What is BitCoin
Bitcoin ReviewBitcoin is the king of cryptocurrency. To know more about bitcoin please read the full review.
Introduction
Bitcoin is a virtual or digital currency. A new kind of Money (currency) It is an invisible currency which you can’t touch. It always can be seen by you with your computer and mobile but you can’t touch it. But yes, you can widraw your bitcoin in your own local currency via bank or via ATM. Bitcoin is easily transferable from one person to another or peer to peer. It does not need any kind of approval from any person or authority. It’s a decentralize platform.
The mistake is not allowed in this field of Crypto World. Because it’s a decentralized platform nothing can be in control of human power. Once you send, means you send, you can’t get them back. So please be careful while sending your bitcoins. All things works in Chains. And the name of that chain is BLOCKCHAIN.
What is Bitcoin?
Bitcoin is a digital currency, which is decentralized without having any central bank. No human power is required/needed to regulate it. It’s the sole administrator of its own. It can send your money from one person to another person , peers to peers.
To understand more about let’s break this word into 2 parts Bit-Coin. We all know that Bit means small, tiny and coin is a coin. So let's compile it like, Small Coin or Tiny Coin. So you can also buy it in smaller amount. I. e points. Bitcoin is the one of the best and the biggest innovation in the history. Bitcoin is a digital or virtual currency. It was invented by Statoshi Nakamoto in 2009. It was made for claim reward called mining. It transfers money from one place to another without having high charges like any bank and services. Actually Bitcoin is the king of crypto currency. It is ruling in the crypto market for many years, which you can use to send money from one place to another with low fee and fastest transaction within minutes or seconds. When bitcoin was launched was for only 0.003 Usd price per 1 BTC. But now you can see its price is more than 6k Usd. It reached more than 20k Usd in Nov 2017. The best part is, whatever the price of bitcoin is, but still you can buy it with your required amount. you have only 100USD..
Example: If price is 6000 USD and you want to buy for 100 USD you will get Don’t need to wonder you can buy it in points amount of BTC . To understand, please see he following formula.
Formula:
The simple formula is:
Amount of purchase/Total price of 1 BTC =Amount of BTC purchase
100/6000= 0.0166666666666667
= purchased amount of BTC is = 0.0166666666666667
So you will get 0.0166666666666667 BTC for your 100 USD.
Supply
Bitcoin is the king of crypto currency. The total supply of Bitcoin is 21,000,000. With the circulating supply of 17,355,325 BTC. Due to its limited supply and demand it reached 20k Usd by NOV 2017. Still Bitcoin has its heights price in cryptocurrency (coin market cap).
Benefits of Bitcoins
There are some various benefits of bitcoin are as follows.
Secure to use (don’t worry about, someone hack your credit card information etc.)
When you use your credit card there are is lots of insecurities , like someone can hack your creditcard pin , identity and many more. But in this bitcoin case you don’t need to worry about it. Because it saves for giving these kind of things.
Time saving: It is time saving because, It’s transaction is very fast from any bank and any other financial institute.
Shopping: Now in these days you can do shopping online from it. In Japan and many other countries you can buy coffee and many other eatables from bitcoin.
Investment: You can invest money on bitcoin through various many exchanges as well as invest in other crypto currencies to earn some handsome profit.
How to Buy and Sell BitCoin?
There are many exchanges in the market. If you want to buy, you can buy from them. As well as you can bitcoins from an ATM. Many countries have ATM Machines of Bitcoins. E.g Canada, UAE, Europe, Etc, Not only buys you can sell bitcoin also on various exchanges and withdraw your money via bank or ATM machine.
Bitcoin Wallets: Bitcoin wallets can be downloaded from google play store, where you can save your bitcoins. These wallets are not insured, but yes, you can also create your bitcoin wallet in block chain.