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Bitcoin: Everything you Need to Know

Muhammed Swalih
Bitcoin Everything you need to Know

In recent years, you might have heard the term “Bitcoin.” If not, it is the time to be more active in the tech world and the internet. Bitcoin was in the news of the recent ransomware attack which reported to have infected more than 230,000 computers in over 150 countries. The attackers locked the computers and demanded payments in the form of Bitcoins in order to decrypt your files. If you are still wondering what are Bitcoins, continue reading this complete guide on Bitcoin.

What is Bitcoin

Bitcoin is a cryptocurrency invented by a person namely Satoshi Nakamoto (which is still uncertain) back in 2009. It is a digital payment system where the users can transfer amounts directly without a third-party in between. In other words, it is a peer-to-peer payment system.

All transactions are automatically verified by the network nodes in the program and recorded in a public distributed ledger. So, this is an open system where anyone with Bitcoins can make secure transactions, and no one is in control.

When compared to other digital currencies or the normal payment system, the Bitcoin transactions have no significant fees, or they are extremely low. So, the user can transfer almost the same amount to the recipient within a matter of seconds.

Bitcoins can be either Mined or bought by spending real money. There are a lot of Bitcoin shops available online which accepts real money and provide the Bitcoin equivalent. As of 22/06/2017, 1 Bitcoin is equal to 2664.99 US dollars.

Who Accept Bitcoins

One of the most asked questions regarding the Bitcoins is its acceptance. When compared to its starting days, there is a huge increase in the number of service providers and e-commerce companies which started accepting the Bitcoin payments. As per the latest reports around 100,000+ merchants and vendors accept Bitcoin payments in return for their products and services.

For your knowledge, we handpicked some of the most popular websites and services which accept Bitcoin as the payment system. Here are they.

Where You Can Buy Bitcoins

If you are planning to buy Bitcoins, it is very important to select a trusted Bitcoin exchange. You can spend the real-world money and get the Bitcoins equivalent. Later when the price of the Bitcoin rise, you can sell it on the same site for better rates.

But currently, we do not recommend doing so, because the Bitcoin rates are at its highest. So, it is better to wait for the price to drop a little. If you are confident enough in investing in Bitcoins, you can use any of these trusted Bitcoin exchanges.

Bitcoin Advantages and Disadvantages

Like any other cryptocurrencies, the Bitcoin also has a number of advantages and disadvantages. We listed some most important ones out of them to make you aware of the benefits and risks of buying Bitcoins.

Pros of Bitcoins

Cons of Bitcoins

Should you Buy Bitcoins Right Now?

It is completely up to you. Bitcoin is a cryptocurrency which keeps changing the value rapidly at huge rates. When compared to the previous year, within a matter of few months, the price increased more than 300%.

It is the most important thing to look after. The rates keep changing rapidly month to month. You can see the Bitcoin rates from this link. As you can see, it is changing rapidly over time. We can expect a huge drop overnight as well as the increase.

As the price is at its all-time best, it may not be a good idea to go for Bitcoins at least at this time. So, we recommend you to wait until the price drops. If you feel confident, you can also invest some money in Bitcoins.

You can alternatively read our recent article on is now the right time to buy Bitcoin to get a better idea.

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