Throughout history, we have various mediums of exchange. First, there was the barter system. Then came coins followed by the additions of notes and the various currencies associated with it. A leap in the digital
Throughout history, we have various mediums of exchange. First, there was the barter system. Then came coins followed by the additions of notes and the various currencies associated with it. A leap in the digital age made money digital making it possible for money to be exchanged or transferred through digital transactions in the form of cryptocurrency. Bitcoin one of the most popular cryptocurrency which is completely virtual but is decentralized. This means that it exists without a central bank or a single body/administrator. Bitcoin is a allows digital money to be sent from user to user on their custom peer-to-peer bitcoin dice network without the intervention of any middleman. Every single Bitcoin transaction made gets recorded in a public database called blockchain making it highly secure.
How to acquire bitcoin?
In order to get bitcoins, the first and foremost thing you should do is to set up a digital wallet which is either a part of an exchange platform or an independent provider.One of gaining bitcoin dice is by opening up an account at an exchange platform. There are hundreds of active Cryptocurrency exchanges that are willing to buy or sell bitcoins for you. It’s advisable to do thorough research on the exchanges to choose from according to the geographical area you are in.
The next way of getting Bitcoins is by simply exchanging it for real cash through platforms such as LocalBitcoins which help you find a person who is willing to exchange bitcoin for cash. Alternatively, there exist bitcoin ATMs where you can exchange cash for bitcoins. Their working is similar to a regular ATM or point of sale transactions where you are required to scan the QR code to make transactions.
Pros
- You can send and receive bitcoins anywhere in the world at any day and at any time.
- Bitcoins can’t be counterfeited or reversed by the user, unlike credit-card chargebacks.
- Lower possibility of identity theft as bitcoins don’t require the names of the user but just digital wallet IDs.
- A fast transfer without the need for third parties.
- Low or zero transaction fees.
Cons
- The unawareness and low acceptance of bitcoin by businesses.
- Bitcoins are highly volatile.
- Bitcoin is still a work in progress.
Throughout the years the value of Bitcoin has gone through a lot of bumps, but given that the Bitcoin is still in beta, it possibly holds a lot of promise for the future.