5 Need To Know Bitcoin Facts You May Not Be Aware Of………

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What You Need to Know About Bitcoin….

The word bitcoin is getting to be more and more commonplace this year but there are still a number of people who are pretty clueless about it. There was a very publicized news story not too long ago concerning bitcoin had not been very favorable. Turns out cryptocurrency was used (Bitcoin in paticular) by a drug trafficker by the name of Ross William Ulbricht. Ross had taken millions of dollars in payment for his shipments by accepting bitcoin as a means of payment. This obviously paints the currency in a rather poor light. I can honestly say that I don’t blame people who see it as something only used by criminals and for devious purposes.

You know, and I know that the truth could not be any further from this. Yes, it can be used by criminals but guess what? So can fiat money. So can automobiles and so can just about anything. The very honest truth is that bitcoin is a very safe and reliable form of payment for just about anything by anyone. It is simply a software-based online payment system. To keep things simple, we will just look at it as another form of digital currency.

Bitcoin itself is actually NOT a payment system. It is a cryptocurrency to be exact. Cryptocurrency is by definition, digital money. Just like fiat (real) money, it can be exchanged both online and offline for goods and/or services. In order to fully understand just how cryptocurrencies like Bitcoin work, we need to make sure we are aware of and understand all the components of the blockchain technology behind every cryptocurrency out there. This includes the famous Bitcoin.

 

 

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First of all, this means that Bitcoin like all other cryptocurrencies, is completely digital. There is nothing tangible to see or hold like if we were talking about fiat currency such as paper money or metal coins.

 

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Second of all, cryptocurrency is based on peer-to-peer payment. This means that you are in complete control of your money. This is because there third party intermediaries such as a bank to take a huge fee out of your Bitcoin every time you make a transaction. You simply send your bitcoin directly to the wallet of the person that you want to receive it. This is actually one of the many many  factors unique to cryptocurrency and one that is seeing the popularity and implementation of such currencies rise so quick lately.

 

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Third on this list, Bitcoin (or any other cryptocurrency for that matter) is not owned nor controlled by any single financial institution/bank. Bitcoin is decentralized and run by a network of individuals all around the globe simultaneously. We live in a time when most individuals want more financial freedom. They wish to remove themselves from the shackles of the conventional fiat banking system. Bitcoin is a symbol of just that freedom.

 

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Fourth thing is the following: Pseudonyms are actually used within bitcoin transactions ensuring the complete and ultimate privacy. We touched on this a little earlier but this obviously makes cryptocurrency a method very popular among folks that do not want their financial transactions to be public knowledge. I think we can all appreciate that to an extent. Nobody needs to know where you spend all of your money at any given time. With cryptocurrency like Bitcoin, the transactions are viewable on the blockchain. However, if you WERE to look at those transactions, all you would see would be a bunch of numbers and alphanumeric symbols and it would be utter gibberish to people like you and I.

 

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The last thing I want to point out is that the movement of bitcoin (the transactions we were just talking about) are encrypted and protected by cutting edge cryptography that ensures the digital currency is both secure and safe. This keeps your Bitcoin out of the hands of any criminals who may try to steal it from you.

 

 

Now, I know we have just finished talking about a lot of the positive points concerning Bitcoin. However, the world of cryptocurrency is not all sunshine and rainbows, I’m afraid. There are some certain atributes associated with Bitcoin that I feel like I should address as well.

Now, while it is true, that the transactions are both safe and secure, Bitcoin can in fact, be used to purchase shady items such as guns, drugs, child pornography and other illegal goods. The same positive points we just discussed such as privacy and security are in fact a double edged sword and can become negative when people use bitcoin for illicit purposes. But then again, so can cash. Just something to think about to make sure everything stays in perspective.

Bitcoin and just about all the big alt coins have seen both impressive growth and usage this year. Retailers, department stores, online shops and private individuals are slowly starting to accept cryptocurrency as a digital form of payment so that they can actually cut large costs on fees imposed by traditional payment processors (Think Paypal or VISA). However, there is no customer protection for bitcoin users. This means all transactions are final. It is possible for bitcoin to be stolen from you when you send it with no possible means of recourse. A perfect example of this would be if sellers did not deliver services or goods that may have been paid for with bitcoin.

A lot of countries have also imposed restrictions on bitcoin purchases recently. Bitcoin still has a way to go as far as becoming universally accepted much like the traditional fiat currency that we are used to. Nevertheless, as trends indicate, it is on its way there and is only a matter of time at this point!

 

If you would like a step by step guide of how to create a Plug-N-Play Cryptocurrency portfolio built from Bitcoin, Ethereum, Litecoin and many other quality coins (some of which that pay you just to own them!), click the banner below:

 

 

 

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