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Important Facts You Need To Know About Bitcoin

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I know you’ve heard of bitcoin, the digital currency and you are wondering what it really is? Well bitcoin exists electronically. To be more precise, bitcoin is a type of cryptocurrency – the implication of security and encryption is very important.

In this article, I will grant answers to important 10 questions about Bitcoins so that you can have a clear picture of what it is.

1. What are bitcoins?

a bitcoin is a digital currency created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people.

2. Who invented bitcoins?

was invented by Satoshi Nakamoto, who published the invention on 31 October 2008 in a research paper called “Bitcoin: A Peer-to-Peer Electronic Cash System”. It was implemented as open source code and released in January 2009. Bitcoin is often called the first cryptocurrency although prior systems existed.

3. How do I acquire bitcoins?

There are three main ways to get bitcoins: mine them, buy them, or work for them.

Bitcoin Mining

Bitcoin mining used to be really profitable. However at the current time it is no longer cost effective for the average individual. One will need to buy specialised Bitcoin mining equipment, get/rent dedicated spaces for them, and pay their associated costs (rental, electricity and cooling costs).

Buy Bitcoins

You can buy bitcoins from many online exchanges. There are a lot more options now than ever before – there are global bitcoin exchanges and also country-specific bitcoin exchanges. You can also buy them from other people via Localbitcoins.

4. How can I use bitcoins?

Bitcoin can be used for a so many things, buying jewelry paying bills and most importantly to complete remittances. Remittances via Bitcoin have become a talking point as due to their fast and cheap nature Bitcoin transactions can safely transfer your money accross the world

Source: Naija News

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