10 Things You Didn’t Know About Bitcoin

That s all you need to know about bitcoins. What You Need to Know About Bitcoin

By Suraya Zainudin in Culture.

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Updated on October 17, reliable bitcoin wallet Many netizens have heard of bitcoin, the digital currency. This means it exists electronically. To be more precise, bitcoin is a type of cryptocurrency — the implication of security and encryption is important.

In this post, we attempt to identify 10 questions about Bitcoins that can give you a clearer understanding of what it is, what it does and how you can use it to buy products or services online.

What are bitcoins? Bitcoin capitalised refers to the software or network ie: the Bitcoin Networkwhile bitcoin not capitalised refers to the digital currency itself ie: two bitcoins. The price fluctuates, depending on what people were willing to pay for it.

It traded for as low as pennies during the infancy stage to a record high of 20, USD that was reached on December 17, Who developed the idea of bitcoins?

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The idea of Bitcoin was conceptualised by Satoshi Nakamotoan anonymous figure. Then he disappeared. Online detectives have identified a few candidates, including a real-life Japanese person sharing the same name.

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Some even theorised that Satoshi Nakamoto is a pseudonym for a collective. What is so special about bitcoin? Bitcoin is a peer-to-peer currency that s all you need to know about bitcoins runs on a system which allows you to send and receive bitcoins without a third party. To put simply, fiat currencies rely on third parties, such as banks or payment processors like Visa, to verify the transaction. This is how you and I can ensure payment sent was indeed received.

Securing your wallet

However, bitcoin transactions are recorded in a public ledger called the bitcoin blockchain. This information are permanent and publicly viewable on Blockchain. This means that the transaction records act as proof of transaction.

Bitcoin is also programmed to be non-duplicable, which means double spending is highly unlikely. What is decentralised currency? Bitcoin is also a decentralised currency, as in no one government, individual or group holds authority over it. This makes bitcoin spendable anywhere in the world as long as the receiver accepts bitcoins as payment.

Decentralised currencies are a unique concept. Due to lack of control and regulations, many countries are understandably wary of bitcoin — and other cryptocurrencies in general — but some progressive countries such as Japan have started to recognise it as currency.

On January 3, 2009, 30,000 lines of code spell out the beginning of Bitcoin.

Is bitcoin anonymous? Or rather, it is now much harder to make anonymous transactions with Bitcoin.

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This requires users to submit proof of identity and proof of residence. It is also fairly easy to trace bitcoins. Bitcoins are usually bought from bitcoin exchanges, received as payment, or donated. With transaction details publicly viewable online, it is possible to trace where the bitcoin came from. How do you use bitcoins?

14 Things You Need to Know About Bitcoin

Bitcoin can be used for spending, similar to money. Some people also keep them for investment purposes, while others prefer to use them as a method to make international money transfer.

By Shivam Arora Last updated on Dec 30, Bitcoin is the best-known cryptocurrency platform around the world, but there are some things about it you still may not know. The Mysterious Creator Ina person or a group of people known as Satoshi Nakamoto introduced Bitcoin to the world. The only communication people had with him was through emails and forums.

To read more about bitcoin storage, check out this article by CoinDesk. You can have as many wallets and bitcoin addresses where you receive money from others as you like. How many people are using bitcoin? Estimates vary — it is hard to find out the exact number of people who use Bitcoin. One way to measure number of bitcoin users is by measuring the number of bitcoin wallets.

According to the Bitcoin Market Journal, there are currently almost 32 million bitcoin wallets. Even though many bitcoin users have more than one wallet it is common to hold a few walletsthis is an indication that the number of bitcoin users worldwide is increasing. Another way to estimate bitcoin usage is by the number of bitcoin transactions, binary options spread has steadily increased.

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Although this could mean that the same people are simply making more bitcoin transactions, it is fair to assume that there are new bitcoin users in the mix, too. How do I acquire bitcoins? There are three main ways to get bitcoins: mine them, buy them, or work for them. Bitcoin Mining Bitcoin mining used to be really profitable. However at the current time it is no longer cost effective for the average individual.

Buy Bitcoins You can buy bitcoins from many online exchanges. There are a lot more options now than ever before — there are global bitcoin exchanges and also country-specific bitcoin exchanges.

Instead, consider the underlying technology. Huang March 9, When "Bitcoin" appeared as a clue in the New York Times Sunday crossword puzzle earlier this year the five-letter answer was "e-coin"it was confirmation that the cryptocurrency had officially entered the zeitgeist. Such virtual currencies use computer-generated encryption to secure and track transactions, independent of a central bank. For starters, hackers could steal your bitcoin.

You can also buy them from other people via Localbitcoins. Work for Bitcoins Some people get paid in bitcoins, instead of cash currencies. There are other less effective ways to acquire bitcoins.

You can get very small amounts of bitcoins from what strategies are very effective for binary options faucetswhich pay you to look at advertisements.

You can get them as donations.

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Bitcoin wallets come with bitcoin addresses, which represent a destination, similar to an email address. Bitcoin addresses are alphanumeric, between characters in length.

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Many bitcoin service providers have user-friendly user interface which allows users to generate bitcoin addresses, send and receive bitcoins. Bitcoin transactions usually take less than an hour to arrive, but it can take longer or shorter depending on the fee amount and the bitcoin service provider.

You can spend bitcoins anywhere that accept bitcoins as payment. Coders and programmers might argue that bitcoin is already an outdated network, compared to some of the newer cryptocurrency networks available. Keeping them in web wallets can be dangerous see point below. If you have a significant amount of bitcoins, you are advised to keep them in hardware wallets such as Trezor or Ledger.

Bitcoin service providers can be hard to trust The biggest names have failed the Bitcoin community.

Cops on the Bitcoin beat

Who can forget the Mt. Gox incident in It was the biggest bitcoin exchanger at the time and practically disappeared overnight along with almostbitcoins. By contrast, bitcoin is only accepted at a handful of shops. However, bitcoin debit cards help to address this issue — linked to payment processors, they help make bitcoin spending a bit easier. Lack of protection In general, bitcoin is not considered legal in most countries around the world. Therefore, theft or scam victims have almost no option for recourse.

However, the legal landscape is ever-changing and one of the best spots to update yourself on where bitcoin is acceptable or not is Bitlegal. Anti-bitcoin politicians While many countries around the world mainly cautioned the public against the risky nature of Bitcoin, some politicians or political that s all you need to know about bitcoins have extreme views about bitcoin. Russian and French lawmakers are considering banning it altogether.

Wrap Up Bitcoin is cool, but the underlying technology behind it — the blockchain — is even cooler. Turns out, having a method to record data in a way that cannot be tampered or deleted is a good thing.

It is also a cost-effective method to store information. Many companies including major banks have expressed interest in the blockchain technology. What do you think of Bitcoin? Share your thoughts on the system in the comments section below. Show Comments.