Real Deal About Bitcoin
What Is Bitcoin?! Bitcoin is a cryptocurrency. I believe it was created in 2009 by a unknown person using the alias Satoshi Nakamoto. There is no middle man when is comes to bitcoin. So there are no transaction fees and no need to give your real name. So basically there are no banks involved when it comes to Bitcoins.
So why do people like bitcoins. I believe because Bitcoins can be used to buy things anonymously. Plus international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation.
Small business’s like them because like I said before there are no credit card fees. But the biggest thing about bitcoins is buying them as an investment. This is what you probably want to know right how to buy bitcoin as an investment. We will get into all that later.
Bitcoins are stored in a “digital wallet,” which exists either in the cloud or on a user’s computer.
The wallet is a kind of virtual bank account that allows users to send or receive bitcoins, pay for goods or save their money. Unlike bank accounts, bitcoin wallets are not insured by the FDIC.
The problem with that is being though all this is computer based companies can steal your bitcoin and if you save your bitcoin on computer directly you never know if one day you computer might crash and you will lose all your bitcoin.