If you want to get a slice of the latest craze these days, you have to consider Bitcoins. Bitcoin is essentially a virtual currency, which blossomed after the price per coin rose to above $13,000. Bitcoins are one of the many cryptocurrencies. When you hear about cryptocurrency, it means lines of computer code that hold monetary value.
If you want to know more about Bitcoins, here are some facts:
Introduction to Bitcoin fortune
The interesting thing about Bitcoin is no one really knows who created it. Cryptocurrencies are created with maximum anonymity. Bitcoins first appeared in 2009 from a developer named Satoshi Nakamoto. He silently disappeared leaving behind a Bitcoin fortune. As a matter of fact, Bitcoins were the first major cryptocurrency. With this, all digital currencies like peercoin, litecoin, ethereum and the like are called altcoins or alternative coins.
How it works
Bitcoins are designed as virtual coins. Once you own Bitcoins, they act like physical gold coins. This means they also possess value and you can trade it. Basically, Bitcoins can be used to purchase goods and services online. You can also tuck it away in the hopes of higher value in the future.
The Bitcoins are traded from one wallet to another. When you hear wallet, it refers to a small personal database that has the power to store your Bitcoins on your computer, smartphone or somewhere in the cloud. The best thing about Bitcoins is it is forgery-resistant because it is created intensively. With this, no counterfeiters dare to control the system.
How it is tracked
Bitcoins work without a central bank or any financial institution. In other words, it is decentralised. Even if this is the case, Bitcoins can still be tracked with the help of blockchain. The blockchain is a data ledger where all transactions are logged. It is then made available in a public ledger to ensure their authenticity and preventing any frauds.
How can you benefit from it?
You can sell btc and make money out of it. Selling Bitcoin is not a problem because there will always be someone willing to buy it since more and more services consider it as a form of payment. Now, the next concern is where to sell Bitcoin? The good news is that there are many methods for selling Bitcoin. You just need to be aware.
The most common option to sell Bitcoin is through exchange platforms. Exchanges act like middlemen. There are many exchanges but the most popular are the Coinbase, Kraken, and CEX. Remember that no matter what exchange you consider, you need to create an account and wallet then link your bank account. These things are for verification purposes. After settling everything, you take your deposit address from the wallet and send the Bitcoin there for selling. You can finally put a “sell order”. As soon as the sale is complete, the funds will be sent to your linked bank account.
Another option is the P2P exchanges or called peer-to-peer trading. For this, you need to create an account to verify your identity. Once you are settled, you can start selling your Bitcoins in a direct manner. You can place “sell order” and if someone agrees to your price, you will be notified and the transaction will move ahead.