Bitcoin is a cryptocurrency invented in 2009 by an anonymous who chose to hide his identity behind a Japanese name Satoshi Nakamoto. Bitcoin is based on hashing encryption with the first coins having been mined by Satoshi in 3rd jan 2009.Ever since Bitcoin has been an opensource software for digital billing system. All transactions are recorded on a public ledger. The first transaction was when 10000 Bitcons where used indirectly to buy two papa johns pizza. Ever since Bitcoin has gained popularity globally with over 3000 merchants accepting it.
For the first timers, you have an idea by now.Then how do people make money with Bitcoin? Bitcoin trading works almost the same as FOREX. With the current value being 1Bitcoin equaling 9675 US dollars (as at now 27th Nov 2017). This value is not constant and like in Stock Market it rises and falls. To reap from the trade you have to master your game and purchase when its valuation is low and sell some when it fluctuates and as it rises you can always buy then sell when its even higher.
However, its important to know Bitcoin is a currency by itself and can be used to make purchases. Bitcoins are stored in virtual wallets. There are many types of wallets with mobile, web and Computer wallets being the basic. The wallet Id is crucial and losing it means losing everything in the wallet.Bitcoin is secure and with its source code kept opensource, utmost security is guaranteed. However, the wallets are vulnerable. If you are to engage in Bitcoin then you must understand various types of wallets and their features. Some wallets offer anonymous account support allowing transactions to take place with the anonymous participants remaining unidentified. This was used in the recent wanna-crypt virus spell on Windows. With the hackers soliciting for money from victims through an anonymous Bitcoin wallet.See this also Earn your first Bitcoin for free.
There are many Bitcoin wallet providers in the trade. You must register with one to own a wallet. Enough for today, my next post will be about Bitcoin wallets indepth:security, types, features and cautions. If you have any question,need any clarification or comment feel free to leave it in the comments section. If you found this helpful hit like.