View: 423
Want create site? Find Free WordPress Themes and plugins.

Bitcoin is a form of digital money – also known as cryptocurrency that is free from the influence of any bank or governing authority. Bitcoin is used to make transactions anonymously on the global scale. The currency was created by a group called Satoshi Nakamoto and first came into circulation in 2009. The identity of group members is still unknown.

The usage of Bitcoin is increasing and the number of people making Bitcoin transactions is growing each day.

If you are one of the people who feel fascinated by this form of money and want to discover more about it, here are some intriguing Bitcoin facts for you.

Bitcoin facts:

There Is No Authority to Control This Currency:

You might be surprised to know that there is no entity that controls Bitcoin. The general concept of money is that it is controlled by a bank or other concerning authorities. But this is not the case with Bitcoin. The currency is autonomous from all sorts of regulatory authorities. The only person who can control the coins is the one who owns it.

Bitcoins Are Finite:

As bitcoins are not printed into cash or molded into physical coins, most people think that there should be an infinite number of bitcoins in existence. But this is not the case because if it were true, the coins would lose their worth. In order to keep them worth having, bitcoins are kept finite. The exact number of existing bitcoins is 21 million.

Bitcoin Has No Set Values:

There are no set values on Bitcoin. In fact, how much a bitcoin is worth depends on the popularity of the currency. The more people use it, the more it appreciates in value.

Bitcoin is Transparent:

Bitcoin is completely transparent in terms of transactions and amount. Each and every detail related to a transaction is available on blockchain. This openness, as a result, induces trust and security among the Bitcoin users.

Bitcoin Mining:

In Bitcoin mining, the users are supposed to solve mathematical problems using a specialized software to verify transactions around the globe. The users in return, are paid if their efforts were successful.

Want to learn more about Bitcoin mining, read our guide on what is Bitcoin mining and how does it work.

Bitcoin Transactions Are Irreversible:

The Bitcoin transactions are irreversible and a user can never be forced to pay. Once the bitcoins are paid, there is no way to revoke the transaction or force the receiver to pay back your coins.

It Costs Little to No Money to Make a Transaction:

Bitcoin transactions cost little to no money. There are no taxes on the currency and it doesn’t matter to which part of the world you send the money, there are no cuts on transactions and the receiver gets the exact amount that was sent to him.

Lastly -Bitcoins Are Stored in Digital Wallets:

Bitcoin wallets are equivalent to bank accounts for real cash. These wallets are used to store, withdraw and transfer bitcoins from one wallet to another. The wallets are protected by a security key and only the owner can know about it until he reveals it someone else.

Tags: digital currency bitcoin

Did you find apk for android? You can find new Free Android Games and apps.

One thought on “Bitcoin – What Are Some Intriguing Facts About the Most Popular Digital Currency?

Leave a Reply

Type Comments Here

Your email address will not be published.

Share Your Toughts

View: 561

What is a Hardware Wallet? (or How to Make Your Cold Storage Hot)

Want create site? Find Free WordPress Themes and plugins.

Did you find apk for android? You can find new Free Android Games and apps.
View: 567

The Beginner’s Guide About Bitcoin Wallet

Want create site? Find Free WordPress Themes and plugins.

Guide About Bitcoin Wallet

A Bitcoin wallet address is equivalent to a bank account for tangible cash. In bank accounts the money is deposited, withdrawn and transferred to other users. Same is the case with bitcoin wallets. These wallets are used to store/withdraw bitcoins and transfer them to other users. There are three major types of bitcoin wallets: web wallets, software wallets, and mobile wallets.

Web Wallets:

Also known as “eWallets” or “browser-based wallets”; web wallets are the easiest to protect and give you complete freedom to use/obtain bitcoins.

Some of the examples of web wallets are:

  • BitGo
  • BlockChain
  • Green Address
  • Hive

Software Wallets:

Software wallets are installed on your PC. The users have complete control over Software Wallets and are responsible for bitcoins’ protection and backups.

Some Examples of Software Wallets:

  • Armory
  • Bitcoin Core
  • Electrum
  • Green Address

Mobile Wallets:

The users with Mobile Wallets have the freedom to store bitcoins on mobile devices. Mobile Wallets are simple and easy to use while transferring coins. All a user has to do is to scan the QR code using “tap to pay”.

How Do Wallets Work?

Each Bitcoin wallet comes with a private key. The key allows a user to spend the coins. It’s usually the owner only who knows about the key. However, if you are not careful enough with protecting the key, there is a huge chance that someone else will be able to figure it out and spend your coins.

What Are Some of The Tips to Keep My Bitcoin Wallet Secure?

As mentioned above, the key-protection should be your top priority while using online Bitcoin wallets. Otherwise, someone else could easily hack into your account to steal your coins. To make sure your wallet is well protected, follow the tips given below.

Strong Password:

Weak passwords are easy to crack. There are several programs that run different patterns, names, and combinations to crack these passwords. To make sure your password is resilient to these attacks, do not use commonly used patterns or names. Instead, go with the strings of random letters, numbers, and symbols.

Multifactor Authentication:

Multifactor Authentication is an additional security authentication to your password. This could be something like a favorite quote, secret question or a captcha.

Private Key Encryption:

Encrypt your private keys. A private key in plain text is easy to guess and easy to access. So, make sure your key is encrypted.

If Possible – Use Open Source Software:

Use open source software where possible as it gives you the freedom to review the source code and ensure it does what it says.Moreover, an open source software is quick to fix the security laps than closed source software. A good example of open source software is Linux which is used by most of the world’s financial system.

Lastly – Keep Backup of Everything:

Keep backup of your private keys and every single information in your wallet. Having a backup is of great significance. If your data is only stored in one hard-drive, and the drive dies, the information will be lost for good.

Learn how to backup your Bitcoin wallet.

Did you find apk for android? You can find new Free Android Games and apps.
View: 801

Buying Bitcoins with PayPal through Paxful and Cryptonit

Want create site? Find Free WordPress Themes and plugins.

Paxful and Cryponit are two of the best platforms to buy Bitcoin with PayPal. The process of buying Bitcoin with Paypal through Paxful and Cryptonit is almost similar to buying from LocalBitcoins. LocalBitcoins is a platform for purchasing/selling bitcoins with the lowest exchange rates and reliable users.

 

Buying Bitcoins with PayPal through Paxful and Cryptonit

 

The sellers have to pay a 1% commission fees to the platform that facilitates this exchange.

Like other P2P platforms, it follows a set of sales rules as well but, if you have a good user reputation, these requirements are lower.

Before you purchase anything, it’s better to make sure that the user has good reviews from other buyers.

The process of buying Paxful bitcoins is simple:

  1. Create an account
  2. Choose your amount and a payment method
  3. Select your seller- You can choose one yourself or let Paxfuldecide the best one for you.

Next, you’ll be sent to an online chat room with the seller to finalize your deal. The seller’s bitcoins are sent to Escrow and soon after you mark that the payment has been made, the bitcoins are released into your account. However, you must seal the deal within the time limit given or it is auto-canceled.

Buy Bitcoins With PayPal Through Cryptonit:

Cryptonit is another platform that enables you to buy Bitcoin with PayPal instantly. Cryptonit is a UK-based company and was founded in 2012. It is a cryptocurrency exchange that allows you to deposit money using PayPal, Visa/MasterCard, Skrill Western Union, MoneyGram, and many other options.

However, it requires a verification process in order to qualify for PayPal deposit to buy bitcoins.

The steps following the process are:

  • A copy of the government issued photo id.
  • An address verification document such as utility bill or rental agreement.
  • A photo of you holding these documents/ skype video call with someone from Cryptonit.

Verification will take around 12 hours on weekdays. After it is completed, just go to the “trade” tab, choose the suitable currency pair, and enter how much you want to buy.

Buying Bitcoins with PayPal through Paxful and Cryptonit

Final Word:

All in all, Cryptonit is a trustworthy option. It offers a safe environment so that you can serve your needs and minimize the risk of theft.

Please take a look at the following infographic for a better understanding.

 

 

 

Did you find apk for android? You can find new Free Android Games and apps.
View: 636

New Method makes me $140 USD in BITCOIN in two minutes at BURSTCASINO.com

Want create site? Find Free WordPress Themes and plugins.

Did you find apk for android? You can find new Free Android Games and apps.
View: 569