Things have already started moving from the real
world to the virtual one. From the era of credit and debit cards, there came
net banking and now monetary transactions have gone one step further with the
introduction of bitcoins.
What does Bitcoins mean?
This was an online monetary system introduced in the
year 2009. The main aim of this kind of a system is to ensure easy and hassle
free monetary transactions amongst individuals, merchants, businessmen and all
those who have to make monetary payments on a regular basis.
The capital ‘B’ and small ‘b’ in Bitcoins and
bitcoins are not the same. The only difference is that the former is the entire
system which includes the latter as a small unit of transaction. So like you
would say “I bought this for so and so many dollars”, you can then say “I paid
so many bitcoins”.
Where to start from?
One essential term you
need to know while getting started with bitcoins is ‘wallet’. This is commonly
used in all the transaction, and a bitcoin wallet is just like any other wallet
might have, but just virtual. This can be compared to having some kind of app
on your phone. This bitcoin wallet can be downloaded with the help of a
software wallet on your phone; computer or you can even use it online. Once you
log in and get your own wallet, your next step is to get bitcoins.
How does one get
bitcoins?
Bitcoins are priced at
a certain price in correspondence to regular currency of each country. It is
like investing in forex, that you buy them at a certain price. To get more
coins, you need to carry out transactions. You might think that this part is
slightly tough, but if you are aware of these three basic ways, it is very easy
to get bitcoins-
- If you are a seller, allow bitcoins as a mode of payment.
- You can do selling and purchasing of bitcoins through Bitcoin exchanges. These exchanges are online markets for bitcoins dealings.You can also exchange the bitcoins for getting other currencies of various countries.
- To get started, start with the exchange. Once you register, provide the required information like your identification, personal details, bank details, you can then convert your country’s currency into bitcoins.
Is buying
bitcoins safe?
Bitcoins is not yet a
legal system everywhere and is known as cryptocurrency. But many merchants have
this mode of payment as an acceptable form. The reason why people prefer using
bitcoins is because it is an extremely easy process. You also do not have to
pay extra money for conducting these transactions as a seller.
The entire bitcoins
transactions are immediately entered into an online ledger called as
blockchains. That means that each bitcoin is being registered and kept a tab
on. The process is absolutely transparent and there is absolutely no chance of
forgery or fake transactions.
All these facts reveal
that local bitcoins are going to be soon the favourite of all those who
deal in heavy amounts and do not wish to have hard cash or card transactions.
It is a great revolution in the world of currency.
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