What is bitcoin? Well, Bitcoin is a cryptocurrency invented in 2008. By an unknown person or group of people using the name Satoshi Nakamoto.
A set at 21 million units, which limits the risk of inflation. This stock is progressively “mined”, that is to say, generated by Internet users who use complex software to do so.
How to get Bitcoins?
To obtain Bitcoins in a way that is both simple and fast. You have to resort to online platforms where you can buy them against euros or another currency.
First of all, you have to open an account on the Bitcoin-Central site by creating a username and password. It then becomes possible to fund this account in euros, or another currency, by bank transfer.
The user must then consult the site’s order book. This order book lists the prices at which Bitcoin sellers are willing to exchange virtual currency for euros, or another currency.
What is Bitcoin?
Finally, you have to place an order by offering a purchase limit price. Which is the maximum price at which you are willing to buy Bitcoins. That is less than or equal to the buy limit price.
It is also possible to sell Bitcoins for euros, or other currencies, by placing a sell order. This, therefore, means that a Bitcoin purchase is not irreversible. However, beware of variations in the Bitcoin price. Which may or may not be favorable to the user depending on the case.
How to spend your Bitcoins?
To pay a seller of goods or services in Bitcoins, it is necessary to receive an “address” from him. An address is a succession of letters and numbers, to which the buyer sends the number of Bitcoins owed.
To receive this type of address, it is necessary to have a software wallet. You can install a software wallet on a computer (with the Bitcoin-QT software for example) or a Smartphone (Bitcoin Wallet). The software wallet not only allows you to receive these addresses. When you are a buyer but also to generate them when you are a seller. Thus, each user must have their own software wallet.
A very small number of stores, restaurants, or hotels accept bitcoin payments, but their number is steadily increasing.
How to get Bitcoins?
The web wallet is available online from any computer, subject to having the username and password. However, these wallets are significantly less secure than software wallets.
Bitcoin transfers, therefore, take place through this address exchange game: exchanging Bitcoins is comparable to exchanging emails. But, even more than for emails, it is crucial to secure your Bitcoin wallet. In particular by regularly backing up your wallet.
New use of bitcoin: ICOs
In most cases, this involves financing a new blockchain or an application based on an existing blockchain. This type of funding can be similar to crowdfunding in that the public can directly fund a bitcoin start-up. These ICOs operate in unregulated markets, resulting in increased risk for investors.
Indeed, Internet users can also participate in the process of creating new Bitcoins and thus obtain them. This is called ” Bitcoins mining “.
To ensure the credibility of the system, it is necessary that the authenticity of the payer and the availability of funds are verified when paying in Bitcoins.
What is Bitcoin?
Bitcoin works with software and a protocol that allows participants to issue bitcoins and manage transactions collectively and automatically. As a free protocol ( open source code ), it also allows interoperability of the software and services that use it. As a currency, bitcoin is both a payment intermediary and a store of value.
A person can hold several keys gathered in a ” Bitcoin Wallet “, a web, software, or hardware “key fob” that allows access to the network in order to carry out transactions.
The key fob allows you to consult the bitcoin balance and the public keys intended to receive payments. It also contains (often encrypted) the private keys associated with these public keys.
Any medium (keyring) is suitable for keeping the series of symbols constituting your keyring: paper, USB key, memory, etc. With the right software, you can manage your assets on your computer or phone.