What is a "Bitcoins"

Bitcoin

Doineau Alexane

What is Bitcoins ?

      “Bit-coin” is a form of digital currency which can be used on the internet for exchanges, without an intermediary and with anyone in Earth.

Why Bitcoins ?

Bitcoins can be used to buy merchandises anonymously and anyone can use it. No one, including banks or governments can block you from sending or receiving Bitcoins with anyone else.  So this means that no one in the entire world can access your account without your permission.

But you have to keep your bit-coins safe, so for that Bitcoins are stored in a “digital wallet”. The wallet is a kind of virtual bank account that allows users to send or receive Bitcoins, pay for goods or save their money. And some people decide to divide bit-coins among several different wallets in case that they forget their password which is safer.

In fact though each Bitcoins transaction is recorded in a public log, names of buyers and sellers are never revealed. While that keeps Bitcoins users’ transactions private, it also lets them buy or sell anything without easily tracing it back to them. That’s why it has become the currency of choice for people online buying drugs or other illicit activities.

How to acquire Bitcoins ?

There are several ways to buy Bit-coin, but trusted exchanges are a great way to acquire Bit-coin and it allow people to buy or sell Bitcoins using different currencies. And we can use Bitcoins to buy anything on the web, but you have to find a business that accept bit-coins and make the exchanges.

       Finally Bit-coins have a lot of advantages : it is easy to use because you can send bit-coin from your computer to anyone and anywhere in the world. It is safe with a strong cryptography therefore it is anonymous, Bit-coin is an open-source and anyone can review the code, there is no intermediary like bank so the transaction fees are lower, your cannot be blocked, it is fast : you can send money anywhere and it will arrive minutes later ….

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