What is Bitcoin?
Bitcoin is a digital currency and can be transferred online without any go-between like a bank. It is called cryptocurrency and was invented in 2008 by Satoshi Nakamoto.
There is no physical coin or bill of cryptocurrency. Moreover, it is a solidarity network that enables a person to use digital money.
Instant payments are done via peer-to-peer technology which is the top reason why bitcoin is better than conventional currency.
Price of Bitcoin;
1 Bitcoin to US Dollars = 37,77290 US Dollars
1 Bitcoin to Bahraini Dinar = 14,248.84 Bahraini Dinar
1 Bitcoin to Canadian Dollar = 48,161.35 Canadian Dollar
1 Bitcoin to UAE Dirham = 138739.86 UAE Dirham
1 Bitcoin to Pakistani Rupee= 6,030,035.13 Pakistani rupees.
1 Bitcoin to Indian Rupee = 2, 763,974.56 Indian Rupee
Purpose of Bitcoin:
Bitcoin is the only peer-to-peer technology that allows its users to transfer digital money without any central power or middleman.
Bitcoin can be easily traded with gold and assets with extremely low fees. The market demand for bitcoin cash is very high and anyone can invest in it to get short-term profit.
How to Get started with Bitcoin:
If you are thinking to start using bitcoin cash, you need to follow the following easy steps,
- Download a Bitcoin Wallet
- After downloading the wallet, you need to add bitcoin cash to it.
- Use this wallet to send or receive bitcoins.
Why Bitcoin is Better than Conventional Currency:
The 7 best reasons why bitcoin Is better than conventional currency are;
1. Bitcoin is Digital Money and is decentralized:
You can control lower fees and funds as bitcoin gives you the liberty to exchange money without any middleman. The process is cheaper, faster, and more secure.
Your cash will be controlled by the bank whereas if you have bitcoins you are the owner yourself.
With bitcoin, you will have an e-wallet that can be utilized for online shopping. You can keep the track of your digital money.
You can access your money from anywhere unless you have your private key.
3. Less Unstable than Cash:
Bitcoin is accepted globally so you can make transactions throughout the world without worrying about the boundaries.
You can invest anywhere in the world. There are no spending limits on bitcoin.
4. No Duplication:
There is no way of duplicating bitcoin, unlike cash currency.
5. Theft Resistant:
As long as your private key is secured nobody can theft your bitcoin currency. Blockchain technology restricts the track of each and every transaction.
6. Maintains tax records:
Ownership of the bitcoins also gets transferred with the transfer of money so two people won’t be transacting the same value which will keep records authentic, clear, and simple for tax purposes.
7. No transaction charges:
Banks charge a transaction fee of traditional currency whereas there is no transaction fee in bitcoin transactions from banks.
Best Bitcoin Wallet:
You need an Android or IOS free device to download the Bitcoin Wallet. Let’s have a look at the best bitcoin wallet.
Coinbase is considered the best and safest platform to buy, sell, and hold bitcoin (cryptocurrency). It is based in the USA.
Coinbase connects you with a US bank account where you can easily transfer dollars in or out of your coinbase account.
A Standalone Coinbase wallet for mobile can also be used. Coinbase also offers another exceptional feature called Coinbase earn where you can earn cryptocurrency by watching videos or playing quizzes.
There is no purchase cost of Coinbase but there are flat transaction fees while converting currencies.
Other reliable bitcoin wallets are;
How to Buy Bitcoin?
As mentioned earlier you need an Android or IOS free device to get the bitcoin currency.
- Open the Navigation bar by tapping on the menu button near the top left of the screen.
- Select buy from the NAVBAR
- Select the desired currency
- Enter the amount you are engrossed to buy.
- It can be denominated wither in Bitcoin (or cryptocurrency), or your local currency.
A bitcoin ATM is a kiosk. It allows a person to buy bitcoin by using cash or debit card. Some of the Bitcoin ATMs offer multi-functionality giving both options of buying and selling Bitcoin for cash.
How to mine Bitcoin?
You don’t have to put down money to mine bitcoin, you can earn them by mining that is by completing blocks of verified transactions that are further added to the block chain.
You are given complex hashing puzzles to solve, and you need to set up a mining rig. For setting up a mining rig you need a Graphic processing unit (GPU) or Application-specific integrated circuit (ASIC).
The purpose behind encouraging people to mine is to legitimize and monitor bitcoin transactions while ensuring their validity.
Miners help to prevent the problem of double-spending. When the miner verifies bitcoin worth 1 megabyte (block), he is eligible to get a Bitcoin.
It takes 10 minutes to mine one bitcoin.
Buy Bitcoin with Credit Card/Debit Card:
You can buy bitcoin with a debit card very conveniently. It depends on the wallet you are using for bitcoin. If you are trying to buy bitcoin using a credit card through coinbase than you need to follow the following steps;
- If you have an account on Coinbase then click on the “settings.”
- Go on payment methods and click on “add the payment method”.
- Add your debit card/credit card number.
- Confirm and go to buy/sell.
- Select the Bitcoin amount you want to buy.
Bitcoin ATMs do not accept debit cards or credit cards. When one wants to sell cryptocurrency the bitcoin ATMs convert it into dollars and will dispense cash for you.
You can get free bitcoin though;
- Bitcoin faucets
- Gambling Sites
- Bitcoin Games
- Bitcoin mining
- Affiliate programs
- Getting bitcoin directly from the source
Facts about Bitcoin:
- Bitcoin is created through a technology called blockchain.
- The first bitcoin purchase made was, for pizza.
- The inventor of Bitcoin is unknown.
- If you lose your private key; you will lose your Bitcoins.
- You cannot touch, feel, or print bitcoin.
- The supply of Bitcoin is finite, there will only be 21 million bitcoins. Currently, 16.3 million bitcoins have been mined and traded.
- Bitcoin is an official legal tender in Australia, Russia, Japan, and Venezuela.
Click here for a live bitcoin chart.
To get the official latest news on bitcoin and about bitcoin click here.
Bitcoin is the trending buzz in the world of the internet. It is a risk but worth taking. You can try starting from mining Bitcoin.
We hope that now you know why bitcoin is better than conventional currency.