Gathering more information about Bitcoin, how Bitcoin works, the Bitcoin transactional properties, Bitcoin mining or how to protect your Bitcoin investment is really important, especially if you are planning to invest in this cryptocurrency again and again and again.
This article is perfect for you, as we are going to provide you with all the information you.
Let’s start by shortly explaining what is Bitcoin.
Bitcoin is the first and currently the most popular cryptocurrency in the world. Presented in 2008, just after Occupy Wall Street accused banks of rigging the system, missing borrower’s money, charging boggling fees, and duping clients, the whole point of Bitcoin was to put the owner or the seller in charge, make transactions more transparent cancel interest fees, and eliminate the middleman, fight corruption, and lower the fees. They’ve managed to create a decentralized system, where owners or sellers control their own funds and they know exactly what is going on in real time.
There is no doubt that Bitcoin has come really far in a short period of time. Today, companies from all over the world, from private hospitals to jewelry stores, accept its currency and allow you to pay with Bitcoins. Corporations and billion dollar businesses such as Expedia, Microsoft, Dell, and PayPal accept Bitcoins as well. Publications, including Bitcoin Magazine, publish all kinds of news, websites promote it, online forums discuss cryptocurrency, in other words, Bitcoins and Bitcoins news are around us, you just need to open the search browser and find out everything you need to know. This cryptocurrency has its own API or application programming interface, exchange rate, and price index.
The downsides of Bitcoins is hacking of the accounts, transaction delays, and high volatility. On the other side, there are people who find Bitcoin the best and most reliable channel yet for financial transactions.
There are 3 essential Bitcoin transactional properties you should know about:
- Irreversible – Once the transaction is confirmed it cannot be reversed. If you send money, you send money, and that’s it. No one can help you if you send your money to a scammer or hacker, not even the president of the United States.
- Pseudonymous – The accounts and the transactions are not connected to real identities. For example, you receive Bitcoins on so-called addresses. Yes, you can analyze the transaction flow, however, it is not possible to connect the real world identity of users with the so-called addresses.
- Global and fast – All transaction are completed instantly in the blockchain network and are confirmed in a few minutes. They all occur in a global network of computers and they are totally different from your physical location. In other words, it doesn’t really matter whether you send Bitcoin to someone who sits next to you or to a friend on the other side of the world.
Protecting your Bitcoins is really really important. You need to backup your Bitcoin wallet daily and encrypt the wallet or your smartphone with a strong password to protect it from online scammers, thieves, and criminals.You can also store some of your Bitcoins in an offline wallet which would be totally disconnected from the network, for an additional security.
And finally, always update your software. For extra protection, you can use a multi-signature feature of Bitcoin that allows a certain transaction to demand multiple approvals be spent.
Keep these tips in mind, and you will be able to keep your Bitcoins safe!
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