What is bitcoin? How bitcoin works? What is it used for? What impacts bitcoin price? Read this article and discover the most important information you need to know!
What is Bitcoin?
Bitcoin is a virtual currency that offers cheap, quick, and private payments for its users. Bitcoin is the first crypto currency which exists on the market. The crypto currency is also known under the name digital or virtual currency and it is a platform or medium of exchange that utilized cryptography rules to manage the amount of currency and to verify and complete transactions.
You probably are wondering why everyone uses Bitcoins? After all, this is a relatively new trend on the market?
Well, bitcoins are an excellent payment method for today’s virtual age. The bitcoin transactions are free and this automatically makes them a cheaper and more attractive option when compared to credit or debit cards. Also, bitcoins are accepted all over the world and this is one of the reasons why they are perfect for international transactions. Another reason is effectiveness – the bitcoin payments are instant which means that the receiver doesn’t have to wait long for a settlement.