Long gone are days when bitcoin currency was thought to be a currency intended for secret purposes. Now big companies like Dell and Microsoft are also dealing in this currency. Not just that, even small businesses are employing it too.
In fact, contrary to the prior belief of BTC being all suspicious, the emergence of this currency was intended to replace the traditional payment network that involves banks as a central body. This had happened when the banks were accused, by Occupy Wall Street, of rigging and misusing transaction money along with thrusting giant fee charges on the clients.
So, to achieve more transparency and control, individuals started moving towards digital currency, specifically BTC. This type of payment network ensures peer to peer transactions without the involvement of any middleman.
So, if you are interested in the whats and hows of BTC because you are thinking of switching your payments to this method, then you have come to the right place, as we will be covering a brief guide for dealing in BTC.
What is bitcoin currency?
Simply put, this currency employs digital information exchanges between two peers involved in any transaction. In this exchange, decoding of a user-specific address of 16 symbols, occurs in a secured network of computers.
This network stretches from one peer end to another. The transaction is confirmed when it is added to the blockchain.
What are the few things to keep in mind while dealing with BTC?
Since the currency is highly digitalized, there are certain features that one must be aware of before they start dealing with it.
Firstly, it is irreversible. Once the transaction is added to the blockchain, nothing can be done now to reverse it. So be wise before you make any payment through it.
Secondly, it is a completely anonymous method which means your identity will not be required, instead, you will have an assigned address of 30 characters chain on which transaction will take place.
It does not matter where you are while making bitcoin transactions because you can do it literally from any part of the world, but of course, a part that has a good internet connection.
The bitcoin address is highly secure, unlike our passwords or ATM card pin. Its composition is based on different series of combinations which make it almost impossible to crack.
Where can you get Bitcoins?
There are multiple ways of getting bitcoins. You can get them from cryptocurrency exchanges like https://swyftx.com.au/buy/btc-bitcoin/ in exchange for regular coins or cash.
You can also get in touch with a classified seller of bitcoins who trade crypto coins for cash. Or you can also do the business of your own by selling or providing any service in exchange for bitcoins.
No matter which method you use to buy bitcoins, always make sure to first do thorough research of that service to rule out any possibilities of scams as BTC is a lucrative target for scammers due to its anonymity.
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