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What is Bitcoin? October 20, 2014

bitcoin-is-it-a-future-currency-or-asset-bubbleHave you ever wished you had a way to pay for a purchase online without having to use your bank number or personal information? Would you like to run a business with less risk of insecure payments and fraud? You could look into using Bitcoin.

What is Bitcoin?

No, it isn’t a tiny piece of change. Bitcoin, invented in 2009, is a form of internet currency you can buy and use to purchase webhosting services, order food, or even invest. It was created by someone using the alias “Satoshi Nakamoto” on a cryptography mailing list, and took off from there.

How Can I Purchase Bitcoins?

There are many ways to buy bitcoins for yourself. You could go on the Bitcoin exchange, trade with someone near you, or receive it as payment for any goods and services you provide.So How Does it Work?At its most basic, Bitcoin is similar to an app or a virtual wallet program. It simply permits people to send and receive currency via the internet.

What are the Benefits?

Bitcoin is a completely digital form of payment, with no physical money ever trading hands, and no bank (or middle man) thrown into the mix. It also keeps buyers and sellers more anonymous than typical forms of online payment. Bitcoins are also good for online merchants, because they are a secure form of payment without the risk of fraud. They are also very transparent, with an online ledger of all purchases to be viewed at any time.

What are the Risks?

Because it is a relatively unknown form of currency, it is not widely accepted. However, this is beginning to change. It is also in a constant state of development from a program standpoint, so terms of use could be changed.

But Is It Legal?

Yes, Bitcoin is a legal form of internet payment in most circumstances. Some foreign countries to restrict use of any type of currency from certain countries, however, which does apply to Bitcoin. While it is still a relatively new form of currency, Bitcoin is a legitimate way to purchase goods online. Considering checking out the Bitcoin exchange today!

Categories Bitcoins