Tuesday, November 22, 2016

Bitcoin Up and Running - Everything You Need to Know

Bitcoin - Everything You Need to Know
 We are not delving into the technicalities of Bitcoin on this forum, that can be sourced for elsewhere on the internet. The aim here is to introduce you to the basic information you need and its application to every day life.
Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and
increasingly businesses, running computers all around the world, using software that solves mathematical problems.
It’s the first example of a growing category of money known as cryptocurrency. Coindesk

What makes it different from normal currencies?

Bitcoin can be used to buy things electronically. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally.
However, bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.

To start using Bitcoin you need these things:
A wallet address (is like your bank account number) where bitcoins (money) get sent to directly.
While Wallet is like a purse where you keep your bitcoins (money). This wallet can be on a web or on a mobile app or on a desktop pc. All the features come with adequate security but your actions and in-actions can get you exposed to hacking attempts, so follow guidelines and provided instructions, enable high level of security and also 2-steps authentication is always good.
You may acquire bitcoin in any way and yet convert it through bitcoin exchangers to your normal currency. However, you can use your bitcoin on merchant site accepts it, bitcoin is a currency of the internet and is gaining immense popularity by the minutes.

Where to get a Bitcoin Wallet Address and Buy/Sell Bitcoins?

Here is a list of bitcoin exchanger and/or wallet repositories. Some function as exchangers only while some provide wallet and exchanger services and others wallet only. This is subjective but blockchain.info seems to have the best and most intuitive security features in place.
LocalbitcoinsWallet & ExchangesLocatbitcoins.com
CoinbaseWallet & ExchangesCoinbase.com
NairaExExchanges NairaEx.com
BitGoWallet & ExchangesBitgo.com
BitFinexWallet & ExchangesBitfinex.com
BitXWallet & ExchangesBitx.co

What are its characteristics?

Bitcoin has several important features that set it apart from government-backed currencies.
  • It's decentralized:  The bitcoin network isn’t controlled by one central authority. Every machine that mines bitcoin and processes transactions makes up a part of the network, and the machines work together. 
  • It's easy to set up: unlike conventional banks, you can set up a bitcoin address in seconds, no questions asked, and with no fees payable.  
  • Can be anonymous:  Users can hold multiple bitcoin addresses, and they aren’t linked to names, addresses, or other personally identifying information. If you have a publicly used bitcoin address, anyone can tell how many bitcoins are stored at that address.
  • Transaction fees are relatively cheaper:  Your bank may impose a high fee as charge for international transfers. Bitcoin doesn’t.
  • It’s fast: You can send money anywhere and it will arrive minutes later, as soon as the bitcoin network processes the payment.
  • It’s non-repudiable: When your bitcoins are sent, there’s no getting them back, unless the recipient returns them to you. They’re gone forever.

Check the internet for more breakdown of bitcoin. 
Now this is enough to get you up and running. Good luck in your bitcoin use.


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