August 26, 2014 in Computers and Technology
Bitcoin is the first decentralized digital currency. It is a software-based online payment system. Bitcoins are digital coins that individuals can send to one another through the internet. Bitcoins are directly transferred from person to person instead of having to first go through a bank or clearing house. This is an advantage because the fees for transferring are much lower. Also, you can use them in any country. In addition, your account cannot be frozen and there are no pre-requisites or arbitrary limits. There are several currency exchanges that exist where you can buy and sell your bitcoins for dollars, euros and other currencies. All of your bitcoins are kept in a digital wallet on your computer or mobile device. Sending your bitcoins is as easy as sending an email. Also, you can use your bitcoins to purchase anything from coffee and food, to electronics and cars.
In addition, the bitcoin network is secured by individuals that are referred to as miners. Miners are rewarded with newly generated bitcoins after they verify each transaction. After transactions are verified they are recorded in a transparent public ledger. Bitcoin opens up a completely new platform for innovation. The software for bitcoin is a fully open source and anyone can go in and review the code. It is on its way to changing the way people consider handling their finances. In addition to this, bitcoin can give you complete control over your money along with a good foundation to protect yourself from many types of fraud. As long as you take the correct steps to protect your wallet, no one will be able to charge you money or make a payment your behalf. Bitcoin is becoming the simplest way to exchange money as an extremely low cost.
Bitcoin is a community controlled system that is not run by any bank or government. It allows people to be one hundred percent in control of their money. Bitcoin gives people the secure feeling of knowing they can make payments without attaching any personal information to it, making it near impossible for anyone’s identity to be stolen. When everyone has access to a global market, there is a excellent chance that wonderful ideas will flourish.