Bitcoin

Bitcoin is a digital currency, regarded as many as the future of money. It is created by Satoshi Nakamoto on 2009. He is a Japanese national and was born 1975. Bitcoin is a decentralize currency, meaning no one controls it and since it is digital you can not touch it. When we talk about anything regarding digital it can reproduce or make another copy. When Satoshi Nakamo propose bitcoin, he also solve the double spending problem. Double spending is when a bitcoin owner spends his 1 bitcoin on a product and then bought another 1 product whereas he only have one bitcoin. To avoid this, bitcoin miners ensure that double spending doesn't happen, by monitoring the transactions. Bitcoin wallet is use to store bitcoins and other cryptocurrencies.


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Bitcoins are produce by computers that solves mathematical equations on a blockchain. When the equation is solved then miners are given bitcoin as a proof of work. People who uses their computers for mining are bitcoin miners. They also check and prevent double spending. Since almost every digital product can be re-produce. The number of blocks on every cryptocurrency is limited. The more blocks in the blockchain are solved the harder the equation will be.


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Bitcoin is very convinient for fast and cheap transfer of currency. Bitcoin removes the need for a banks, transactions fees comes from it and so does credit cards as well. If you use a bank for a sending money abroad, it will first be process by a bank and you will get a fee for the transaction. It would take days before the money is recive. But if you use bitcoin, you only need to access you wallet and ask the other person wallet address and send. Transaction is comlete after a few confirmations. No fees, safe and transactions are but a push of a few buttons.


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Today there are a lot of merchants that accepts bitcoins and in fact some banks already accept bitcoin as a real currency. You can use your bitcoin to buy products online or you can pay others that accepts bitcoins for their services. It can also be exchange to USD, Euro or Pound by using currency exchange sites that accepts exchanges for a small fee.


You can also use it for trading. Trade it for other alcoins or trade for money it is up to you. Bitcoin traders use trading sites to earn. Buy low then sell if the price is high.