Bitcoin is the most popular cryptocurrency used around the globe today. With over 3 million users and a continuously growing community, bitcoins rise in value with no signs of halting. Conceptualized in 2008 and launched to the public in 2009, bitcoins are a fresh medium with outstanding potential. With the help of renowned security measures, quick transactions than traditional payment processors, inexpensive fees, and complete anonymity, Bitcoin payments are emerging as a sought-after medium over fiat currencies.
Tomorrow’s Currency
By refining on many features that traditional currencies suffer from today like inflation and manipulation, Bitcoin has introduced the next level of stabilized currency to the public. One notable aspect of Bitcoin is that it does not exist in the physical world as fiat currencies; they are stored in digital wallets, which is essentially a personal bank account users are entitled to. In addition, no banks are involved with Bitcoin resulting in cheaper to non-existent transaction fees.
Creating Bitcoins
Bitcoin miners employ special equipment and software to approve all Bitcoin exchanges between wallets to confirm transaction integrity and also process complex algorithms that release new bitcoins onto the market once solved. In essence, anyone can acquire free bitcoins just by utilizing mining alone. Every time an algorithm is solved, this strengthens the security and at the same time controls inflation by delaying the release of the next set of bitcoins.
Setting Sail
To kick-start your own Bitcoin journey, you will need to acquire a Bitcoin wallet. These wallets come in three variations, including:
· Online – Online wallets are stored by a third party on their servers. This is recommended for first-time Bitcoin users or individuals with basic computer knowledge.
· Software – Software wallets are stored entirely on your own computer. These offer stronger security than the aforementioned wallet type but is recommended for intermediate to advanced users.
· Hardware – Hardware wallets are the most secure type of Bitcoin wallets. These require users a special device that plugs into desktop computers or laptops via USB. This offers the strongest security among all three options but is recommended for advanced users or users who possess large amounts of bitcoins.
Buying Bitcoins
Apart from creating your own, there are also plenty of options for purchasing bitcoins. Individuals can buy them through Bitcoin exchanges, face-to-face meet-ups, and other mediums. In addition, bitcoins can be bought through debit and credit cards, wire transfers, and even cash.
Bitcoin Applications Since Bitcoin payments are beginning to become a supported mode of payment, users may employ these as payments for various services like online gaming, online trading, eCommerce, and more.