If you are not familiar with the term Bit Coin yet then you may be very soon. If you haven't heard of the digital online currency then maybe this article will answer some of your key questions.
What are Bit coins?
Bit coins are an all online digital currency and peer payment system. Bit coins are the first online crypto-currency because of it's use of cryptography. Founded around 2009 by the anonymous software developer who goes by Satoshi Nakamoto
How do you get Bit coins?
There are many ways to acquire Bit coins, but mainly you have to mine them but not like in actual mining. Mining Bit coins is all online and require solving very complicated online math log equations on a virtual computer system.With about 21 million online and 11 million located when discovered the equations only get harder and harder.When paying with Bit coin, no exchange of digital notes or
tokens takes place between payer and payee. Instead, the buyer requests an
update to a public transaction log. All transactions are verified,time stamped,
and recorded into this shared public database called the block chain. The
operators of the computers that do such payment processing work are known as miners and rewarded with transaction fees as well as newly minted
bit coins.
What can you do with Bit coins and are they safe?
Although subject to a lot of scrutiny and criticism due to connections with some illicit activity. The FBI has had the digital currency closely under watch only because of thieves and hackers.In 2013 the FBI shut down the Silk Road online black market and seized US$28.5
million worth of bit coins. Even though, the United States is currently considered
to be Bit coin friendly compared to other governments. China, has rules that bit coins cannot be exchanged for local currency, and
the European Banking Authorities has warned that Bit coins lacks consumer protections against fraud. The theft of bit coins can and does occur. Offline storing can cut or eliminate risk, however. Many new businesses are starting to except the online currency and Bit coins can be used at many online retail places as a prepaid alternative. Commercial use of bit coins are still fairly small but it has seen increasing growth and expected to see more in the future.What is the Future and Potential of Bit coins and can you get Rich?
Online speculators consider bit coins to be like online gold for many different reasons. One reason is that government cannot control bit coins they are not able to mint or print more of the currency. One other major reason may be because of the growing number of online retailers that are excepting the currency in exchange for real items. Some critics would disagree on the future of bit coins even with the current rise over the last few years of the currency's existence. Since most of the bit coins transactions are anonymous there are numerous online exchange sites where participants can add or swap money from there bank accounts. The transactions can be exchanged for bit coins and stored on these sites in an online wallet or account. Bit coins are international and can take off in the near future creating hundreds of millionaires overnight. Although there are some risks like potential government regulations for the future of the market due to taxes and online outlaw potential. Stock rates also of the coins can be up as high as one thousand dollars one day and as low as one hundred the next like the stock market. The most profitable part of bit coins are that they are like Gold, Diamonds, and other precious gems if people believe they are worth a lot then they are. Unlike those precious commodities bit coins are not a physical currency but can still be very valuable nonetheless for more information,secrets and tips from an actual bit coin millionaire then click HERE to get ahead of the online movement I hoped this article helped you and thanks for reading
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