What is Bitcoin? Yes, this is a big confusion which still exists in the mind of many peoples. So, now you need not get worried as here we will give you the basic guide to Bitcoin. Basically, Bitcoin is the first cryptocurrency which provides you the payment system in worldwide. People can change their money into Bitcoins and then use the same amount of money with more benefits for different purposes. Beside the Bitcoin, there are many crypto currencies available which you can also choose for the same purposes.
One thing we want to inform you that till now the Bitcoin ranks top in terms of digital or virtual currency in the world. They simply use the peer to peer network for the transaction purposes. The genuine crypto currency does not use any third party to make transactions between client and merchants. Without taking more time let us start to discuss what is Bitcoin.
Basic Guide – What is Bitcoin?
Now we are going to give you some of the basic guides to the benefits and others information of Bitcoin. We have already told you that Bitcoin stands for the first digital and virtual cryptocurrency till now in the world. It was first introduced on 3rd January 2009 by Satoshi Nakamoto in worldwide. There is no centralized bank related to this system of cryptocurrency. The whole network is running under the cryptography and their custom programming only. The transactions and other details are getting recorded in the block chains which are completely verified by the network node.
Now Bitcoin is also started as a reward for mining. Thus you can change your currency into Bitcoin points and use thereafter for various payments. Many vendors and merchants are available who generally accept the Bitcoins instead of cash. To keep your Bitcoin safe, you need to purchase one Digital Wallet which is verified and trusted from the merchant side. Like peoples in other countries of the world, Indians also feel good in using the Bitcoin for getting more benefits and keep their money safe. Hope you all get the basic knowledge about Bitcoin. If yes then now proceed with the benefits of using Bitcoin.
What are the benefits of using Bitcoin?
Before using any new things you must need to know the basic benefits or advantages of using that thing. That is why in the next point we are going to tell you the advantages of basic benefits of using Bitcoin in general.
At first, we want to tell you that the transactions and payment system in Bitcoin is totally tax-free. Sometimes if anybody sent an amount to be their charge then it will consider as a tax. But no third-party ad on tax is there for the users.
2. No Transaction cost:
You need not pay any transaction fees for sending and receiving Bitcoins. No transaction cost keeps your money safe for paying a service fee. You can easily keep connecting to the network without paying any other extra fees. That is why it creates a freedom in the payment system.
3. Powerful control and Security:
As there is no third party agent present in between the peer to peer network thus it provides you more security at all. Users are remains in control of the network to keep the Bitcoin safe as ever. Even you can encrypt and backup the Bitcoin to keep your points secured.
4. Bitcoins can’t be stolen:
If there is no authorization to the user computer then the chance to steal Bitcoins is no more there. Only the person needs the physical access to the system for stealing the Bitcoin. Thus it will be harder to steal the PC access for theft the Bitcoin.
5. No Charge Backs:
Once if the transaction or the payment has been done there is no chance of re back the amount. The encryption keys are attached to every transaction and thus the transactions have no chance of getting a chargeback.
Hope you all have received the basic details about ‘What is Bitcoin?’ If you find this topic is valuable or useful for you then share this information with others also. There are many peoples still there who eagerly want to know about the Bitcoin. Keep in minds that do not try to purchase the Bitcoin especially those who are beginners without knowing proper details. Otherwise you total money will get waste without getting the benefits.