Bitcoin can be easily stored by the means of wallet. These wallets come in the different forms as per the technology you use. A detailed overview on what you need to know about bitcoin technology is provided in the underlying article.
Hi guys, it’s me again, Jonathan. Today I am going to discuss about one of the latest technology that is making waves in the field of finance, currency exchange, online transaction, online shopping, online payment, online funds transfer and of course in technology itself.
First of all, I’m going to discuss it without getting into its detailed technical details. If you want to learn more about it then you know where to go, you can Google it or go straight to Wikipedia.
I’m only going to discuss it in a way that an average people who is not technologically or technically adept will be able to understand it. Simply put, I will only discuss its origin, its usage and the like.
Origin of Bitcoin
Released as open source software in January 2009, bitcoin is a form of digital currency, a software developed by Satoshi Nakamoto. The reference implementation of bitcoin protocol is called Bitcoin Core (Wikipedia). Accounts about the true identity of Nakamoto are published in the internet but none of them truly prove the true identity of Satoshi Nakamoto.
Many believed that Nakamoto is a group of people or a pseudonym used by one or more individuals.
Take note Bitcoin (with capitalized B is the technology) and bitcoin (with lower case b) is the unit of account. Nakamoto stepped down as the lead of bitcoin in 2010 and handed the key to Gavin Andresen. As of August 1, 2017, bitcoin split into two derivative currencies called classic bitcoin (BTC) and bitcoin cash (BCH) (Wikipedia).
How to get Bitcoin
Well, you can get bitcoin by buying it with real money or if you are a professional you can ask for a professional fee in the form of bitcoin. If you own a business then you can ask for a bitcoin as a form of payment.
You need to have a wallet, and it is not a typical wallet that you have in mind. The wallet that I am talking about is digital hence bitcoin is a digital currency. If it is digital then you don’t have a physical currency that you can store in your clothes’ pocket on in your purse, or in your wallet that you carry in your pocket or in your bag.
But how to have a Bitcoin wallet?
First of all, there are several types of wallet namely Desktop wallets, Mobile wallets, Online wallets, Hardware wallets, and Paper wallets. Within those wallets is a “bitcoin wallet address”. That address is the one the you use to start receiving and sending bitcoins. Once you have created or got a wallet you can now start making bitcoin transactions. There are wallets that lets you convert your bitcoin into your local currency then withdraw it as cold cash at a bank that you prefer.
Here are some popular online wallets: Blockchain, Coinbase, Circle, Xapo and Coins.ph. Be advised that when you are about to sign-up for online wallets there are some security and verification process that you have to complete like providing an ID or proof of identity. You may also need a working mobile number to sign-up for online wallets.
If you want to receive bitcoin on your wallet simply give your bitcoin wallet address to the one that will send you bitcoin. Some wallets let you store your local currency and several types of crypto currency or digital currency on a single wallet. And also, if you want to send bitcoin to another person just ask for their wallet address then use it to send bitcoin.
WARNING: Before you venture forth into the world of bitcoin or any digital currency be sure to read some security articles or best practices about bitcoin available on the internet on how you can secure your bitcoin or wallet, backup your wallet and protect your privacy.
You can consult our friendly neighborhood Google on how you can obtain your wallet that you prefer. Choosing a wallet depends on how comfortable you are on using them. As for me I only got online wallets as of the moment. There are several online wallets available out there. If you are from the Philippines you can contact me at this email (firstname.lastname@example.org) if you want me to help you obtain a wallet that is based on the Philippines.
WARNING: Bitcoin wallets are FREE. Do not fall to scammers that ask you to pay them so that you can obtain a wallet.
How to store Bitcoin?
Wallets are your means to store your bitcoin or any form of crypto currency or digital currency.
How to use it?
You use bitcoin as a currency when transacting, buying an item, paying for a service, paying online, shopping online by transferring bitcoin from one wallet address to another instead of using physical real money, ATM, credit card, or debit card from banks.
How it works?
Bitcoin technology works much like our financial banking system but bitcoin is decentralized as oppose to bank’s centralized system. Bitcoin technology is a peer-to-peer type of electronic cash system. Meaning there is no central database or single institution that regulates, controls, process or validates every transaction happening within the system.
Bitcoin technology goes hand in hand with blockchain. A blockchain is a “a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly.” (Google). Blockchain holds all the records of transactions ever made in bitcoin. You can download the whole blockchain (Bitcoin Core) and install it on your computer if you want to contribute your computing power to the blockchain network.
If bitcoin is decentralized how transaction are being validated or processed? That’s where “mining” comes in, bitcoin mining is unlike any other mining like you are mining for gold or diamond. But bitcoin mining is simply the process of validating transactions into the blockchain. When you send bitcoin to another address your transaction will be “pending” until a miner process and validates your transaction.
If a miner successfully processed or validates your transactions and then write or saved it into the blockchain as a “block” then that miner will be rewarded with a certain amount of bitcoin.
That’s it for now guys, I hope it give you an idea what bitcoin is.
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