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[BMF]

Bitcoin is the most popular and widely used cryptocurrency all over the world. It was released as an open source software in the year 2009. According to the survey in 2015, more than 5 million individuals are using bitcoins. The currency code or symbol for bitcoin is XBT. Payments using bitcoin are getting more and more popular.

How do Bitcoins work?

To understand how bitcoin transactions work, you need to know about the following terminologies.

· Bitcoin Wallet – It is similar to the bank account that can be used to store, send/receive bitcoins.

· Blockchain – It is similar to the ledger book used in accounting. But blockchain is a digital ledger that is used to record the every single bitcoin transaction made by the bitcoin users all over the world. The blockchain is the backbone of bitcoin transactions.

· Bitcoin address – It is similar to the email address of an individual. Bitcoins are sent using this address only. But the address can be used for only one transaction. An individual can have many bitcoin addresses.

· Private key – It is similar to the transaction password in net banking. A private key or signature is a small piece of text that is added to every bitcoin transaction to prevent it from corruption or unauthorized access.

· Mining – It is similar to the deposit/withdrawal process in banking. The whole process of verifying a and adding a bitcoin transaction to the blockchain is called mining.

To send money to someone, you have to send the equivalent XBT of the currency from your bitcoin wallet to the address of the receiver and the transaction gets recorded in the blockchain.

What are the pros and cons of Bitcoin?

Pros

· Anonymity: The main reason for the popularity of bitcoin is its anonymity. You don't need to have a bank account or use a real name for using bitcoins.

· Low fees: As there are low fees for receiving bitcoins, international transfers can be made with fewer transaction fees.

Cons:

· Bitcoin value varies depending on the market.

· Loss of bitcoin if the wallet or your computer gets corrupted.

· As the currency is not regulated, it cannot be used in local stores or government organizations.

 

[anorona]

Yes I agree with you OP, it is one of the most popular coin amongst all other coins, it gradually becoming the easiest currency for online transactions and it is easier to use, though the concern of many governments is it decentralized nature. However you can earn bitcoin from faucet claiming, it smaller unit us called Satoshi, currently about 25000 satoshi makes a dollar.

You are right. These faucet are making them more popular. Some people are going crazy on free satoshi, they can get free satoshi on many bitcoin faucet, this is also what makes it different in currency, you cannot get any free of it.

 

[ninjasmile]

bitcoin now is soaring high. i also plan to invest some bitcoin for the future. that's why i'm active in some faucets and ptc so that i can accumulate enough bitcoins that can convert to our currency,.

 

[anorona]

bitcoin now is soaring high. i also plan to invest some bitcoin for the future. that's why i'm active in some faucets and ptc so that i can accumulate enough bitcoins that can convert to our currency,.

I am also trying to be active on some faucets to get free bitcoins. I even tried auroramine to earn but I never invested any amount. Is is temtpting but risky.

 

[Sparjo]

Bitcoin just increasing in value everyday, 5BTC is big bucks wow, i will start investing in other crypto that is cheap to afford now, so i can catch in on it later

 

[Medowriter]

Bitcoin is fast gaining popularity not just as currency but also most new sites that are launched this year so far have included bitcoin as method of payment. I am optimistic that soonest even the old sites will review their method of payment to include bitcoin.

 

[reighn]

thank you for this information, now I have some knowledge about the bitcoin, how about the satoshi Ltc or doge? is that part of btc?

 

[tusziget]

Thank you for explaining in more simple way,what Bitcoin is.I have read on many sites explanations,but it seemed to me,that that they were too complicated.Now,I can explain to everybody else,what Bitcoin is in a way,that he understand immediately.

 

[Pimoo]

Really thanks and thumbs up for the added pros and cons for using bitcoin. As stated, it is risky to have a wallet that are stored in our own computer only but we must also have our wallet backup online

 

[TDL_GamerYT]

This video might also answer your questions :)

 

[Yugocean]

This is same for all types of cryptocurrencies. However after reading in cons, I do not with to have desktop wallet as we are not sure when computer will need to be formatted.

 

[DR KOKIL AGARWAL]

I'm so thankful that I came across this thread. I have been hunting for knowledge about bitcoin. This thread explained everything in so simple words.

Recently I made my bitcoin wallet at blockchain.

As a starter which is the easiest but safest way of starting earning bitcoins?

 

[Yugocean]

I'm so thankful that I came across this thread. I have been hunting for knowledge about bitcoin. This thread explained everything in so simple words.

Recently I made my bitcoin wallet at blockchain.

As a starter which is the easiest but safest way of starting earning bitcoins?

There is no easiest and safest way, instead you have to earn from faucet, or those sites which paya via Bitcoins.

 

[Lovely]

Yes I agree with you OP, it is one of the most popular coin amongst all other coins, it gradually becoming the easiest currency for online transactions and it is easier to use, though the concern of many governments is it decentralized nature. However you can earn bitcoin from faucet claiming, it smaller unit us called Satoshi, currently about 25000 satoshi makes a dollar.

I totaly agree with you on the decentralised nature but I see everyone accepting Bitcoin as a legal tender at the day of the day.I becoming active again with claming satoshi from free faucet.I hope it works well for me.

 

[Yugocean]

I'm so thankful that I came across this thread. I have been hunting for knowledge about bitcoin. This thread explained everything in so simple words.

Recently I made my bitcoin wallet at blockchain.

As a starter which is the easiest but safest way of starting earning bitcoins?

Some people were saying we should have only local wallet for bitcoins and not some other country's. I am getting more information if we can use international, or there are some better online wallet.

 

[overcast]

thank you for this information, now I have some knowledge about the bitcoin, how about the satoshi Ltc or doge? is that part of btc?

No. Litecoin, ether and other crypto are on their own. Only segwi2x bitcoin cash and bitcoin gold are the part of the bitcoin. so each of them have their own set of the algorithm. I am sure that as time goes on it'd be reasonable to make use of the bitcoin. it'd not be much reasonable to use the cryptco for variious types of other activities though. because there seems to be limit on how much secure are those in that contenxt.

 

[reighn]

No. Litecoin, ether and other crypto are on their own. Only segwi2x bitcoin cash and bitcoin gold are the part of the bitcoin. so each of them have their own set of the algorithm. I am sure that as time goes on it'd be reasonable to make use of the bitcoin. it'd not be much reasonable to use the cryptco for variious types of other activities though. because there seems to be limit on how much secure are those in that contenxt.

ah, thank you, yeah I saw my litecoin earnings have differnt wallet in faucehub, I'm collecting some litecoin right now.

 

[SUPER SINGH]

Yesterday I registered on the site which pays mBTC for viewing some ads. I just want to know what is the convertion of mBTC to bitcoins?

I just saw this thread and it'll help me in knowing more about bitcoins as these days even i am trying to be fully aware about the bitcoins and how we can earn that. I cashed out from bitmaker application and it says, I will receive the payment on 11th November. I feel if we try some of the websites to earn bitcoins, then we will gain more knowledge about it rather then looking at internet for knowledge about it.

 

[anorona]

thank you for this information, now I have some knowledge about the bitcoin, how about the satoshi Ltc or doge? is that part of btc?

It is not part of btc but they are another currency that you can also collect like btc. Those crypto has a lower value compare to btc, but still many are collecting them for a hope that soon it might increase its value.

 

[reighn]

It is not part of btc but they are another currency that you can also collect like btc. Those crypto has a lower value compare to btc, but still many are collecting them for a hope that soon it might increase its value.

Yeah the LTC and dogecoins is not part of btc, but it's convertible to btc right? I collected some some ltc and doge in my coinpot, and I just converted it to btc.

 

[anorona]

Yeah the LTC and dogecoins is not part of btc, but it's convertible to btc right? I collected some some ltc and doge in my coinpot, and I just converted it to btc.

Yes they are convertible to btc, I think all crypto currencies are convertible to btc. I also do that on my coinpot account, but it is also nice that you leave some little amount of lite and doge, for it might increase its price in the future.