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Bitcoin is a platform that hosts a digital ledger on which people can mine, store and trade bitcoins, a digital form of currency earned through a computer algorithm and tied to no central authority. Bitcoin was published in 2008 by a group of people under the pseudonym of Satoshi Nakamoto. It was finally incorporated initiating its mining activities in January 2009 expanding its commercial interest leveraging its value due to high demand by both sellers and buyers worldwide.
The reason for the creation of this “trustless” digital money (bitcoin) system is to eliminate third-party intermediaries such as banks or financial institutions who are traditionally required to transfer digital funds. The provision of these services involves significant costs for third parties; these costs are then passed on to end-users and may limit transactions only to the two parties involved.
Bitcoin is digital money that can be used by all classes of people to accomplish their daily needs as well as long term needs or investment. People worldwide trade with bitcoins in so many aspects those who buy and stuck waiting for an increase in value so that they sell and make a profit, meanwhile some others sell bitcoins on daily bases as well when the demand arises. Buying and selling of bitcoin are what makes it remain at the top of other digital currencies worldwide. Bitcoin is not only bound to individuals but satisfies individuals and commercial institutions. People use bitcoins to book for their hotels, Transferring assets across borders. There are supermarkets were bitcoin payment is allowed.
Facts About BitCoin
Records hold that in 2017 bitcoin recorded its greatest transaction with a stagnant value of $2 billion daily with an x10 growth that year. However, there are more than 22 million bitcoins wallets in existence. The number of unique active users of cryptocurrency portfolios is estimated at between 2.9 and 5.8 million. It is important to note that this study focuses on active users versus Bitcoin holders. This gives us an idea of the number of people who are real users compared to those who only buy and hold investors. Given the paucity of data and the inability to accurately determine the number of bitcoin users worldwide, we can estimate with certainty that there will be approximately 20 million users worldwide.
Meanwhile, there are over 32 countries In the world that have accepted the use of bitcoin such as united state, Canada, Australia, European Union whilst some other countries like China, Russia, Bolivia, Vietnam, Columba have said no to bitcoin probably because they don’t have autonomy over their economy.
Since bitcoin is as a digital currency the best way it could be managed is through an app. Bitcoins exist in apps forms for both Android phones and IOS devices like the iPhone, iPad.
These apps were created to secure transactions of bitcoin and other cryptocurrencies freely.
How BitCoin Casinos work
Bitcoin transactions are done electronically in so many ways and method depending on the individuals and institutions using the coins;
Desktop wallets allow users to create an address for sending and receiving bitcoins and provide a place to store the private key to do so. This can be done by downloading the software on a single computer.
Mobile wallets the new software, accessible via applications, allows users to perform transactions on the move. While Bitcoin customers download the entire Bitcoin blockchain, mobile wallets are designed to use only a small portion of the blockchain and depend on other nodes in this network to access the remaining information needed.
Bitcoins do not offer direct incentives its users but however, with the fluctuation in the value of bitcoin in the world market people have always carefully studied the rate and understood when its best to transact using bitcoin so as to benefit.
Benefits of Bitcoin
Due to the unique nature of virtual currencies, there are certain advantages inherent in Bitcoin transactions that users of other currencies do not obtain;
Purchases Are Not Taxed: since there is no third party in tracking transactions made in bitcoins, hence no sales or buyer tax are not added to both parties. Mobile Payments: with internet access, bitcoin users can purchase and do their transactions without going to banks or stores to buy products.
Bitcoin has enriched so many people and companies around the world. With its fluctuating nature in the market, people tend to make a profit whenever its values rise. Associate companies to bitcoin
Bitcoin is a currency on its hence has no national or international monetary policies binding. So many companies use bitcoins for their daily transactions and operations. Some of the companies include Bitstamp, Bitwala, Bitclub, Bitworld, Bitfinex and many more.
Bitcoin is a per-to-per currency with no third party involved and a very trust wealthy means of transacting between parties on without incurring any tax or charges. With the rate with which bitcoin is growing in use, the future will be bitcoin and nothing else.