Bitcoin in a Nutshell |
Posted: January 6, 2018 |
The year 2017 was a breakthrough year for Bitcoin and other cryptocurrencies like Etherium and Litecoin. People all over the world are adopting Bitcoin including South Africans. As it is in other countries, most South Africans do not know what Bitcoin is or how to get them. Here's a few thing you need to know about Bitcoin. What is Bitcoin? Great things about Bitcoin How Bitcoin works Why Bitcoins? Means of Getting Bitcoins 1. Buy on an Exchange: The public is allowed to buy or sell Bitcoins from exchange sites called Bitcoin exchanges. This is done by using the country currency or other currency they like or have. The main reason most South Africans do not buy Bitcoin is because they do not know how to buy them. People who are new to the Bitcoin world or those that have issues with buying Bitcoin need to learn how to buy Bitcoin in South Africa. There are many options available. 2. Transfers: People can simply send Bitcoins to each other through their mobile phones, computers etc. It's the just like sending cash out a digital way. 3. Mining: The network is properly secured by some people called the miners. They are rewarded on a regular basis for all newly verified transactions. All these transactions are properly verified and then they're recorded in what is called a public transparent ledger. These folks compete to mine all these Bitcoins, by making use of computer hardware to answer difficult mathematical problems. Miners invest big money in hardware. These days, there is something called cloud mining. Through the use of cloud mining, miners just invest in third-party websites, these websites provide all the needed infrastructure, lowering hardware and energy consumption costs. Storing and saving Bitcoins Types of wallets 1. Wallet in the cloud: The benefit of having a digital wallet in the cloud is that individuals don't need to set up any software in their PCs and wait for the long syncing processes. The drawback is that the cloud can be hacked and people may lose their Bitcoins. Nevertheless, these websites are very secure and protected. 2. Wallet on the computer: The good thing about having a wallet on the laptop or computer is that people keep their Bitcoins safe from the rest of the internet. The downside is that people may erase them by formatting the computer or as a result of viruses.
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