Rohan MathawanWe have all heard the word “Bitcoin” at some point in our lives and the truth is that Bitcoin is more interesting and important than we know. So, if you don’t know, Bitcoin or BTC is a digital currency that is distributed and used electronically. No institution or person owns BTC as a whole, which is referred to as a decentralized currency running on a peer-peer network. Unlike traditional currency, Bitcoin cannot be printed and similar to commodities, there are only a specific amount of Bitcoins that will ever exist. S, let’s get into the details of Bitcoin and what the average person can expect from it and even how to get a piece of the action.
The Inner Workings of Bitcoin
When Bitcoin was first launched one of the main aims of its creator was that the currency would always have independence from any government authorities. It was built in a way that anyone who interacts with the currency becomes part of a network that keeps moving even when a part of that network has shut down. To keep this going and to ensure security, the network functions on what is called a blockchain. This chain links and saves minimal information about every BTC transaction that has ever occurred and is publicly shared at any given point. This promotes transparency and if any fraudulent activity was to occur or any information changed in the blockchain, it is easy to trace and rectify. A failsafe that has never been needed given that tracing a particular Bitcoin back to a person is still impossible.
How to Get Bitcoin
Bitcoin, or a share of a Bitcoin can be purchased with real money as well as other types of cryptocurrency such as Ethereum, Dogecoin, Cardano etc. If you get into the finer details of Bitcoin you could mine for Bitcoin or find a cryptocurrency trading platform such as bitcoinloophole.io to buy and trade the digital currency. It all depends on how much money you are willing to part with to get your piece of a Bitcoin on the cryptocurrency exchange. There are many trading platforms to choose from where you can start buying, selling or investing in Bitcoin.
Spending Bitcoin
Once you have your Bitcoin in the bag, you have the option to sell it to reap the monetary rewards, sit on it and wait until the price spikes and then sell or you could spend it, just like real cash. Major companies like Dell and Microsoft accept payment in Bitcoin and many more are bound to follow. Many online casinos accept Bitcoin and other cryptocurrencies as a form of funding your account to get betting as well. Furthermore, the spending options are currently limited given that Bitcoin is still in its infancy, but has gained unprecedented popularity in 2020. It seems that more and more establishments are making payment options available to account for BTC. Soon, you won’t have to sell your BTC to go on a shopping spree.