Saturday, May 26, 2018

Published May 26, 2018 by Knowminfo with 13 comments

Know everything about Bitcoin

bitcoin info
Bitcoin which has become so popular it was created in 2009 under the name Satoshi Nakamoto and released as open source software. Bitcoin is a digital currency and also known as crypto-currency that is not backed by any country's central bank or government.Bitcoin can be used to buy things electronically Bitcoins can be traded for goods or services with vendors who accept Bitcoins as payment.

Check out Best android apps to earn bitcoin

International payments are easy and cheap, People can send bitcoins to each other using mobile apps or their computers. It’s similar to sending cash. Several marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies.
The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain.

Though each bitcoin transaction is recorded in a public log, names of buyers and sellers are never revealed – only their wallet IDs. While that keeps bitcoin users transactions private, it also lets them buy or sell anything without easily tracing it back to them. That’s why it has become the currency of choice for people online buying drugs or other illicit activities.
Bitcoins are stored in a “digital wallet,” which exists either in the cloud or on a user’s computer. The wallet is a kind of virtual bank account that allows users to send or receive bitcoins, pay for goods or save their money.

Bitcoin is of interest to law enforcement agencies, tax authorities, and legal regulators, all of which are trying to understand how the cryptocurrency fits into existing frameworks. The legality of your bitcoin activities will depend on who you are, where you live, and what you are doing with it.

The Bitcoin technology - the protocol and the cryptography - has a strong security track record, and the Bitcoin network is probably the biggest distributed computing project in the world. Bitcoin's most common vulnerability is in user error. Bitcoin wallet files that store the necessary private keys can be accidentally deleted, lost or stolen. This is pretty similar to physical cash stored in a digital form. Fortunately, users can employ sound security practices to protect their money or use service providers that offer good levels of security and insurance against theft or loss.

13 comments:

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