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What is bitcoins and why is it called “bitcoins”?

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What is Digital Currency?

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What is bitcoins and why is it called “bitcoins”? Well, consider this, if you will, the original bitcoins which are given out for free are created following the same process that gold is created through a process that is very similar to how the physical gold is mined. And, therefore, the “bitcoins” that you give out when you get into the site are just like the gold that you would receive. But, with the bitcoins, there is a bit more “tech-speak” which you may not be familiar with.

Bitcoins are the units of currency that you get when you enter into online transactions with websites that operate using the Internet as their money-maker. The reason that people are confused is because when you get bitcoins, you get your money minus whatever fees that the website charges.

You can use the bitcoins

When the transaction is finished and the transaction is certified, you can use the bitcoins that you received in exchange for whatever services or goods that the website needs at that time. You can get bitcoins to exchange for any kind of currency. When you get bitcoins, you get to trade for dollars, pounds, or any other currency pair that the website requires at that time.

What is bitcoins?

Now, back to the original question: What is bitcoins? Well, when you start trading with bitcoins, you have two choices: you can either get a” Bitcoins” computer which is referred to as a” miner” or you can get a hardware wallet called “anarchy”. A bitcoins computer is what identifies you as being the owner of the coins that you are trading with; and the wallet is what allows you to do the actual transaction. Both of these choices are secure.

What is bitcoins? To answer that, let’s talk about what they are not. A major benefit of getting involved with bitcoins is that you don’t have to carry large amounts of cash with you everywhere you go. Transactions are made with your private key, which is a simple encryption code. Transactions are secured by proof of someone’s private keys. So, it’s like gold – you can be confident that if you’re dealing with a reputable dealer, you’ll never be cheated by their lack of security.

The next major benefit of bitcoins is that it is a decentralized form of money. The entire system for how transactions are made is controlled by users themselves through what is called the “bitcoin network.” This system is long-term, not short-term, and the system will be around for the long-term future.

The other major benefit of what is called the bitcoin system is that it provides a new way of doing business where there are no intermediary like banks. Transactions are completed directly between two parties, both of which have authentic and private keys. This is actually how banks make their money: by giving out financial instruments and transactions that are backed by trust, but also by recording the private keys that give these assets their value.

The new system that bitcoins provide is more about trust in a more long-term and decentralized way. It is a more secure and fair system than any previous way of doing business that has ever been attempted.

 

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Thank you,

David Ingham

About David Ingham (3032 Articles)
I am an online enthusiast, Project Manager and family man helping people create Financial Freedom and earn a Full Time Internet Income. Hence my Blog Work From Home Career, I live in the UK and I love life, rugby, running, snowboarding and Triathlon’s. Are you fed up been broke and looking to learn new skills to become financially free? I have teamed up with Successful Mentors that are ready to help you succeed.

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