Bitcoin is a type of a currency in which technology is used to regulate the generation of units of currency and it is done online by two or more individual. It enables new payments systems, which are completely digital, it is mostly used by the youth without any central authority, and it is like cash for the internet. Bitcoin was first proven and was published in 2009 by a Satoshi Nakamoto, though little is known about him but the bit coins have proven to work since then. Bitcoin has no central controller it is therefore controlled by the users all over the world. There is no change that takes place and most of its software’s are published openly all the users and developers can access the codes and even make their own.
Bitcoin network is sharing a public ledger where the ledger contains every transaction that are made by the individuals, each individual has a signature not the hand signature but a digital signature combined of many numerals allowing only the user of the bitcoin to have full access over transacting of the money from their own bitcoin address. There are many people even business using the bitcoin such as gambling sites, it acts like a bank but has its own rules. However, there are three best ways to purchase or buy the bitcoins. These include:
- Purchase bitcoins at a bitcoin exchange – the bitcoins are exchange for payment of processed work, exchanging different currencies or purchase of products, by setting up an account, link it, and then verify you account. Buying the bitcoin can be a bit tricky because you might find the current exchange rate is low, but if the bitcion are selling high, fluctuating it will help you get mare bitcoins.
- Exchanging bitcoins with an individual near you:– it is possible to send or receive bitcoins anywhere in the world at any time. This allows bitcoin users to have full control of their own money. However, the purchase of a product in exchange with the bitcoin can only work with an individual near you, and in the process your save of the bitcoins might go up or down according to how you have purchased a product.
- Earning the bitcoin through competitive mining- This is through, the more you buy or purchase products from others. Though also buying is a competitive way, mining is when you buy computing equipment that can solve math’s equations in a bitcoin network, then when you solve the problem you are rewarded with new made bitcions.
The ledger is like an open book to all who are in, no name is used but account numbers and all the members see the ledger so if account number 1 sends bitcoins to account number 5 then numbers 2, 3,and 4 will also get the transactions done by numbers 1 and 5. Exchanges have implemented measures to provide proof in order to transact your own account whether doing it online or offline. I believe, this is no doubt the best way to get money.