Bitcoin Exchange - How It Works
Bitcoin is similar to online payment involving real money. The payment can move from one person to another without an intermediary like credit agency, bank or a Paypal. At first, it's hard for someone to accept payment who has never heard of Bitcoin. Using the Internet, Bitcoins are sent over the Bitcoin network. All the recorded network deals for a certain period of time are listed. The Bitcoin miner confirms those transactions and put into a general ledger which is a long list of blocks called a block chain. Once a new block is created, it is now being added to the list.
With Bitcoin exchange, you can transfer flat currencies into Bitcoin network. There are platforms that allow people to exchange with other digital currencies. One of the most popular exchange rates of Bitcoin virtual currency is the XBT to USD rate. However, there is no official currency code for Bitcoin rate since it is not recognized by any regulatory authority.
Some Popular Bitcoin Exchanges to Buy and Sell Bitcoin
What is Bitcoin?
Bitcoin is digital money used for secure and instant transfer of value anywhere in the world. It is not controlled or issued by any bank or government - instead it is an open network which is managed by its users. Much in the way email improved communication by making it fast and cheap, bitcoin is an improvement on existing payment methods which were not designed for the internet era.
Is Bitcoin safe?
Bitcoin's core protocol is viewable by anyone, has been vetted by thousands of security researchers around the world, and has proven to be robust and reliable after immense scrutiny. Using bitcoin is similar to using other private applications on the internet, such as email or online banking. Just like these other web services, you must access your bitcoin with a password in order to ensure only you have access to your money.
Is it tied to the value of the dollar?
The value of a bitcoin is not tied or pegged to the value of any other currency. Similar to stocks or property, bitcoin's value is determined by buying and selling in the open market. A bitcoin's price changes in real time based on the number of people who want to buy or sell it at a given moment.
Why does it change value?
Bitcoin is traded for dollars, euros, yen, and other currencies in real time 24 hours a day. Depending on the demand for buying or selling bitcoin, the price can fluctuate from day to day. This is similar to the manner in which the value of a stock or property can go up or down based on supply and demand. Bitcoin's value can be volatile compared to traditional currencies such as the US dollar because it is still an emerging technology.
Is it similar to a credit card or paypal?
Unlike credit card networks like Visa and payment processors like Paypal, bitcoin is not owned by an individual or company. Bitcoin is the world's first completely open payment network which anyone with an internet connection can participate in. Bitcoin was designed to be used on the internet, and doesn't depend on banks or private companies to process transactions.
Why would I use bitcoin?
Bitcoin allows you to instantly send any amount of money to anyone in the world without needing a bank. It allows you to access your money without needing an ATM or credit card - bitcoin gives you back control over your money. Plus you can pay friends back for dinner, buy your next computer, and donate to charity, all using bitcoin.
Where can i spend bitcoin?
Many large online businesses accept bitcoin, such as Overstock, Expedia, and Dell. Non-profits such as Wikipedia and the United Way also accept bitcoin donations. Look for a bitcoin payment option at many of your favorite websites and you'll be surprised how many accept bitcoin! You can view a list of merchants here.
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