What is Bitcoin?
Bitcoin is the very first evolution of a new category of money called “Cryptocurrency”. Bitcoin is a form of digital currency, which is created and held electronically. Bitcoins are not printed and not controlled by anyone. So this currency isn’t physically printed by a central bank, make its own rules and is unaccountable to the population. Bitcoins are created digitally and can be used to buy things electronically. In that sense, it’s like other conventional dollars, yen or euros which are also traded digitally but here are the important characteristics of bitcoin that makes it different from other form of conventional money:

==> It is Decentralized i.e. the bitcoin network is not driven by one central authority. That means each and every machine that mines and proceses transactions are part of a single network and the machines work together. So even if some part of the network goes offline for some time, your money will still keep on flowing.

==> Kind of Anonymous. Any user can hold multiple bitcoin addresses for transactions as they are not linked with some personal identification information like names and addresses.

==> It is Completely Transparent. The details of every single transaction that happened in the network are stored by bitcoin. The term that is used to represent this is known as “Blockchain”. So if you have used any bitcoin address publicly, then anyone can determine how many bitcoins are stored at that particular address but they will not know that the bitcoins are yours.

==> Easy Set Up… Conventional banks takes a lot of time to open a bank account and setting up merchant settings. But you can easily set up a bitcoin address within seconds without any need of any payable fees.

==> No Transaction Fee… Generally banks charge a certain amount of transaction fees for international transactions but bitcoin doesn’t charge any transfer fee for any kind of transactions.

==> Non-Repudiation… So any party cannot deny the bitcoin transaction. Once your bitcoins has been sent, they are not coming back, unless the recipient decides to return the bitcoins to you.

==> No Credit Card, No Verification…. It is not mandatory to have a credit card to buy bitcoins, you can use any payment methods to pay the seller. Further, Buying and selling bitcoins is anonymous and requires no verification.

Hence, Bitcoins are “Mined”… They are not based on gold or silver but are based on “Mathematics”. To know more about bitcoin, you can read the post “What is Bitcoin?” and the telegraph blog on “How to Get your Virtual Hands on Bitcoins”.

How to Create your Own Bitcoin Wallet?

To purchase bitcoins, you must have a bitcoin wallet. You yourself has to make sure that your bitcoins remain safe.  In order to do that you have to take some suitable steps to secure your bitcoin wallet. There are various websites available that provides online bitcoin wallets. So always make sure to choose your bitcoin wallet carefully and protect your money.

To create a safe bitcoin wallet online, you can use

>> Coinbase

OR

>> Blockchain.info


Both of them are among the trusted websites for creating bitcoin wallets.



How to Buy Bitcoins?

Nowadays it is really simple to buy and sell bitcoins. People can buy bitcoins either through exchanges or directly from other people through marketplaces like Paxful, etc.  There are a number of payment methods that can be used while buying bitcoins from portals or marketplaces.

Bitcoins Using Escrow

Escrow service acts as a neutral third party that will allow the online transactions between the bitcoin buyers and sellers. The buyers and sellers will remain anonymous. Escrow service determine safer bitcoin payments by holding the buyer’s coins in escrow until the terms of sale are met. And only after that the seller will release the payment to the buyer. Escrow service runs on I2P network anonymously.
To buy bitcoins using ESCROW, you can use either paxful service:

Use Paxful

If you want to use credit and debit cards for buying bitcoins, go for paxful.com. sellers put up offerings or ads to sell a minimum amount of bitcoins at certain costs. Different currencies like GBP, USD and EUR are allowed, which can be paid using all kind of cards, even the prepaid cards. Make sure to check the reputation of the traders via Paxful’s feedback system before doing any trade.

Use the below mentioned url, to visit our profile now:
https://paxful.com/user/money2express

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