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Bitcoin – What is it?

Bitcoin was the first decentralized digital currency; this was coins that you can use as payment for services and products over the web. Bitcoin was introduced in the public was way back in 2009. The inventor of this digital currency was still unknown so people gave it an alias in the name of Satoshi Nakamoto.

The best thing about bitcoin transactions is that, it is directly made online. With that said, you don’t necessarily have to go through clearinghouse or bank to process the deal. With such, the transaction fees are significantly lower and they could be used in any other countries across the globe. There are many other benefits for opening bitcoin accounts and one among which is that, it can’t be frozen plus, there is no prerequisites for opening one. Because of this, there are increasing number of stores that are starting to accept bitcoin payments.

Whether you are using Euros, Dollars or any currencies you have, it is possible to exchange it with bitcoin. You may sell and buy using any other currencies. For keeping your bitcoins, you will need to use wallet to properly store it. You can find these wallets on your mobile device, computer, laptop or on third party websites. When sending bitcoins, it is quite easy actually like when sending emails to someone.

Another great reason for investing in bitcoin is that, it makes international payments hassle free and affordable plus, you can use it for making anonymous purchases online. Due to the reason that bitcoins aren’t tied to any specific countries, they are not subject to whatever regulations unlike real currencies. In the transaction using bitcoins, there’s actually no credit card fees involved which is why many small businesses love using such. There are others who see bitcoins as another form of investment and thus, they buy it and expect it to increase in value.

There are several ways that you can do to get bitcoins namely “Buy on an Exchange” and “Transfers”. As you read on, you will be able to discover how each method works.

Number 1. Buy on an exchange – people are allowed to either sell or buy bitcoins from websites which are also known as bitcoin exchanges when using this method. Regardless of the currency they are using, they can do buy and sell bitcoins.

Number 2. Transfers – people can send bitcoins to each using their computers, mobile phones or online platforms. Practically, it is similar to sending cash but in digital approach.

Considering these methods will surely help you out if you’re seeking ways to increase the amount of bitcoin you own.

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