Bitcoin, a type of cryptocurrency is gaining immense popularity among generations. It is used to perform peer-to-peer transactions without the use of any liquid cash. For better understanding, you can break it down into two parts – crypto and currency. Crypto stands for hidden (virtual) and currency stands for money. So, it is virtual money that is traded between users and is free from any government interference.
Bitcoin – the Basics
The most significant cryptocurrency in existence today is Bitcoin and serves as an online payment entity. You can use it to receive or send any amount of money to any place in the world at a negligible transaction cost. The following benefits are important in this respect.
- Bitcoin is a digital currency, equivalent to cash without the involvement of banks or government organizations. Any transact hence transactions are fully secured.
- Transactions using Bitcoins are completely transparent. Every individual has access to view each Bitcoin transaction since its birth. This openness renders a lot of security and trust to its users.
- Bitcoin is portable. It is risky to carry bundles of cash in your wallet; by converting them into Bitcoins, it can be simply transferred even in your computer’s external storage space such as hard disks.
Investing in Bitcoins
The simplest way to invest in Bitcoins is by buying them. Trusted platforms such as Coinbase sell Bitcoins to interested investors at a minimum rate of 1% more than the current market value. With Coinbase you also gain the privilege to link your bank account to your Coinbase id. This will facilitate you to buy Bitcoins automatically at regular intervals.
Suppose, John decides to procure $100 worth of Bitcoins on the 6th and 7th of every month. Coinbase makes this job time-independent by performing it on behalf of John. Similarly, when the price of Bitcoins rises to a fair amount, John sells them and incurs his profits.
A master ledger stores each transaction that users perform using Bitcoin. Users can view every Bitcoin operation taking place since 2009. The use of master ledger and complete transparency has encouraged a plethora of major companies to accept Bitcoins as a legal transaction currency. Microsoft is perhaps the biggest name in this line up who often pays their employees through Bitcoins using Coinbase as a medium. Other eminent names include Subway, WordPress, Reddit and Dell.
Such prominent associations clearly depict the trust factor of not only Bitcoin but also the online wallet of Coinbase. So, sign up today and start receiving handsome profits in no time.