Bitcoin is a form of cryptocurrency in which the regulation and the generation of the currency units are done using encryption techniques. The currency is controlled by no one.
What Differentiates Bitcoin From The Normal Currencies
The most important characteristics which differentiate Bitcoin from the normal currencies it is decentralized, which means that the currency is not controlled by any institution. This put people at ease as it means that banks are not in charge of their money.
Who Created the Bitcoin?
The bitcoin was created in 2009 by an unknown individual using a false name known as Satoshi Nakamoto. It was an electronic payment system based on mathematical proof. The idea behind the bitcoin was to create a currency that is independent of any central authority, transferable electronically, as well as instantly with a very low transaction fee.
Is the Bitcoin a physical currency?
No, it is not. Unlike the normal currencies which are printed and can be physically seen, bitcoin is printed by no one but it is created digitally and cannot be seen physically.
What Is Bitcoin Based On
Bitcoin is based on mathematical proofs. Around the world, people make use of software programs based on mathematical proofs to generate bitcoin. These mathematical proofs are freely available as well as accessible by anyone.
How Are Bitcoins Stored?
Unlike the normal currencies which are stored in the banks, bitcoin is stored in wallets which serve as a bank for the user. Transactions such as transfer of bitcoin between two wallets are allowed, as a wallet program is provided by the bitcoin network.
Bitcoin wallet exists in different forms which include:
- Mobile wallet
- Paper wallet
- Smartphone apps
- Mobile wallet devices
- CPU wallet
How To Buy Bitcoins
The are several ways in which you can buy bitcoin, but one of the easiest and universal way to buy bitcoin is by using coinbase.
How to buy Bitcoins with a credit card on Coinbase
- Go the [eafl id=”524″ name=”Coinbase” text=”Coinbase website”]
- Create an account on Coinbase
- Go to >settings > Payment methods > and click add payment method
- Click Credit/Debit card”
- Enter your card details
- Once the card is confirmed you can go to buy/sell tab and make a bitcoin purchase
- The Bitcoin will be sent to your Coinbase wallet once you make a purchase