Bitcoins: What is it? Why everyone is talking about it?
People are turning to online shopping now a days due to evolution in field of internet. The world is getting closer day by day by means of Internet. From ordering food to shopping shoes, from learning to final exams, everything is becoming online now a days. When the things come to shopping, users are worried about methods of payment used for shopping goods online. Current methods of payment includes credit card/debit card/cash on delivery or paypal. But 3 years back, one new term introduced to world called “Bitcoins” which is supposed to be one of the major revolution in the field of online shopping. Now what is this “Bitcoin”?
Well in simple language, Bitcoin is digital currency and it works on basis of peer-to-peer technology. There is no other third party involved to keep track of transactions involved using Bitcoins. So there is no any bank/transaction ID’s or receipts for keeping track of your transactions, so basically this bitcoins are widely getting used by people who do some illegal works like drugs etc.
How Bitcoins are generated?
Now you got to know “What Bitcoins are?” now moving further where does these bitcoins come from? How can I buy bitcoins? Buying Bitcoins online is simple process. There is one concept called Bitcoins Mining through which various coins [litecoins,bitcoins] comes into existence. Some parties set some mutual understanding rules and laucnh such coins in market and other people buy-sell it. As explained earlier, Bitcoins comes under anonymous transactions currency, so people don’t reveal their identity while using Bitcoins for buying good online.
As this is good thing that you don’t need to pay any transaction fees of taxes, but there are some dark sides of this Bitcoins also. As I said earlier, lot of illegal activities are rising due to this Bitcoins such as deals of drugs or guns. So you need to use this facility very wisely.
How do I store Bitcoins?
Generally people save their money in bank so where do people store Bitcoins? WSell, there is a thing called “Bitcoins Wallet” which allows you to store your Bitcoins. But again, as you’re using some third party service, you’re giving full control over your money to them so you have to choose such services wisely, as some fraud may happen and you can loose all your money. Such cases already happened, such as Mt.Gox which done fraud of millions in market of Bitcoins. So you need to take care while choosing good bitcoins wallet provider.
We hope that this article explained basics of Bitcoins and you’ll be able to trade bitcoins. Let us know what you think about bitcoins by commenting below. For more details visit our blog http://buybitcoinspaypal.com today.