All you need to know about Bitcoin

Bitcoin Symbol

Bitcoin

All you need to know about bitcoin is, it is the latest way to transact. You can use this currency to buy things online. This is a kind of money which is not regulated by gold or silver or a centralized entity like other currencies however it is controlled by a mathematical model. There is no financial institution governing this money. Only constraint we have over bitcoin is that the creators cannot create more than twenty-one million bitcoins.

How Bitcoins are produced? 

Unlike other currency Bitcoins are not minted, they are mined using several servers. The source is an open source and can be viewed by anyone to know how it works and what it does. The coins could be divided into several smaller parts without any constraint over it. The one hundred  millionth of a single bitcoin (0.00000001 BTC) part of bitcoin is called "Satoshi" after the name of its founder.

Where is, it being used? 

The bitcoins were proposed by a software developer Satoshi Nakamoto. They are now popularly being used online to transact in a way you transact other currency like dollars, pounds or yen. Lately in Japan, even some electronic stores agreed to transact physical products at their stores in exchange of bitcoins.

Where you can buy, and sell bitcoins? 

One can very easily buy bitcoins at any marketplace with exchange of currency like dollars, pounds and yen. They are part of marketplace in the countries like US, UK, Japan and Korea. The value of bitcoins have appreciated five times since its inception and is largely becoming popular very fast. There are various websites, or phone apps or even some physical kiosks which are used to buy and sell bitcoins. Some of the popular websites are coinbase, Zebpay etc. There are various other available on a quick search over google.

6 Most Important Cryptocurrencies Other Than Bitcoin

• Litecoin (LTC)

• Ethereum (ETH)

• Zcash (ZEC)

• Dash

• Ripple (XRP)

• Monero (XMR)

Should I invest in Bitcoin?

Yes, I believe you should invest in Bitcoin.But before  investment right now would be your education on the subject matter.Invest your time in researching blockchain technology and all apps developed on it.Since 90% of people still have no idea of cryptocurrencies and only less than 1% own some of the coins.For now go and read books on the topic - than go learn how to read trading charts, than study history charts of all these currencies. Before investing your money on bitcoin or any other cryptocurrency, make sure to do your due diligence.

Word of caution 

It is prescribed to use your credit card or PayPal to buy these bitcoins or else there is no proof of transaction otherwise and if you change your mind, you can always stop or chargeback your money through an ease of a phone call.
If you have a public account for bitcoin, then any one can tell how many bitcoins you own except for knowing that they belong to you. Best way to transact safely with bitcoins is transact in small amount and keep changing your bitcoin wallet credentials frequently. Still it has a long way to go. Your money is always at the risk of hackers due to loss of online identity. Also, if the hackers hack the bitcoin account then there is no guarantee of your money like you have with current physical banks.Bitcoins provide an altogether new way to transact however it still very near to its inception and need to see much more sky before it gets an overall acceptance all over the world.


Source:Quora,Investopedia