What is Bitcoin?

Bitcoin is often referred to as the very first virtual currency or digital currency. It can be understood as an online version of cash. It can be used to buy products and services online or at offline stores as well. However, not many shops accept Bitcoin as a mode of payment.

You must note that Bitcoin or any other cryptocurrencies exist only virtually. There are no physical bitcoins. Moreover, they aren’t issued or backed by any banks or governments.

Technically, Bitcoin is a collection of computers or nodes that actively run its code and store its blockchain. Now, blockchain is a collection of blocks; each block in the blockchain is a collection of transactions. All the computers in a blockchain have the same list of blocks and transactions. The network is transparent for the blockchain users to see if any new blocks are being filled up with recent Bitcoin transactions. Hence it’s a wholly reliable, tamper-proof, and secure network.

Bitcoin currency is the earliest cryptocurrency and hence has garnered widespread popularity and success. It has even inspired multiple other projects in the blockchain space.

How to get Bitcoin?

New Bitcoins can be obtained only through mining. Users are put up to the complex task of solving an incredibly tricky algorithm, for solving which they’re rewarded with a Bitcoin.

Hence people tend to set up a powerful combination of computers to try and receive as many Bitcoins in rewards. This process of earning bitcoins in rewards is referred to as Mining.

There’s a definite number of bitcoin that exist, which is 21 million. As users are mining bitcoins, the algorithm to be solved is getting more complex and challenging to solve. In case you’re thinking of mining today, it could take years before you receive bitcoin as a reward from the system.

In current times, people obtain Bitcoins in three common ways:

• They can purchase Bitcoins using fiat money

• Become a vendor who accepts Bitcoin as a mode of payment

• Lastly, become a miner and mine bitcoin using computing power.

What makes Bitcoins Valuable?

Bitcoin currency values exist because people are willing to exchange it for real-life products and services, even cash.

However, the cryptocurrency Bitcoin price has witnessed multiple highs and lows. For example, in early 2017, one Bitcoin was valued at approximately $1000. Towards November of the same year, the bitcoin currency value increased to around $6400. Bitcoin’s value peaked in mid-December at $19,200 and then even fell back to $13,400 towards the end of the year.

Further what makes Bitcoin currency valuable is that it’s decentralized and no government or banks are its controlling authority. Every transaction conducted in the blockchain system is recorded publicly, making it nearly impossible to duplicate bitcoins, create fake ones, or even spend by stealing.

The only thing that can make you lose your bitcoins is forgetting your private key to the bitcoin wallet. Yes, there’s a possibility of losing bitcoins forever, but only when you lose access to them through your crypto wallet.

Benefits of Bitcoin

No Paper Verification’s:

Transacting with bitcoins is easy and all online, leading to zero paper verification’s. This is one of the major advantages as the user can completely avoid dealing with banks or any financial institutions. Transferring bitcoins online through wallet can be done to anyone without any third party being the mediator.

Easy Mobile Payments:

Bitcoin presents its users with a very decent alternative of making transactions through their mobile phone. Making use of the best Bitcoin wallet can help you send or accept bitcoins quickly and conveniently.

Make Global Payments:

Not only you can perform quick payments, you can also transact payments to any palace globally. Be it anyplace around the globe, you can perform quick bitcoin currency transfers through your mobile wallets. It’s much more convenient and quick than any other means.

Identity Protection:

Transacting with Bitcoin doesn’t require you to reveal your identity. You can send or receive bitcoin online securely without sharing any of your personal information, making the transactions a lot more secure.

Bitcoin is taking the world by storm, but you definitely need storm troopers to survive the market. Crypto Wallets for handling Bitcoins can be your savior. Payscript strives to carefully synthesize the dynamism of this modern technology with technical innovation and deliver a groundbreaking crypto-wallet experience to the user.

Learn more about how you can store bitcoin cryptocurrency on Payscript and make instant transactions.