This is the Guest post from my Friend Mudassir Iftikhar, who is highly competing youngest blogger. Mudassir shares interesting facts about Bitcoin Currency. Hope you enjoy the read. Over to you my Friend Mudassir
What is Bitcoin? And Some Facts about Bitcoins
This is the post, especially for those people, who don’t know what is Bitcoin and if you know what is Bitcoin then you should also need to read this post because I’ll also tell you about some important facts about Bitcoin.
Following Topics, I covered in this Post
- What is Bitcoin?
- What is Bitcoin Wallet?
- How to Get Bitcoins?
- Advantages and Disadvantages of Bitcoin.
So let’s start it
Some non-tech people still don’t know what is Bitcoin and even some people are thinking that Bitcoin is Coin like a Penny. So that’s why I’m covering this topic.
What is Bitcoin ?
There are many currencies are in the world like Dollar, Euro, Japanese Yen, Indian Rupee and Pakistani Rupee and maybe one of them is present right now in your pocket. But Bitcoin is not like that because this is not only a currency Bitcoin is a cryptocurrency.
And another strange thing is that we cannot touch this currency. Bitcoin is just stored electrically in your virtual wallet.
Bitcoin is not controlled by any centralized authority, bank, or government. It was invented at the end of 2009 by Mr. Satoshi Nakamoto and since then Bitcoin becomes a very popular cryptocurrency.
At this time, Bitcoin Value is 10990.00 US Dollar and it is not fixed it fluctuates with the time because it doesn’t control by any bank or government. It doesn’t mean that you have to buy 1 Bitcoin. The smallest unit of Bitcoin is Satoshi and 100,000,000 satoshis are equal to 1 Bitcoin. So if you want to buy Bitcoin then you can also buy few satoshis.
What is Bitcoin Wallet?
In order to store Bitcoins then you need Bitcoin Wallet which is also virtual. There are lots of applications, software, cloud-based wallet are available. You just need to create an account out there. So what Bitcoin Wallet does?
It provides us with a unique address because when we mine or want to transfer Bitcoins then we need that address which will help us to receive Bitcoins.
- It provides a unique address.
- Help us to send and Receive Bitcoins.
- It Helps us to Buy and Sell Bitcoin.
- Help us to transfer money to local accounts.
How to Get Bitcoins?
- Buy Bitcoins through local currency.
- Accept Bitcoins for Service.
- Earn Bitcoins from web or app.
- And Most Important By Mining.
What is Mining?
It is most important because new Bitcoins come into circulation by Bitcoin mining.
If I want to send or transfer 2 Bitcoins and this transaction will verify and those who verify transactions are called miners and miners have a high computer with a high processor. They are verifying that is there any cheating or scam in the transaction or not and then miners get few Bitcoins as a reward. This process is called Mining. If you have heavy computer and high processor then you can also start Bitcoin Mining
If you are lives in that country where electricity is expensive then Bitcoin mining will not profitable for you because those computers need lots of electricity.
Lots of people are mining Bitcoin from all over the world and you can also earn Bitcoin in Pakistan and India.
Advantages of Bitcoin
- Very Low Transaction Fee.
- You can send Bitcoin Globally.
- Account can’t be frozen.
- Long Term investment in Bitcoin is beneficial.
- Your Privacy will remain hidden.
Disadvantages of Bitcoin
- Uncontrolled Fluctuations.
- The account can be a hack and there is no authority where you complain.
- Bitcoin is still not completely Secure.
- Shortage of electricity. As I mentioned in above in Bitcoin mining lots of electricity are needed.
So, guys, these are all basic information about Bitcoin. If you like is post then share this knowledge with your friends as well.
Thanks, To Read