What you need to know about bitcoin
So what is Bitcoin?
Bitcoin is a form of currency commonly referred to as crypto-currency. This is not so different from other digital currency options like ethereum, that we have on the market. Bitcoin can be traded for other currencies like the USD, and all the other crypto currencies. Many people have made money off the trade of this currency and what makes it so interesting is the continued rise in its price. Here is what you need to know about bitcoin
Trading in Bitcoin
Buying and selling this coin is not that hard. It is simplified, and all you need to start buying and selling this coin is a bitcoin wallet, visa/MasterCard or other payment methods which we will outline shortly.
To setup your bitcoin wallet you can go to spectrocoin and sign-up, and there after, you will now be having your own bitcoin wallet and ready to trade, accept and hold your bitcoin. After setting up your bitcoin wallet, you need to set up an account with an online payment solutions platform like Skrill, and to do so go to Skrill.com and create your free account which you can load from visa/MasterCard or you can receive credit from other users. (Just a handy tip though, just complete the accounts’ verification to avoid “inconvenience” in the future).
You can choose to buy your bitcoin at a given value, and then decide to sell it at a later stage if you think it would have appreciated in value at a later stage.
Making bitcoin payments
Making your bitcoin payment or simply sending your bitcoin from spectrocoin is a process which is very easy as well. All you have to do is click the withdraw option from your dashboard, and then select the “withdraw bitcoins” option, you then enter the required details and then submit. At the time of publishing this article, the transaction would be processed and your coins sent instantly.
Demerits of using Bitcoin
Just like any other system around the world or online, BTC also has its own problems and benefits. In this part of the article we will highlight the problems that are there concerning the trade and use of bitcoin.
Fraud – We all know that the block chain technology which this “coin” runs on, makes it almost impossible to replicate and this makes it secure, and an amazing piece of tech. However, scammers and fraudsters also want to profit or benefit from bitcoin. From Ponzi schemes to Fake bitcoin wallets and Fake bitcoin exchanges. Be careful, don’t be duped. You need to be knowledgeable before you transact Read more.
Central banks – We have seen some central banks, like the Reserve bank of Zimbabwe Banning the use of bitcoin and other virtual currencies as reported by techzim, though the ban was later suspended. This clearly shows that people, including authorities know very little about this “confusing token” .
In our next article on bitcoins, we will look into other crypto currencies and the advantages of using this currency, or are we going to write on How to make money online like a boss. You can take a look at our previous article on 5 things you need to know about bitcoin.