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Know what transactions with bitcoins are-

Bitcoins – What are Bitcoins?

Bitcoins are a form of digital currency which was created in 2009 by a mysterious figure using the alias Satoshi Nakamoto. These Bitcoins can be used in the process of buying or selling of items or services from people and those companies that accept bitcoin a payment mode, but it differs in many key ways from our traditional currencies.

Practically bitcoin doesn’t exist in a form of physical currency. There are no actual notes or coins. It exists only on the online platform.

The operational mode of Bitcoins:

  1. Bitcoin has got no central bank and it isn’t linked or regulated by any state. The supply of this cryptocurrency is decentralized – These Bitcoins can only be increased by a process known as “mining”. In this process for each bitcoin transaction, a computer owned by a bitcoin “miner” has to solve a complex mathematical problem. If he is able to solve the problem then the miner receives a fraction of a bitcoin as a reward. 
  2. A record of each transaction is kept, using anonymized strings of numbers to identify it, is saved on a large public ledger which is known as a “Blockchain”. This blockchain acts to ensure the integrity of the currency. This system can act as a payment network which has got no downtime; it's operational 24/7.

Soaring of Bitcoins value:

Just like in case all assets or currencies, bitcoin’s price is determined by the amount that people are willing to pay for it. Now whether that value is the “right” valuation, and whether bitcoin is actually worth that amount or not, is largely down to people’s opinion.

Know how to set up a bitcoin wallet before any transaction:

  1. A bitcoin wallet is nothing but the same replica of your regular day to day wallet, where you can store your money and you can give your money to purchase something or some services.
  2. There are different forms of Bitcoin wallets, it can either be computer software or hardware or just a physical piece of paper where you can store all your bitcoin to make a transaction in future.
  3. These bitcoins wallets have got some special keys, these keys will be used when you have traded your bitcoin or use your bitcoins to buy some product or services.

Can anyone still make money out of bitcoin?

It is nearly impossible to say with any certainty, but one should know that anyone investing in bitcoin should be well aware that it’s a risky thing to trade. Bitcoin had slumped from $1,150 to below $500 in late 2013, after the huge widespread coverage of media prompting people to buy bitcoin for the first time, fuelling a bubble that then burst. Bitcoin did not cross its previous high for almost four years. 

However, it should be noted that if the cryptocurrency was to move into the mainstream and become a well-recognized model of exchange around the world, then, in that case, its value would likely increase drastically. But that scenario is very far from being true.

What are the different types of bitcoins wallets?

There are three types of bitcoin wallets:

The first one is the Software wallet; it is the digital form of a wallet where your bitcoins are stored in your device (your computer or your mobile phones) your transactions process become a lot easier with the help of the software wallet as you can easily receive or send money on your device. But one must also know that this type of wallets is dangerous as this kind of wallets is susceptible to the hackers.

The second form of the wallet is the Hosted wallet; in this type of wallet a third party takes care of your wallet and the whole transaction process of buying and trading is completely down by the third part. But in this process, the most difficult part is to find a person on whom you can trust and to whom you can give your entire details so that the person can handle all your transactions easily.

The third and the last form of the wallet is the Physical wallet; in this, you have the option to save the bitcoins in offline mode. This is considered to be the safest mode for doing transactions, in this process before you start you have to first install your bitcoins in the software and only then you can do the transactions.

How to get the bitcoin app?

  1. Nowadays it has become very easy to get the bitcoin app as you can get this app on your smartphones. In order to download it, you just need to search for wallet in your Google play store or the app store or on your IOS device.
  2. You need to search for the bitcoin app and then press the “install” or “get” button to download it.

3 ways to access Bitcoins:

Bitcoins can also be earned by Buying and Selling of Goods and Services:

  1. Here you need to settle your transactions with those people who are already having bitcoins with them so that you can offer them your services or sell them your products. In return, they will pay you through their bitcoins.
  2. There are other methods also of getting bitcoins other than getting it from someone. You can also buy the bitcoins in return for cash or you can even mine for the bitcoins which are explained below:
  3. If you are not able to settle any transaction with someone that can give you bitcoins then in that case you can also purchase the bitcoins. You can buy these bitcoins from a person, where you can pay that person through cash or debit /credit cards. You just need to find a person who is trustworthy so that you can use escrow service which includes coin cola or local bitcoins. Suppose you are using OTC then, in that case, it will require your Id proof for security purpose. You will also have to provide the ID proof of the other person who is involved in a transaction with you.

Buying bitcoin from various exchanges and outlets:

  1. These types of exchange outlets are very helpful in selling bitcoins to the customers directly; this exchange outlets also has a unique quality wherein the online service also helps in settling the transactions with the users that means it settles the exchange transactions. In order to buy bitcoins from exchange outlets, you have to first verify your identification details. After your identification is verified you can easily use it for the transaction.
  2. You also have an option to buy bitcoin from your nearest bitcoins ATM. Bitcoins are only one directional for use. These can be either used for trading for cash or it can be bought. But here the major problem is that the government has got very strict regulations on the installation of these ATM at a specific place so you may have a problem in finding an ATM for you.

The third way of getting Bitcoins is by mining them:

 If you are not able to get them through any of these methods mentioned above then in that case in order to get your bitcoins you will have to solve a complex mathematical puzzle about the history of different transactions. If you are able to solve these problems then in return you will get free bitcoins as a reward but you will have to pay a processing fee for the transaction of these bitcoins. This process of collecting bitcoins is not very easy and it is impossible for most of the persons to solve the complex mathematical puzzle.