All About Bitcoin

All about bitcoin

Bitcoin is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.The Bitcoin Foundation is a nonprofit organization aiming to make it’s a globally accepted method of exchanging and storing value without third parties.

All About Bitcoin
All About Bitcoin

What is Bitcoin ?

Bitcoin is a cryptocurrency, a form of electronic cash. It is a
decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer it’s network without the need for intermediaries.
 

How to get Bitcoin

You can get bitcoins by accepting them as a payment for goods and services or by buying them from a friend or someone near you. You can also buy them directly from an exchange with your bank account.

Some Ways:

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Mining:  BTC mining is the processing of transactions in the digital currency system, in which the records of current transactions, known as a blocks, are added to the record of past transactions, known as the block chain.

Purchase: If you have a wallet, you can use a traditional payment method such as a credit card, bank transfer, or debit card to buy Bitcoins. The purchased amount are then transferred to your wallet. The availability of the above payment methods is subject to the area of jurisdiction and exchange chosen.

Exchange: BTC exchanges work as similar to banks. One first deposits amounts of money in the currencies supported by the exchange, to his own account in the exchange, uses these balances to trade with other users of the exchange and then withdraws that money.

Faucets: Faucet is a reward system, in the form of a website or app, that dispenses rewards in the form of a satoshi, which is a hundredth of a millionth BTC, for visitors to claim in exchange for completing a captcha or task as described by the website. There are also faucets that dispense alternative cryptocurrencies.

Bitcoin wallet / Bitcoin Account

To buy or earn free bitcoins, you first need to download a wallet or create account online, which is software that allows you to securely send, receive, and store funds in the network.

The wallet or account is a software in the user’s computer or mobile device or an account with an online service. It can also be a hardware device that interacts with software in the computer.It stores the user’s BTC address and private key to access the blockchain.

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