Bitcoin Basics

 

Bitcoin (BTC) is a digital currency, created and held electronically. It is decentralized, which means no institution controls the network, no bank can be in control over Bitcoins. They can’t be printed, they are simply a digital cryptocurrency. Bitcoin can be used to buy things electronically, just as you can with dollars, euros, yen or other currencies. The main advantage is that very low transaction fees. It’s easy to set up, it’s free, it’s anonymous and it’s fast. Bitcoin can also be used as a payment method on most online commerce sites that accept Payza. You will often see the term “Satoshi” when you claim Bitcoins. Satoshi is the name of the founder of Bitcoins, but it is also the smallest fraction of a Bitcoin that currently can be sent (0.00000001 BTC).

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The fate of Bitcoin is very speculative, it is always a good idea to gather some. It takes almost no extra time to collect Bitcoin from many online earning sites, but it is best that you set up a Bitcoin wallet, and it’s free.
Get a Bitcoin wallet.

The first thing to do if you want to start with Bitcoins, is to set up a Bitcoin wallet. best sites to store only electronic currency like Bitcoin is Coinbase or Blockchain. Most users find Coinbase friendly. It is to be noted that you only need one wallet. If you are into online business transactions, Payza is valid alternative.

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You will need an email address to verify your account with, and a strong password. You can sign up to all wallet site and have a look around to decide which you think is easiest. It’s free. So that is the first step, signing up.

Copy your wallet address and have it somewhere safe so that you don’t have to log in to the Wallet site each time you need to get the address to log into any of the faucets that require you to create an account.

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Use Bitcoins

As stated above, if you are currently engaged in online business, Payza is the best solution to get your Bitcoin wallet address as you can also transfer funds directly between your different currencies there if you are a verified member. But you can also use your Bitcoins to pay for things in any site where you can pay with Payza.

Bitcoin ATMs (machines to withdraw money from a card) are popping up in cities around the world already. Instead of entering a regular card as in a normal ATM, people enter their Bitcoin address. A currency exchange takes place within moments, and they collect real printed cash in their local currency.

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It is to be noted that though Bitcoin wallet is free, there are charges levied for all transactions. So, it is essential that you take that into account. In addition, the value of Bitcoin is anything but steady, it is best that you have sufficient balance or deposit more money than you may have anticipated.