Bitcoin is the first peer-to-peer digital currency. If others ask you what is Bitcoin, tell them to think of it as electronic money. You can use it to buy items from a shop, order goods online, or even send money to friends. But what makes it different from the regular currencies we know as real money is Bitcoin is decentralized and intangible.
No government or institution controls Bitcoin. It’s open for everyone and it works through the blockchain network. The blockchain works as a public ledger of all the transactions made every second. Also, you can’t hold bitcoins in your hand nor even see it.
Is Bitcoin secure?
Bitcoin uses military-grade cryptography. All Bitcoin transactions use a public key and a private key. Everyone can see the public key, which is your Bitcoin address. But only you know of the private key. When these two keys combine, you get your signature. This way, all transactions are safe from external manipulations.
Bitcoin also promotes privacy. It doesn’t require you to give personal and financial information for each transaction. When you learn about what is Bitcoin, you’ll see that it gives you the idea of anonymity and protects you from different kinds of cyber threats.
What are the advantages of using Bitcoin?
- You can receive your payments in less than an hour.
- There will be no more delayed payments since the process won’t involve third parties anymore.
- There is zero to infinitely small transaction fees.
- You don’t have to divulge personal and private information to make transactions.
- There is no cap to the amount you can send or receive.
How does Bitcoin work?
The blockchain is where all the transactions get processed. New transactions get hashed using SHA-256 algorithm, time stamped, and processed through the efforts of Bitcoin miners. Each transaction becomes transparent on the blockchain. You can view the transactions on the blockchain and verify them later on. Read more about what is Bitcoin to see how it fully works and will help on Bitcoin affiliate marketing and how to make money with Bitcoin affiliation.
What are the recommended Bitcoin wallets?
The next step after knowing what is Bitcoin is to know the wallets you can use. You can find different kinds: software, web, mobile, paper, and hardware. They come with their own benefits and security level.
The most accessible is the web wallet. You can use it in any web browser, and you can also use it on mobile. Third-party companies provide these, so you must entrust your personal information and funds to them. For a software wallet, you need to install it on your computer’s hard drive. The catch is you can’t bring it anywhere unlike the web and mobile wallets.
You also have the option for offline wallets like a paper and hardware wallet. This type offers more security but doesn’t give easy accessibility the same with web and mobile wallets.
How can I sell Bitcoin?
You can personally trade with another person who knows what is Bitcoin. You can also use an online exchange that has a good reputation and trust score. You can also head to marketplaces that offer peer-to-peer trading.
You must create an account in an online exchange to begin trading and earning through Bitcoin affiliate programs. If you’ll opt for direct or peer-to-peer trading, you can scan the QR code on mobile to complete the transaction.
How do I make a Bitcoin withdrawal?
Understanding what is Bitcoin will help you make easy withdrawals. But this depends on the Bitcoin referral program and you’re preferred Bitcoin exchange. You can withdraw balance straight to your wallet and get them without delay when you make money with a Bitcoin casino.
