Article
How to Buy Bitcoin Safely?
Written by Misty Jhones
Bitcoin originated in 2008 from an experiment developed by scientists and specialists. In 2009, the first transaction could be made online with this digital currency, without the intervention of a bank. The first version was developed by an anonymous inventor (s) called "Satoshi Nakamoto".
What is Bitcoin?
Bitcoin is both a crypto currency, the Bitcoin currency, and a global payment system. It is the first digital currency with which goods or services can be bought and traded. It is the first decentralized digital currency that works without the intervention of a bank or other intermediary or agency. The network is person-to-person (peer-to-peer) and the transactions between persons take place directly through the use of special cryptographic software without the intervention of a third party.
All transactions are verified by a network of nodes based on the consensus model (majority of votes) and stored in a publicly distributed ledger called the block chain.
Benefits Bitcoins
Compared to other currencies, Bitcoins has a number of advantages.
- Bitcoins are transferred directly from person to person via the internet without the intervention of a bank or clearing house. That means that the fee costs are much lower.
- The currency is the same for everyone. 1 Bitcoin is the same in China as 1 Bitcoin in the America.
- A major advantage of the decentralized nature of Bitcoin / crypto currency is that transactions can be executed faster.
- You can use them in any country.
- If you are a miner, you can earn Bitcoins as well.
- In principle it is anonymous. (But there are now ways to find out a Bitcoin address.)
- Your account cannot be frozen.
- And there are no prior conditions or restrictions.
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About the Author
Misty Jhones