What is Bitcoin?
Bitcoin is a online payment network .It is a completely digital money. It is the first decentralized peer-to-peer payment network . It is powered by its users so it means it has no central authority or middlemen. It is just like cash which only useful for the Internet.
Who controls the Its network?
As i told It is powered by its users so nobody owns the its network .It is like no one owns the technology behind email. It is used with different software’s so developers are improving the software. They can’t force a change in the its protocol . Users of this currency are free to choose which software they want to use.It can only work correctly with a complete consensus among all users.
How does It work?
It is just like a mobile app or computer program . It provides a personal Bitcoin wallet and allows a user to send and receive bitcoins with them. This is how Bitcoins works for most users.
How does one acquire bitcoins?
- As payment for goods or services.
- Purchase It at a Bitcoins exchange.
- Exchange bitcoins with someone near you.
- Earn bitcoins through competitive mining.
How difficult is it to make a payment?
Bitcoin payments are easier to make than debit or credit card purchases, and can be received without a merchant account. Payments are made from a wallet application, either on your computer or smartphone, by entering the recipient’s address, the payment amount, and pressing send. To make it easier to enter a recipient’s address, many wallets can obtain the address by scanning a QR code or touching two phones together with NFC technology.
How a new user can Use it
As a new user, you can get started with it, without understanding the technical details. Once you have installed a Bitcoin wallet on your computer or mobile phone, it will generate your first Bitcoin’s address and you can create more whenever you need one. You can disclose your addresses to your friends so that they can pay you or vice versa. In fact, this is pretty similar to how email works, except that Bitcoins addresses should only be used once.
It short it is the another easiest to make online payments .But before use it you must have to know some security tips to secure your online transitions .Read the following article to learn about payment security tips .