Bitcoin is a new currency, which was created by an unknown person under the pseudonym of Satoshi Nakamoto in 2009. There is no middleman in the transaction, which means there is no bank! Bitcoin can be used to book Expedia hotels, buy furniture from overstocked goods and buy Xbox games. But most of the hype is about getting rich through trading. The price of 20 17 bitcoin soared to thousands.
Why choose Bitcoin?
Bitcoin can be used to buy goods anonymously. In addition, because Bitcoin is not regulated by any country, international payment is easy and cheap. Small businesses may like them because there is no credit card fee. Some people just buy bitcoin as an investment, hoping it will increase in value.
Buy on the exchange
Many markets are called "bitcoin exchanges", which allow people to buy or sell bitcoins in different currencies. Coin bank is the leading exchange, as well as Bitstamp and Bitfinks. But security may be a problem: when Bitfinex was hacked in 20 16, tens of millions of dollars worth of bitcoin were stolen.
People can use mobile apps or computers to send bitcoins to each other. This is similar to sending cash digitally.
dig a mine
People are competing to "mine" Bitcoin and solve complex mathematical problems with computers. This is how Bitcoin was created. At present, the winners get a reward of 12.5 bitcoin every 10 minute.
Bitcoin wallet
Bitcoin is stored in a "digital wallet", which exists in the cloud or on the user's computer. A wallet is a virtual bank account that allows users to send or receive bitcoin, pay for goods or save money. Unlike bank accounts, bitcoin wallets are not insured by FDIC.
Online wallet: the server was hacked. The company has fled the customer's bitcoin.
Wallets on your computer: You may accidentally delete them. Viruses can destroy them.
Anonymity of bitcoin
Although every bitcoin transaction is recorded in the public log, the names of buyers and sellers will never be disclosed, only their wallet ID. Although this keeps bitcoin users' transactions private, it also allows them to buy and sell anything without being easily tracked. This is why it has become the preferred currency for people to buy drugs or other illegal activities online.
The future of bitcoin
No one knows what bitcoin will become. It is largely unregulated, but some countries, such as Japan, China and Australia, have begun to weigh regulation. The government is worried about taxes and lack of control over the currency. # Ou Yi OKEx# # Bitcoin [Chaohua] # # digital currency #