Know about Bitcoin

                           

what is bitcoin ? 

Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator.The network is peer-to-peer and transactions take place between users directly through the use of cryptography, without an intermediary.These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009

What makes it different from normal currencies ?

Bitcoin can be used to buy things electronically. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally.

However, bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.

What is bitcoin based on ?

Conventional currency has been based on gold or silver. Theoretically, you knew that if you handed over a dollar at the bank, you could get some gold back (although this didn’t actually work in practice). But bitcoin isn’t based on gold; it’s based on mathematics.

Around the world, people are using software programs that follow a mathematical formula to produce bitcoins. The mathematical formula is freely available, so that anyone can check it.

The software is also open source, meaning that anyone can look at it to make sure that it does what it is supposed to.

How to buy & sell Bitcoin ?

1. Sign up for Coinbase

This first step is to sign up for a Coinbase account. This will give you a secure place to store your bitcoin, and easy payment methods to convert your local currency into or out of bitcoin.

Sign up here...

2. Connect Your Bank Account

After you sign up, connect your bank account. You'll need to complete some verification steps before you can use the account. Once the verification steps are complete, you can start a purchase.

Add a bank Account

3. Buy and Sell Bitcoin

After starting your first purchase, we'll complete your buy and deliver your bitcoin. (Sells work the same way but in reverse). The price of bitcoin changes over time, so we'll show you the current exchange rate before you buy.

Buy & Sell here..

Is Bitcoin legal ?

Bitcoin has proven to be a contentious issue for regulators and law enforcers, both of which have targeted the digital currency in an attempt to control its use. We are still early on in the game, and many legal authorities are still struggling to understand the cryptocurrency, let alone make laws around it. Amid all this uncertainty, one question stands out: is bitcoin legal ?

The answer is yes, depending on what you’re doing with it.