Understanding bitcoin
Bitcoin represents the latest evolution of money. It’s a form of digital currency that can be used as both an alternative currency and an investment opportunity.
As a new form of digital currency, no one or a central authority controls Bitcoin. Everyone in the network controls their own money and there if no physical currency.
Bitcoin is the first decentralised peer-to-peer payment network that is powered by its users with no central authority. Since inception, it has undergone a number of changes. While there were initially a few glitches in terms of getting access to bitcoin, this has changed significantly with the option to buy bitcoins instantly with a credit card.
A record of ownership is held in a big ledger called “the blockchain”. It doesn’t use names or bank accounts. Instead, it uses bitcoin addresses, which are long strings of random characters. This gives users the peace of mind knowing that their credit card details won’t be shared.
Buying bitcoin is easy. The most common way to buy bitcoins s through an exchange. These days you also have options to buy bitcoins at an ATM in some countries.
You can download a bitcoin wallet for free and it will handle all your bitcoin addresses for you. You can increase your safety by using HD wallets.
By using an exchange site like Coinmama, you can gain easy access to bitcoin. The site allows users to buy bitcoins instantly with a credit card.
How it works is that you get to register for an account and choose a method of payment.
Fill in the payment form and follow the instructions. Complete the payment and confirm your bitcoin wallet address.
Once your payment has been verified, the coins will immediately be delivered to your wallet.
