7 Essentials Bitcoin Knowledge

7 Essentials Bitcoin Knowledge

Most important information about Bitcoin

Why Bitcoin?

It is the most liquid transaction that government really hates it because it can’t be taxed. No bank, administrator, book, or any printed transaction. This black hole bring a new era of financial transaction for faster and more efficient process for bitcoin miner (btc miner).

What does it mean by mining?

Bitcoin generated through mining process. This mining creates a complex computational process to make a new Bitcoin.  Current mining for a block has reward in a value of 12.5 Bitcoin which is later on form a block chain.

What is Bitcoin generator?

There are two ways to generate Bitcoin, through hardware and software. Each ways has its own cost level involved. Btc miner usually utilize a mining software is cheaper and sometimes could be downloaded freely through internet connection. Meanwhile mining hardware is quite more expensive, because you have to spend some money to buy extra card to enhance your video processor capability.

For a constant low result, you can choose mining software. Without much more effort to understand about the mining hardware construction, you can easily follow the step one by one and observe how does each process earn more value.

How to store Bitcoin?

After you earn more through mining process, you have to store it somewhere. Yes, for Bitcoin, you could not store it in Bank, since Bank is not involved in the transaction. Specific storage for Bitcoin called Cryptocurrency wallet. You will need a Private Key to sign every single transaction in the wallet.  Various wallet available such as online/offline, desktop/mobile, hardware or paper wallet. You can choose your preference wallet as per your transaction requirement.

Is there any application for Bitcoin transaction?

The answer is yes, applications available in desktop, mobile, and website version. In desktop application, you have to ensure you keep all information secure, backup regularly, and control your wallet intensively. Mobile application is easier, where it could enable you to have transaction through QR code or tap NFC process. Web application is more flexible, it is accessible through smartphone or computer browser.

Where can I use Bitcoin?

Bitcoin transaction can be done all over the world. For example in India, Zebpay is the most famous platform. Other exchange platforms available areUnocoin, VirWox, Changelly, etc. In Phillipine, you can use Coins and Rebit. It has an efficient and user friendly interface. Another example is in Singapore, where you could go to ATM to exchange your money into Bitcoin value. Changelly and Virwox can also be used here as well as in India.

What are the things to consider?

There are 3 major important things, first is irreversibility, where reverse transaction is not possible.  Second is fast and global, means that it could not be sent to anywhere in the world since it’s involve instant network transaction. Last one is security, it’s locked in cryptography system where security matter the most.

Leave a Reply