What is Bitcoin? Everything you need to know

Bitcoin is considered the first decentralised digital currency. These are digital coins that can be sent through the internet. When we compare Bitcoins to other alternatives, we can see that Bitcoins have a number of advantages.

The first advantage of Bitcoins is that they are transferred directly from person to person, which means that the transaction does not require to go through a bank or any sort of clearing house. This means that the fees for the transactions using Bitcoins are much lower compared to the other methods.

The second advantage of Bitcoins is that they can be used in every country on the planet. So whether you live in the remote areas of Pakistan or a luminous city of the United States, you can use Bitcoins anywhere, anytime.

Thirdly, when you are a Bitcoin user, you do not have to worry about your account getting frozen or any pre-requisites or arbitrary limits.

Let’s have a look at how this P2P process works.

There are several currency exchanges where you in buy or sell bitcoins for euros, dollars and more. You can keep your Bitcoins in your digital wallet on your personal computer or mobile device. Using your phone you can send bitcoins very conveniently when making a purchase. In addition, bitcoins can be used to buy almost everything (even happiness, one might say). There are a number of individuals called miners who secure the network of Bitcoins. These individuals are rewarded with newly generated bitcoins upon every verification of transactions they do.

Thus, Bitcoins can be considered a safe, convenient and reliable cryptocurrency.

Do you know that you can send money to Ghana, Philippines & Other countries using ACE Money Transfer?