Have you heard about Bitcoin? What is Bitcoin? Is that a standard money that we use in daily transaction? What is that? Majority of us didn't know of Bitcoin. OK, lets take a look at this story. This article are from Wikipedia. Who can deny Wikipedia? Right?
Bitcoin
Bitcoin is a software-based online payment system described by Satoshi Nakamoto in 2008 and introduced as open-source software in 2009. Payments are recorded in a public ledger using its own unit of account, which is also called bitcoin. Payments work peer-to-peer without a central repository or single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency. Although its status as a currency is disputed, media reports often refer to bitcoin as a cryptocurrency or digital currency.
Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into the public ledger. Called mining, individuals or companies engage in this activity in exchange for transaction fees and newly created bitcoins. Besides mining, bitcoins can be obtained in exchange for fiat money, products, and services.[13] Users can send and receive bitcoins electronically for an optional transaction fee[14] using wallet software on a personal computer, mobile device, or a web application.
Bitcoin as a form of payment for products and services has seen growth, and merchants have an incentive to accept the digital currency because fees are lower than the 2–3% typically imposed by credit card processors. The European Banking Authority has warned that bitcoin lacks consumer protections. Unlike credit cards, any fees are paid by the purchaser not the vendor. Bitcoin can be stolen and charge backs are impossible. As of July 2013 the commercial use of bitcoin was small compared to its use by speculators, which has contributed to price volatility.
Bitcoin has been a subject of scrutiny amid concerns that it can be used for illegal activities. In October 2013 the US FBI shut down the Silk Road online black market and seized 144,000 bitcoins worth US$28.5 million at the time. The US is considered bitcoin-friendly compared to other governments. In China, buying bitcoins with Yuan is subject to restrictions, and bitcoin exchanges are not allowed to hold bank accounts.
Guys, watch this video for the further details of Bitcoin. We at GenXY still studying about this thing. Its quite interesting for us. Got a PRO and CON for Bitcoin. Watch this.
How in the h**l we can have a bitcoin??? What is bitcoin mining. How to mining??? Watch this video.
How is it guys? Understand? Want to start using Bitcoin? We need to study about this thing properly because it's all about money. We will try it...Maybe someday. Any experienced "Bitcoiner" here? Would you guys share a story about Bitcoin? :-)
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