Bitcoin- How to get Bitcoins? Are you thinking about earning Bitcoin? What is Bitcoin Mining? Is Bitcoin good or bad for us? Don't worry I've come with the advantage and disadvantage of Bitcoin!
Bitcoin
Nowadays we all have heard a coins name. The name of this coin is Bitcoin. Many of us know about it and many of us don't. What is Bitcoin? How to get Bitcoins? Today I am going to discuss it.
What is Bitcoin?
Bitcoin is such a virtual coin which can't be touched or seen and can't be kept in the pocket. It is only stored electronically on your mobile phones, computers or in any storage media.
It is an online currency which is used in the internet world only. Normally we can touch, see or store any currency and it has value to all.
An authority generally controls the currency. But Bitcoin is a virtual currency which is used online and has no worthiness or controlling authority. As a result, there is up and down in its value.
It is an online currency which is used in the internet world only. Normally we can touch, see or store any currency and it has value to all.
An authority generally controls the currency. But Bitcoin is a virtual currency which is used online and has no worthiness or controlling authority. As a result, there is up and down in its value.
How is it used?
As we know it is a virtual online currency which is invented by a person named Satoshi Nakamoto in 2009. It is not exchangeable or negotiable as general currencies.
Who has a Bitcoin account in online, it can be transected with him only. If both buyer and seller have acceptance and Bitcoin account, then the transaction will be possible.
As it has not gained worthiness to everyone, it has not been permitted to all countries and many people do not know about it.
It is not any coin that can be exchanged hand to hand or in stores. The only medium of interchanged is online. In online one party sends it and other receives it.
This sending and receiving procedure is completed by the third party. But nobody knows who is this third party and the third party does not know who is helping.
To buy something online or storing Bitcoin, you can change them into real currency later. A few days ago, Bitcoin achieved recognition in the USA.
Who has a Bitcoin account in online, it can be transected with him only. If both buyer and seller have acceptance and Bitcoin account, then the transaction will be possible.
As it has not gained worthiness to everyone, it has not been permitted to all countries and many people do not know about it.
It is not any coin that can be exchanged hand to hand or in stores. The only medium of interchanged is online. In online one party sends it and other receives it.
This sending and receiving procedure is completed by the third party. But nobody knows who is this third party and the third party does not know who is helping.
To buy something online or storing Bitcoin, you can change them into real currency later. A few days ago, Bitcoin achieved recognition in the USA.
How to Get Bitcoins?
Bitcoin is invented in 2009. That time it was not much valued. But its value continuously increased and the value of 1 Bitcoin is 6,332.25 US dollars at present.
Its value will never decrease rather increase. But there is a certain amount to Mine Bitcoin. Which is 21 million. After mining 21 million Bitcoin new Bitcoin can't be mined. As a result, the value will increase and many are trying to Mine it.
It is not easy to earn Bitcoin. When one side gives Bitcoin and another side receives, to control this process, a mathematical term is needed to solve, that can not be done without a 3rd party.
Then any third party completes the mathematical process by using a powerful computer, powerful GPU, and Application Specific Integrated Circuit.
At this, a few Bitcoin is Mine for him. Who Mines the Bitcoin is called Miner. But it is very expensive. Cause by completing the process you will get very few Satoshi.
And that is fewer than your cost. 1 Satoshi = 0.00000001 Bitcoin. To earning by this, about 40-50 powerful computer is needed. If you have 40-50 powerful computer then you can earn a well amount in a day.
Its value will never decrease rather increase. But there is a certain amount to Mine Bitcoin. Which is 21 million. After mining 21 million Bitcoin new Bitcoin can't be mined. As a result, the value will increase and many are trying to Mine it.
It is not easy to earn Bitcoin. When one side gives Bitcoin and another side receives, to control this process, a mathematical term is needed to solve, that can not be done without a 3rd party.
Then any third party completes the mathematical process by using a powerful computer, powerful GPU, and Application Specific Integrated Circuit.
At this, a few Bitcoin is Mine for him. Who Mines the Bitcoin is called Miner. But it is very expensive. Cause by completing the process you will get very few Satoshi.
And that is fewer than your cost. 1 Satoshi = 0.00000001 Bitcoin. To earning by this, about 40-50 powerful computer is needed. If you have 40-50 powerful computer then you can earn a well amount in a day.
Advantages of Bitcoin
There are many advantages of using Bitcoin. Firstly, we have to face many problems to send money from one country to another country and it is a difficult process.
But to send Bitcoin is very easy and problem free. If you have a Bitcoin account, then it will be very easy to send Bitcoin.
If you want, you can buy Bitcoin online with an equal value of money of Bitcoin. Again you can sell Bitcoins if the value decreases or increase, by its then value.
You can buy products through Bitcoin. If the seller has acceptance of Bitcoin you can purchase a product from Bitcoins or Satoshi equivalent to products original price money.
You have to use full one Bitcoin, it is not like that. You can spend only the amount you need to. Another benefit is, Bitcoin cannot be used without its real owner.
Cause at the time of using Bitcoin, a mathematical term is needed to solve. As a result, it can not be used without its owner.
You can easily store it by opening an account in online and your account will never freeze. As it is an online money exchange system, so it's used will be increased further future.
But to send Bitcoin is very easy and problem free. If you have a Bitcoin account, then it will be very easy to send Bitcoin.
If you want, you can buy Bitcoin online with an equal value of money of Bitcoin. Again you can sell Bitcoins if the value decreases or increase, by its then value.
You can buy products through Bitcoin. If the seller has acceptance of Bitcoin you can purchase a product from Bitcoins or Satoshi equivalent to products original price money.
You have to use full one Bitcoin, it is not like that. You can spend only the amount you need to. Another benefit is, Bitcoin cannot be used without its real owner.
Cause at the time of using Bitcoin, a mathematical term is needed to solve. As a result, it can not be used without its owner.
You can easily store it by opening an account in online and your account will never freeze. As it is an online money exchange system, so it's used will be increased further future.
Disadvantages of Bitcoin
The main disadvantage of Bitcoin is, there is no identity of Bitcoin sender or receiver in this system. Here an ID and password are needed to exchange Bitcoins.
But to whom the Bitcoin is given there is no information about it. As a result, who does illegal business they use the benefits of Bitcoins in the wrong way?
It is used more in the dark web then surface web. Cause most of the illegal business is run in the dark web. As a result, the criminal can hide their identity and interchange successfully.
As the value of Bitcoin is high, various hackers eye is on Bitcoin. World's biggest cyber attack has been created on the issue of Bitcoin.
Moreover, if you forget your password or your computer is damaged, you will not get back your stored Bitcoins.
But to whom the Bitcoin is given there is no information about it. As a result, who does illegal business they use the benefits of Bitcoins in the wrong way?
It is used more in the dark web then surface web. Cause most of the illegal business is run in the dark web. As a result, the criminal can hide their identity and interchange successfully.
As the value of Bitcoin is high, various hackers eye is on Bitcoin. World's biggest cyber attack has been created on the issue of Bitcoin.
Moreover, if you forget your password or your computer is damaged, you will not get back your stored Bitcoins.
So, in the last, it can say that the disadvantages are more effective then advantages. If proper steps can be taken and it is given recognition in every country, then it will be another great medium of money exchange online.
If you like our ''Bitcoin | Are you thinking about earning bitcoin? Wait!!! Before thinking that know Bitcoin details!'' article there it with your friends to know about Bitcoin Details!
Thank you for reading this article.
If you like our ''Bitcoin | Are you thinking about earning bitcoin? Wait!!! Before thinking that know Bitcoin details!'' article there it with your friends to know about Bitcoin Details!
Thank you for reading this article.
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