What is Bitcoin?
Bitcoin is a decentralized digital currency that enables instant payments to anyone online, anywhere in the world.
Here you will find the several trustworthy bitcoin wallet offers :
Is bitcoin real money?
YES! Bitcoin is money for the Internet. It is a scarce digital commodity used as money by millions around the world. The international short term for bitcoin=XBT or BTC. The symbol for bitcoin is Ƀ. Precise like the international short term for United States Dollar=USD and the symbol for dollar is $.
Since it started in 2009, Bitcoin has provided an alternative to traditional government-issued money. No single government, corporation, or nation controls Bitcoin. There is no need for a Bitcoin bank. People can store Bitcoin in software called a wallet, which is available for almost any device.
Bitcoin is different than any currency you’ve used before. Bitcoin is real internet money. The supply of bitcoin is mathematically limited to twenty-one million bitcoins, and that can never be changed.
Bitcoin is more than a system to store and transfer value from one person to another. Bitcoin is a protocol, a computer network, and much more.
Bitcoin isn’t owned by anyone. This means that no one, including banks, or governments can block you from sending or receiving bitcoins with anyone else, anywhere in the world.
Like in the free world, Bitcoin’s price is determined by the laws of supply and demand. The price of Bitcoin in terms of traditional currency can fluctuate significantly on a daily basis, but will continue to increase as more people start to use it. For example, in early 2011 one Bitcoin was worth less than one USD, but in 2017 one Bitcoin is worth hundreds of USD. In the future, if Bitcoin will become familiar to everyone, each single Bitcoin will have to be worth at least hundreds of thousands of dollars in order to accommodate this additional demand.
Important to know!
Like everything, Bitcoin’s price is determined by the laws of supply and demand. Because the supply is limited to 21 million bitcoins, as more people use Bitcoin the increased demand, combined with the fixed supply, will force the price to go up. Because the number of people using Bitcoin in the world is still relatively small, the price of Bitcoin in terms of traditional currency can fluctuate significantly on a daily basis, but will continue to increase as more people start to use it.
For example, in early 2011 one Bitcoin was worth less than one USD, but in 2015 one Bitcoin is worth hundreds of USD. In the future, if Bitcoin becomes truly popular, each single Bitcoin will have to be worth at least hundreds of thousands of dollars in order to accommodate this additional demand. Getting/buying bitcoins works just like buying any other currency.
How does Bitcoin work?
Bitcoin uses public-key cryptography, peer-to-peer networking, and proof-of-work to process and verify payments. Bitcoins are sent (or signed over) from one address to another with each user potentially having many, many addresses. Each payment transaction is broadcast to the network and included in the blockchain so that the included bitcoins cannot be spent twice. After an hour or two, each transaction is locked in time by the massive amount of processing power that continues to extend the blockchain. Using these techniques, Bitcoin provides a fast and extremely reliable payment network that anyone can use.
Bitcoins are sent easily through the Internet, without needing to trust any third party.
There are several ways to buy Bitcoin, but trusted exchanges are a great way to acquire Bitcoin. Because there are inefficiencies in the traditional banking system, exchanges will sometimes have slightly different prices. If the difference is too great, traders will buy low on one an exchange and sell high on another and close the gap.
If an exchange constantly has substantially different prices than others, it is a sign of trouble and that exchange should be avoided. As with everything else, do your research and find an exchange you can trust. It’s also a good idea not to use an exchange as a wallet. Move your Bitcoin to your personal wallet so that you have control over your funds at all times.
How to calculate the exchange rate into various currency you can use one of many currency Exchange rate conversion calculators: https://coinmill.com/BTC_calculator.html#BTC=1
E.g. If you want to transfer 10 US$ to a friend but would like to make the transfer from your bitcoin wallet the exchange rate would be 0.00345437 Bitcoin. (10th June 2017 exchange rate.)
Here you will find several trustworthy exchange companies :
Table of all units:
This table is intended to include all well-defined units of bitcoin value, including less common and niche units.
The minimum bitcoin size is: 0.00000001 XBT/BTC
The 10thof June 2017 the value of 0.00001000 XBT = 0.03 US$
The 10th of June 2017 the value of 1 Bitcoin = 2894.90 US$