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What is Bitcoin? Know The basics of the millioniare’s coin
|What is Bitcoin? Know The basics of the millioniare’s coin by Editor: 7:44 am On January 5, 2018|
Bitcoin is an online alternative currency system, which acts as a form of digital money. Bitcoin is used both as an investment, and as a method of payment for goods and services.
Before proceeding to buy Bitcoin, it is important to understand what it is, and it’s advantages and disadvantages.
Bitcoins are not regulated or controlled by a central authority and all Bitcoin transactions take place in an online marketplace, where users are mostly anonymous.
Legal issues surrounding Bitcoin
The Advantages and Disadvantages of Using Bitcoins
The main risk of investing in Bitcoin is it’s extreme volatility. In 2013, 1 Bitcoin was worth about US$13. It then quickly moved to over US$1200, and is now approximately US$18597.99(as of 16/12/2017).
The wallet is a computer file that will store your money. You can create a wallet by installing the Bitcoin client, which is software.
Store your Bitcoins via a third party
Use a hard-wire wallet to store your Bitcoins
Exchanges and wallets are a good option if you want to engage in regular trading. When signing up for an exchange service, you will need to provide personal information to the service to create an account.
Once you set up your account via an exchange service, you will need to link it to an existing bank account and arrange to move funds between it and your new Bitcoin account. This will usually be done via a wire transfer
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