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What is a Bitcoin?
Bitcoin is a decentralized digital currency, which is owned by nobody. Government has no control over bitcoin. It uses peer to peer networking and cryptographic proofs to operate the bitcoin system.
It is controlled and makes it fraud free by recording transactions in block chain, an open history record, and once they are validated with a proof of the work system.
The bitcoin exchange network began operation in 2009 and the idea involves virtual currency which has no connection to the government regulated currency. The Bitcoin system has a few advantages like:
- It is less expensive to operate in the bitcoin market and uses this virtual money.
- It can easily be transferred instantaneously all over the world and there are no transaction fees. Moreover, you can also use it and able to transfer it anonymously as well.
- Like other currencies, the quantity of this virtual money is fixed and no one has the right to make new Bitcoins. However, people can mine Bitcoins, but there is a limit to it and mining Bitcoins is not very cheap.
- Bitcoin is an independent currency and no organization has any control of it
- It is a democratic currency.
- It’s the digital equal of something worthwhile.
As it uses the digital medium, it can become a lot more valuable than gold.
No doubt in the fact that bitcoin trading is slowly taking the concept of trading by storm. There is some propaganda, which claims that bitcoin trading may be dangerous and hard, but honestly, it is a lot better to get bitcoins, easier still than you think bitcoin money it is.
How to Get Bitcoins
Below are a few basic steps to get bitcoin:
1. Create A Bitcoin Wallet
First of all, you need to look for an e-wallet. Bitcoin wallet is a program or website that is used to store or hold bitcoins to make transactions. It can be basically a store or even a provider that offers software where bitcoins can be purchased, stored, and traded. You can actually run it using your laptop, laptop, and also smartphones.
2. Get a Bitcoin Wallet
Next, you have to register with an e-wallet. You will create a free account that will let you store your bitcoins. The e-wallet trader will give you a chance to convert your local currency into bitcoin. Therefore, the more local currency you have available the more bitcoins you can purchase in the current bitcoin value.
3. Connect Your Bank Account with Your Bitcoin Wallet
After signing up, the trader must link his bank-account with his trading account. For this reason, some verification steps have to be performed. After the verifications are completed, you’ll be able to start purchasing bitcoins and get started.
4. The Buying & Selling of Bitcoin
As a newbie, once you’re done with your first purchase, your bank account will be debited and you will get the bitcoins. Selling is completed just like the same way purchasing is performed. Keep in mind that the price of bitcoin changes time from time. The e-wallet you’re using will reveal the current exchange rate, or the bitcoin conversion rate. You should know about the rate before you buy.
5. Mining bitcoin
There’s one other way through which you can get bitcoins. This method is known as mining. Mining of bitcoins is like discovering gold coming from a mine.
However, as mining gold’s time consuming and a lot of effort is required, this is exactly the same in the case of mining bitcoins. You will need to solve a number of mathematical calculations which might be developed by computer algorithms to win bitcoins at no cost (free).
That is almost impossible for the newbie. Traders need to open a number of padlocks in order to solve the mathematical calculations. In this procedure, there is no need to involve any money to win bitcoins, as it’s simply brain-work that allows you to win bitcoins for free. The miners have to run software as a way to win bitcoins with mining.
Bitcoin is a digital currency that is certainly not going away soon for a long time. Since the introduction of Bitcoin by experts, the trading of bitcoin has increased and it is increasing even every day. The value of bitcoin has also increased with its popularity.
It is just a new form of currency, which many traders find attractive due to the earning potentials. At certain places, bitcoins are even getting used for buying and selling of commodities. Many online retailers are accepting bitcoin for real time purchases too. There is a lot of scope for bitcoin in the coming era, so buying bitcoins won’t be a bad option in Nigeria.
I expect that as bitcoin grows more acceptable and valuable, we’re going to see a new version of the online bitcoin scam. So the warning is that this: we now have exchanges along with other businesses that allow for moving money easily onto and away through exchanges. Never wire money for bitcoin.