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Bitcoin explained in simple terms

bitcoin explained in simple terms

Bitcoin (BTC) is a cryptocurrency, a virtual currency designed to act as money and a form of payment outside the control of any one person, group. Bitcoin is the first decentralized digital currency. All Bitcoin transactions are documented on a virtual ledger called the blockchain, which is. Bitcoin is a new form of money that's completely digital. It can be used by anyone, anywhere in the world. There are no dollars, euros, pesos, or yen - it's a. CRYPTO ELECTRICITY COST BY STATE

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Why Bitcoin? The transactions occur between two parties without any middlemen. There are no transaction fees and both parties are anonymous. When you buy bitcoins, you get a unique digital address that becomes your identity, and that address is used for every transaction. Some pundits predict that Bitcoin and cryptocurrency is the future of money.

They say, eventually, the actual physical currency will start diminishing and digital currency will start appearing. Time will tell! What can I do with bitcoins? Today, many tech-savvy online retailers accept bitcoins. You can order services like Web hosting, buy merchandise, and even a coffee.

Many online shopping carts that accept bitcoins will have an option similar to the following cryptocurrency icons: Bitcoin, LiteCoin, and Dogecoin. Here is an example of DirectNic offering cryptocurrency payment options. Some known businesses which accept bitcoins include Virgin Galactic, Overstock. Why do people buy bitcoins? If I can buy everything using my credit card then why do I need bitcoins? Bitcoin is a new form of currency. Some people believe that the value of bitcoins will grow over time once more and more people and businesses start using them.

People buy bitcoins as an investment vehicle. Another site said they usually process within 48 hours, but that it could take up to seven days. At a BTM, a typical wait to pick up your cash is less than 30 minutes, but a BTM owner told me he's seen it take a solid month. By contrast, I can get cash instantly at an ATM, or for larger amounts, walk into my bank and withdraw it. I could also send a bank wire a lot faster than some Bitcoin exchanges will process my transfer, although that will incur a wire fee.

A way to send money without paying wire fees. If you send through an exchange, the exchange will probably have a fee. However, there are three areas where Bitcoin has a potential advantage over fiat money. Savings accounts. However, the accounts aren't FDIC-insured, and dealing with the exchanges opens up a whole bunch of other problems.

Also, note that many companies like Nexo essentially lie about the interest rates on their websites; once you create an account, the interest rates actually offered are much lower than advertised. Deposit to or withdraw money from online casinos. In most states it's illegal for online casinos to operate even though it's often completely legal for players to play; see the details.

In the states where it's illegal for casinos to operate, it's also illegal for banks to move gambling money, so they won't, so players have a hard time depositing or withdrawing money. Bitcoin solves that problem, because it bypasses the banks. Accept payments from customers for small transaction fees.

The downside is that almost no customers want to pay with crypto. What can I do with Bitcoin? All the things you can do with normal money you can do with Bitcoin, just with lots more hassle and risk. You can buy stuff with it. But while everyone accepts normal money, only a tiny handful of merchants accept Bitcoin. You can get paid with it. That is, someone who owes you money can pay you in Bitcoin. Of course, you first have to find someone willing to pay you in Bitcoin instead of regular money.

Good luck with that. And since you can't easily spend the Bitcoin, you'll want to sell it to convert it to normal money.

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