Bitcoin is a digital money or cryptocurrency which can be sent to anyone in the world without the need for any intermediaries. Every transaction involving bitcoin, whether it’s bought, sold, or sent to someone, is recorded on a technology called the blockchain. Transactions can never be duplicated or undone, which allows cryptocurrencies to operate without the need of third party intermediaries like governments, banks, PayPal, etc. Bitcoin has become very popular in recent years and is being used as profitable store of value. More and more online merchants are accepting Bitcoin as a viable method of deposit or payment due to it’s low cost and fast transactions. As well, Bitcoin presents a highly lucrative investment opportunity for those who acquire and hold the currency.show more
Bitcoin is not symbolized by the ”$”, “€”, or “£” symbols, but rather by “BTC” or a symbol of a B with dollar sign like properties. As well, Bitcoin is sometimes symbolized by this “Ƀ” symbol. However, “BTC” is likely to be the most common indicator for Bitcoin as it is more widely used and commonly known to represent Bitcoin. Bitcoin is a cryptocurrency and there are literally hundreds of cryptocurrencies out there, all with their own symbols and abbreviations to represent them. However, it is very important to be sure of the symbol when dealing with cryptocurrencies such as Bitcoin. Many of the symbols and even abbreviations used to represent them can look very similar to each other. Mistaking symbols for one another can easily be done with beginners.
While Bitcoin may be an interesting and viable alternative to traditional means of payment, it is not widely accepted among online businesses. However, it is still possible to pay with Bitcoin by exchanging it to fiat currency. Some online trading brokerages and gaming and betting sites have exchanges for Bitcoin built into their payment interface. This is very convenient as all you must do is send the appropriate amount of Bitcoin and it will be converted to whichever currency at the current rate. For online businesses who do not accept Bitcoin for payments and deposits, other online exchanges can be used for converting your Bitcoin into fiat money. These exchanges can be used for a small fee and will be linked to your debit/credit card, bank account, or in some cases an e-wallet. Once the money is converted you will store it in one of these methods and continue with your payment through the corresponding method.
A unique aspect of Bitcoin is the fact that there is no need for a traditional bank account to hold your money. Bitcoin can be stored in a few different places including an online Bitcoin wallet, an offline hardware wallet, or you can keep it on an exchange. Any one and everyone in the world can acquire and hold Bitcoin themselves. There is no need for a bank account or debit/credit cards, as Bitcoins can be purchased through other means. Since Bitcoin is not associated with any banking institutions, and does not require one for holding and transferring funds, transactions and overall fees are very low compared to traditional means of payment.