Where Can We Buy Bitcoin, and How Does It Work?
Several years ago, many people did not imagine that cryptocurrencies like bitcoin would grow to become a trading commodity that carries a lot of value. The currency has become an integral part of many online transactions and is gradually growing to earn more influence in online payments.
Besides this, people are trading and mining bitcoins, and it is proving a good way to make money. If you are looking to get started with bitcoin, you should first understand how it works. Here is a comprehensive walkthrough to help you learn more about bitcoin and where to buy.
Bitcoin
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How does bitcoin work?
As you might know, bitcoin is a cryptocurrency. It is transacted on a public ledger referred to as the “blockchain”. The commodity is transferred digitally and exists online. Bitcoin works much like gold, but the difference is that it is based online and is its own currency.
A benefit about bitcoin is that this is a decentralized currency that is not managed by any entity. It is handled by a group of people, also referred to as miners, who facilitate the transactions. What this means is that bitcoin is not subject to government regulations and you don’t need a bank to trade or use it.
Mining explained
The first way you could earn from bitcoins is doing mining. In this case, as the miner, you are responsible for verifying bitcoin transactions and ensuring they are legit. Every new bitcoin transaction is grouped into a block and once the block is created, it is queued in the chain, which links to a complex cryptography network.
This chain of blocks is the public ledger and is usually complex so as to protect transactions. For using your computer to verify these transactions, you earn tokens of the bitcoin, which are paid to your wallet.
Is bitcoin safe?
From the estimation of experts, the bitcoin infrastructure is bulletproof. It’s nearly impossible to change the ledger. Using bitcoin also assures you that you are not exposing yourself to government regulation. It is a discreet currency that helps you to perform transactions without any risk of losing your money to the system.
Where to buy bitcoins?
Now with some knowledge about how bitcoin works, you might be interested in buying a few coins to get started trading. There are several platforms you could use when you want to buy bitcoins. For a successful experience, you can learn about how to buy Bitcoin here. One of the best platforms is Coinbase, so register on their online portal or download their mobile application to register.
The Coinbase interface offers a simple process where you enter personal information while opening your account. Fill information requested and add all security checks including two-step verification. Once you are done, there are few options for buying bitcoins including debit card and your bank.
It’s easy to become a bitcoin trader as long as you have the information about how it works. Bitcoin exists in a decentralized environment and this means the currency cannot be interfered with. There are different ways you could earn from bitcoins including through trading where you buy and sell when the value goes up. Mining is also an option that could give you good money.
Author: Colin Steinway
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