Founded in 2009, Bitcoin is an online currency that follows the ideas set out by Satoshi Nakamoto, Bitcoin grants users the promise of lower transaction fees than they will find with traditional online payment methods. And, unlike government-issued currencies, Bitcoin is operated by a decentralized authority.
There are no physical Bitcoins. There are only balances kept on a public ledger in the cloud, that, along with all Bitcoin transactions, is verified by a massive amount of computing power. Bitcoins are not issued or backed by any banks or governments, nor are they valuable as a commodity. Although Bitcoin is not legal tender, it charts high in popularity, and the currency has caused the launch of other virtual currencies
How Does Bitcoin Work
Bitcoin pioneered the use of peer-to-peer technology in the facilitation of instant payment. Independent individuals and businesses who own the governing Bitcoin computing power and participate in its network are known as “miners.” Miners are motivated by rewards . You can think of miners as a decentralized authority which enforces the credibility of the network. New Bitcoin releases to the miners at a fixed yet periodically declining rate, and the total supply of Bitcoins is currently approaching 21 million.
As with other tradable assets, the principle of “buy low, sell high” applies to Bitcoins. The most popular way of amassing the currency is by purchasing using an exchange; however, there are many other ways to trade, buy, and sell Bitcoins. There are a few options which enthusiasts can explore.
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Bitcoin trading has the potential to be highly profitable for professionals and beginners. The market is new, highly-fragmented, and possesses huge spreads. Many people can make money trading, buying, or selling Bitcoins.