What is Bitcoin ?
Bitcoin is a Digital money used for secure and instant transfer of value anywhere in the world. It is not controlled or issued by any bank of government instead it is an open network which is managed by its users. Much in the way email improved communication by making it fast and cheap, bitcoin is an improvement on existing payment methods which were not designed for the internet era. Bitcoin allows payments to be made directly from person to person without using a financial institution or another third party like Paypal.
Bitcoin function on a peer-to-peer computer network rather than through a third party, and is open-source and self-governing. You could say that no one is in charge of Bitcoin, or you could say that everyone who users Bitcoin is "in charge: of it. The current convention is to refer to the technology and network as "Bitcoin" while referring to the currency itself as "Bitcoin".
Who created it?
A software developer called Satoshi Nakamoto proposed Bitcoin, Which was an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.
Who Users Bitcoin ?
Anyone can use Bitcoin. Many online companies, like online gaming company Zynga, have started testing bitcoin payment systems, and some casinos in las Vegas now accept bitcoin. Some business owners have started accepting payments in bitcoin because the surcharges involved are typically much less than those charged by credit and debit card processors. The actual payment process in a cafe, for example, would involve opening up the bitcoin app on your smartphone, entering the amount of money in US dollars that you owe, and letting the software convert it to bitcoin value. Then you scan a QR code, and the bill is paid instantly. The growing directory of places that accept bitcoin can be found here .
Why does it change value ?
Bitcoin is traded for dollars, euros , yen and other currencies in real time 24 hours a day. Depending on the demand for buying or selling bitcoin, the price can fluctuate from day to day. This is similar to the manner in which the value of a stock or property can go up or down based on supply and demand. Bitcoin's value can be volatile compared to traditional currencies such as the US dollar because it is still an emerging technology.
Over at Moon Bitcoin you can recieve FREE bitcoins. 290 sat. every 50 mins.
ReplyDeleteYoBit lets you to claim FREE COINS from over 100 unique crypto-currencies, you complete a captcha once and claim as many as coins you can from the available offers.
ReplyDeleteAfter you make about 20-30 claims, you complete the captcha and continue claiming.
You can press CLAIM as many times as 30 times per one captcha.
The coins will stored in your account, and you can convert them to Bitcoins or any other currency you want.