All You Need to Know About Bitcoin

All You Need to Know About Bitcoin

Education
Bitcoin is an extremely safe and reliable, software-based online payment system. To keep things simple, we can just look at it as a form of digital currency. Bitcoin is not a payment system but it’s actually like money. Digital money, to be exact. Just like real money, it can be exchanged for goods and services. To understand how bitcoin works, you will need to understand the components that make bitcoin what it is. Firstly, it is digital. There is nothing to see or hold. It is not tangible like paper currency or coins. Secondly, it is peer-to-peer based. That means you are in total control. There are no banks, third parties or intermediaries to take a chunk of your bitcoin as fees. You send your bitcoin directly to the person…
Read More
The Pros and Cons of Bitcoin

The Pros and Cons of Bitcoin

Education
Bitcoin is one of those things that you either have a good idea about or you’ve heard of it but have no inkling what it really is. The media has not really mentioned bitcoin really is. In simple words, it’s a digital currency and a payment system. A two-in-one online currency solution that is gaining popularity all over the world. In this article, we’ll examine the pros and cons of bitcoin. At the end of the day, you will need to decide for yourself if bitcoin is your cup of tea. Whatever your decision may be, bitcoin is here to stay and is gaining popularity with more and more people accepting it around the world. Let’s look at the pros first. 1. Low transaction fees Fees charged by online payment…
Read More
Protecting Your Bitcoins from Loss or Theft

Protecting Your Bitcoins from Loss or Theft

Education
Just like traditional currency, bitcoin too can be lost or stolen. It is crucial to take steps to protect your bitcoin or you may end up in a situation where your bitcoins are coin and there is absolutely no way to get them back. You can’t go to the police because unlike normal theft or burglary, most police are not equipped to handle digital theft, etc. Prevention is better than cure. Follow the steps below to safeguard your money. The number one reason people lose their bitcoins is through carelessness. Bitcoins are kept in a digital wallet. There is an encryption and a password. If you commit the password to memory and forget it later on, it is impossible to recover the bitcoins. This has happened to many people and…
Read More
So Many Ways To Buy Bitcoins

So Many Ways To Buy Bitcoins

Education
Bitcoin is the latest and hottest online payment system that the internet savvy community is raving about these days. It is a topic that the general layman is not really aware about and does not really understand due to its steep learning curve. It is a digital currency and payment system that is secure, private and very simple to use once you know how. It is not regulated and is becoming more and more valuable with each passing day despite the fluctuations. Some people hoard it as a form of investment. Others use it to purchase items discreetly since total privacy is a bitcoin benefit. Whatever the case, in order to use bitcoins, you must first acquire them. That’s what this article is about. Before even getting any bitcoins, you…
Read More
How Bitcoin Prevents Double Spending

How Bitcoin Prevents Double Spending

Education
To understand how bitcoin solves the double spending issue, you need to know what double spending is. It’s a pretty simple concept to understand and this problem only exists on the internet and not in the real world since you can’t double spend with traditional currency. Wikipedia states that double spending is, “a failure mode of digital cash schemes, when it is possible to spend a single digital token twice. Since, unlike physical token money such as coins, electronic files can be duplicated, and hence the act of spending a digital coin does not remove its data from the ownership of the original holder.” So, what does this mean? Let’s look at this scenario. You visit a store to buy a book. You have ten dollars in your wallet and…
Read More