Things You Must Know About Bitcoins Before Investing

Today I am going to share few Things you must know about Bitcoins before investing in it i.e.

What is Bitcoin ? How it works ?

From where you can buy Bitcoin ?

What is Bitcoin ?

This is first question which always comes to our mind.

So in simple words Bitcoin is the completely new currency different from currency you are using till today also know as crypto currency or digital payment system.

How it Works ?

Bitcoin works without single or central administrator and transaction takes place directly between the user because of which it is first decentralized digital currency.

Things You Must Know About Bitcoins Before Investing

Difference Between Normal Currency and Bitcoin

Since the money issued by government can inflated with time but the supply of bitcoin is limited mathematically to twenty one million bitcoins that can never be changed.

Bitcoins are impossible to inflate or counterfeit. One can use the bitcoin for sending or receiving any amount of money with anyone and anywhere in the world at very low-cost. It’s impossible to block the bitcoin payments and the wallets of bitcoin cannot be frozen, Bitcoin network is uncensorable and unstoppable.

You have to Choose Wallet for Bitcoin

Choosing a wallet for Bitcoin is easy but the wallet is available with different options. You can control your own bitcoins like any other physical cash or you have to trust someone who will hold your bitcoins.

Several advantages and disadvantages associated with both the option but it is always better to hold the bitcoins by your own.There are so many bitcoins wallet but it easy to start with a wallet for your Android or iphone device. Hence you will carry your bitcoins by your own wherever you will move.

Do you know 1 Bitcoin is equal to almost 2410.14 US Dollar or 155454.03 Indian Rupee

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How to Get Bitcoins ?

Obtaining bitcoin is similar to that of obtaining any other currency. You can sell something in order to obtain them or you can tell your employer to pay in form of bitcons.You can also make use of Bitwage payroll service without the need of employer to be aware about that. You can start receiving them as payment at your current business.

 

Where to Spend Bitcoins ?

There are lot of merchants that provide good discounts if you pay them in bitcoins such as 20% off everything at Amazon using purse.io.20% off at every purchase made at starbucks at Foldapp.com.You can search the places near you that accepts the bitcoin at coinmap.org and can do lot of shopping with amazing offers.

 

Although Bitcoins are illegal in India but you can buy and sell them at

  1. Unocoin | India’s Bitcoin Wallet
  2. Buy and sell bitcoins in India, with cash and online
  3. India’s leading Bitcoin Exchange

 

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Author: Poonam Kaushal

A blogger and passionate writer who always try to introduce new concepts to readers.Involved in blogging since 2014 and believe in “No pain No gain” if you have to achieve something then you need to work hard.Working as freelance blogger in many companies and also managing her own blog that you all know savenlike.com.

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