I guess we all have been hearing about bitcoin BTC, and a lot of people would probably have been wondering that bitcoin is. You gey to stores and all ecommerce sites like Amazon, Alli express and you find out they are all promoting btc, there are also lots of invwstments now that make use of bitcoin, i really can't start counting as they are too much; that proves that this currency has come to stay.
What is bitcoin?
Bitcoin is a cryptocurrency (virtual currency) built by a programmer, or group of programmers, under the name of Satoshi Nakamoto and hence the name for the smallest unit of a bitcoin: satoshi.Bitcoin was introduced on 31 October 2008 to a cryptography mailing list, and released as open-source software in 2009. It is already accepted all over the world as a real currency currently.
There are also lots of other cryptocurrencies like dogecoin, LTEcoin, swisscoin mostly built with etherum but bitcoin is the most popular, most recognised and has the highest value. Currently a BTC is about $720 and #360,000 , though this varies every minute as the stock market and world economy and exchange rates also vary and the value is expected to keep rising as the supply keeps reducing as the year goes by.
The supply growth is stated to be at 12.5 bitcoins per block (approximately every ten minutes) until mid 2020, and then afterwards 6.25 bitcoins per block for 4 years until next halving. This halving continues until 2110–40, when 21 million bitcoins will have been issued.
It is a decentralized currency which means ;You don't have any central depository but you send all your bitcoins from peer to peer (user to user) directly from your bitcoin wallet and that's why you find it being used in decentralized investments like zarfund and MMM.
Predefined values and units of bitcoin
- 1 Satoshi= 0.00000001 ฿
- 100 satoshi= 0.00000100 ฿ (micro-btc)
- 100,000 Satoshi= 0.00100000 ฿ (milli-btc)
- 1,000,000 Satoshi= 0.01000000 ฿
- 10,000,000 Satoshi= 0.10000000 ฿
- 100,000,000 Satoshi= 1.00000000 ฿
Bitcoin wallets and bitcoin wallet address
These wallets comes with wallet ids for recognition and also wallet address which you use for making transactions. The wallet address is like an email address that you use for exchanging mails but this time it's bitcoins you are exchanging.The best bitcoin wallets i recommend are blockchain and luno (previously called bitx).
Blockchain is the most recognised bitcoin wallet in the world and a lot of bitcoin investment companies like zarfund and others use block chain wallet while luno is the smartest bitcoin wallet ever with a very good user interface, converter, graphs and also direct deposits to local accounts anywhere in the world. I advice you also download google authenticator and enable two factor authentication on your wallets for better security.
I personally use both of them currently and they have been good so far, you can download them both on playstore or go to blockchain.info or luno.com to access them on your computer system.
How to use bitcoin wallets for sending and receiving btc
It's pretty easy to use a bitcoin wallet for sending and receiving btc, as i said earlier the wallet address is used for all these tasks.If you are the recipient of the btc, you can get your btc in few steps
- Open your bitcoin wallet
- Click on receive
- Copy your wallet address and send it to the sender of the btc.
If you are the sender of the btc, you can send btc to someone in few simple steps
- Copy the wallet address given to you for sending of btc.
- Ooen your bitcoin wallet
- Click on send and paste the wallet address you copied earlier.
- Enter amount and then click on send.
Note
You can either send in btc or your local currency equivalent. But i advice you send in btc to avoid arguments as the rates of local currencies compared to btc changes every second and so may contradict the amount requested if in local currency.
There is also a sending fee which is deducted from the sender's wallet which ranges from 1243-2048 satoshis.
What's your experience so far with bitcoin, bitcpin wallets, bitcoin address so far? Do you have any questions, complaint's or suggestions? Please drop your comments.
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