Bitcoin? Is that a Game?!
That is what i though too when i first heard the name “Bitcoins” I thought it would be a good game where you gotta collect some coins for some kind of reward. BUT I too was wrong it wasn’t a game nor it was a cool chatting platform or a investment app.
What is Bitcoin then?
Bitcoin is a currency but unlike a normal currency that is issued by the government and consists of notes and coins it is a digital one Without any physical properties let me give you an insight!
say you want to purchase something on the internet but don’t have a visa card nor do you have a bank account BAM! how are you going to buy that nice T-Shirt you saw on the internet now?
Do not fear! Bitcoin is here. Because bitcoin exists on the internet it is a P2P i.e a peer-to-peer networked Crypto-Currency you can buy it via cash or a visa card but you won’t get a bank note either But you are going to get it in an wallet like an other currency Bitcoins too are kept in a wallet It can also be Digital like your Personal email account.
If it’s Online cant i get hacked?
Yes! you can but don’t be afraid that’s not the only way you can save bitcoins somewhere in fact you can save it on any computer you like whether it has internet connection or not but in order to use it you would need a internet connection Sometimes People save it on a device with no internet connection and it is called “Cold-Storage” you can print it out on a paper or keep it on a usb flash drive whenever you want to use your coins just plug it in and Spend it.Where do they come from? Mining?
Ah, yes the most asked question bitcoin comes from “Miners” in simple words miners are those people that turn heavy computational into bitcoin. But how? bitcoins are generated through a software that gives out a fraction of bitcoin after completing / solving an algorithm with all its computational power like 0.0001 BTC Since the whole lot of people are mining you must be thinking they must have gotten rich since bitcoin is now at 607$ but No! along with mining miners also Approve transaction from one point to another but mining isn’t that easy since the difficulty level of each bitcoin is now increasing day by day that means you need more power which is.
Bitcoins mining = Lots of computers whirring fans in your home. And a Electricity bill tearing through the roof.
Trust me that is not a good idea now even the oldest miners are starting to give up because of the difficulty of the network see this video Below from “Bitcoin Mining” to get the idea.
- Its Decentralized
- There is no Central Server that is controlling the transaction so you have got full control over you money.
- Just create an online wallet and you will be provided with a wallet address and you can send or receive money through it.
- Bitcoin transactions are cleared withing seconds to minutes so you don’t have to wait when you are paying the cashier for the yogurt you just bought from bitcoins.
- For some people this is a big Yes! because no one can track you and even your wallet address wont be linked to you name. A simple wallet address looks like this “1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX"
Conclusion
Most people are already using bitcoins a lot you almost 100,000 Local stores in America are now accepting bitcoins as a payment. and it is also used for trading stocks sometimes the price of bitcoins are high or low but the companies are making business because of ease of access but like anything it has risks too. So Tread Carefully.
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