your computer or Smartphone, it will create your first Bitcoin number and later you can create as much bitcoin as you need for future. You can expose your addresses to your colleagues so that they can give you BitCoins or you want to give them. This is a simple process, In simple words, it is “Exchange of BitCoins”.

There is lot of questions why to use bitcoins,

Bitcoins Fast Transactions

When you do transactions traditionally, generally it takes some time and if you are using demand, draft or cheque then surely it will take a couple of days. because the bank has to verify each and every detail of your identity and your account. Similarly, international wire transfers can take a relatively long time. Bitcoin transactions, however, are generally far faster.

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Bitcoins transactions took very less time because you do transactions through your mobile and BitCoins less verify your identity. Bitcoins don’t want to know who are you? or where are you from?

Is BitCoins Decentralised?

Whenever Bitcoins are explained, generally most people say “Bitcoins are decentralized”.

BitCoins is a decentralized currency, so no any government can take it from you. Recently many governments think to adopt bitcoins and some of want to banned bitcoins because of unusual growth of bitcoins and they can be used in spam activities like previously Ransomware demands money for decryption of file.

BitCoins Mining

We always have a question in our minds: Where to buy bitcoin?, Where actually bitcoins are generated and where it comes from? As Bitcoin doesn’t have a central government so it is difficult to know where actually bitcoins come.

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With Bitcoin, miners use specialized software to solve math puzzles and are issued a definite number of bitcoins in change. This gives a quick way to dispense the currency and also produces an incentive for numerous characters to mine.

Is BitCoin Secure?

There are lots of malware attacked bitcoins, but nowadays it becomes secure and hopes day by day it will become more secure!