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    Home » What Is Bitcoin? A Beginner’s Guide
    Bitcoin

    What Is Bitcoin? A Beginner’s Guide

    Mike PaulBy Mike PaulFebruary 28, 2018No Comments3 Mins Read
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    Bitcoin is a virtual currency which is present in the digital arena. One can use Bitcoins for payments and can reap the profits of Bitcoin in form of gains which one can achieve through Bitcoin trading. Bitcoin’s transactions can be made through cash, check or wiring. Bitcoin is a ‘cryptocurrency’ (cryptocurrency is that currency which has an exchange of information in a digital fashion and allows people to buy/sell commodities/goods). Bitcoins trading are provided by the platforms like Zebpay, Coinome, Unocoin etc.

    what is bitcoin

    Properties Of Bitcoin’s Transactions Which A Rookie Should Know:-

    1) Irreversible

    Any transaction confirmed during the Bitcoin trading is ‘irreversible’. No matter which platform you are using. Neither your bank nor any other authority can get your transactions undone. Even if you send a money to a hacker, it cannot be retrieved or complained!

    2) Pseudonymous

    No real-world identities are connected to the accounts or transactions in Bitcoin apace. The users received Bitcoin’s on the addresses which are random chains of nearby 30 characters. There is an ample possibility where a trader/user can examine the flow of transaction but there is the guarantee that a person can get connected to the real world identity of users using those addresses.

    3) Fast

    Within a couple of minutes, the transactions are completed. One can do the transactions using the global platforms while sitting in any corner of the world.

    4) Permissionless

    This is one of the biggest reasons people are using Bitcoins. There is no need for a trader to take any kind of permission to any authority for trading/using of cryptocurrency. One just has to make the account and can start the work of sending/receiving/trading of Bitcoins without anyone’s nod!

    Storing Of Bitcoins

    Bitcoins are stored mostly in the wallets of the platforms which a user uses for trading. Suppose, if a person is using Zebpay for trading, one can store the Bitcoins in a Zebpay wallet. These wallets are commonly called ‘digital wallets’. However, there are other options available for storing Bitcoins. One such example is hardware wallets.

    Disadvantages Of Bitcoins

    There are many fraudulent and thefts from the fraud websites, One should do a thorough research before choosing a platform for trading in Bitcoins. Also, irreversible transactions make it impossible for the users to change their minds. They have to be very sure before confirming their transactions. The loss in Bitcoin trading is miserable so one should deal only in amounts he/she can afford to lose. It is advised not to take risks with very high amounts.

    Bitcoin Wallet India How to Buy bitcoin on Zebpay How to earn free bitcoin zebpay latest Bitcoin news what is bitcoin
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    Mike Paul
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    Mike Paul is the founder, owner, and CEO of Digitalmaurya.com, a leading online resource for entrepreneurs and small business owners. With over a decade of experience in business and entrepreneurship, Mike is passionate about helping others achieve their goals and reach their full potential.

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