Bitcoin 10: Online survival guide

Many think of Bitcoin as any other type of currency, like the dollar. But truth be told, it is more than this, it is a way of making online payments. It acts more like a PayPal r Visa. It stores your money, but it also lets you spend it on online transactions, fast and easy. Maybe the greatest thing about bitcoin is that it lets you do all this completely anonymously, which in many cases, it’s more than ideal. On the other hand, it operates completely transparent, all online transactions being recorded online, available for everyone to see. This transparency is designed to build trust in the new economic trends and encourage people to buy bitcoin with PayPal. Bitcoin is more than a way to make online transactions anonymously. It is a way to break down currency barriers and countries, and more importantly, a way to free national currencies from Governments.  However, people still have plenty of questions when it comes to bitcoin.

Why was Bitcoin created?

The main idea behind it was to create a financial mean that couldn’t be controlled by any Governmental entity at any given time. The system it’s supposed to stop producing bitcoins when it reaches the equivalent of 21 million, but this is not supposed to happen until 2140. Each bitcoin has an enormous value; each “piece” can be divided into hundreds of millions of units. And when the system will stop making money, the value of each “piece” will continue to rise.

Bitcoins – how to spend them?

Bitcoin is a math-based concept. As a result, this means that the entire concept is based on cryptography. They are associated with an address on the Internet and a private key, so this is how people spend, use make transactions involving bitcoins, and this is what stops others from stealing your supply.  Unlike traditional Internet or e-mail addresses, those associated with bitcoin are rather complicated, a mix of letters numbers and symbols. You might know where to buy bitcoins from, but you might have questions how these transactions work. It’s a rather simple process. If someone wants to send you bitcoins, they need the internet address associated with you. If you want to send, you must also know the address associated with the recipient. The great thing behind these transactions is that if the numbers don’t add up to the central database, the transaction is rejected. Thus, you cannot trick the system. For those who want an even more facile experience when trading bitcoins, there are bitcoin wallets. They can keep track of the numbers for you.

How to get bitcoin?

You can find online platforms specialised in buying or selling bitcoins on reliable addresses such as BITELEC, or you can do it in the old-fashioned way of mining. However, mining is way too much of an effort, and we advise you to use these types of platforms.

The bitcoin world is a truly fascinating one. While it offers complete anonymity, it is also a highly transparent database, with all online transactions.