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All you Need to Know About the Bitcoin Market

Currencies / Bitcoin Sep 04, 2018 - 10:46 AM GMT

By: Dylan_Moran

Currencies

If you’re one of those people wondering what bitcoin is all about, then you’ve come to the right place. Today we’ll be looking at more information about bitcoin, including the overall bitcoin market. Here’s all you need to know about the bitcoin market.
What is Bitcoin?

Bitcoin is a kind of digital currency, also known as a cryptocurrency. That means that there are no physical bitcoins out there. It is created, handled, and transferred electronically. It is also decentralized, meaning that no one controls or supervises how it is used.



Bitcoin are commonly used for anonymous online transactions. The bitcoin market has also made it easier to purchase things overseas. Given that users have complete anonymity, the market isn’t tied down to a particular country or regulation. Transactions with bitcoin are also cheap, as there are often little or no fees attached.

It’s easy enough to get some bitcoin. You can purchase your own using an exchange such as Xcoins.io. These exchanges facilitate the buying and selling of bitcoin. You can also use your computer to “mine” them, if you so prefer. As is the case with just about anything digital, it’s possible to store and trade bitcoins across the internet with mobile apps too.

Why is Bitcoin so Popular?
The main reason bitcoin has become so popular is the wealth of features. Let’s look at some of these features and how they have contributed to the enormous popularity of bitcoin.

  • It’s Easy to Get Started

One of the greatest things about bitcoin – and all cryptocurrencies – is just how easy it is to get started. It only takes a few minutes to get a wallet and buy your first bitcoins. There’s never any fees involved or questions to be answered either, so everyone can easily start their bitcoin adventure whenever they want. You don’t even have to be all that tech-savvy to get involved.

  • No Central Authority

The bitcoin market is free from any kind of central authority. This means that there’s no risk that someone else on the market can seize your coins. You also don’t need to get permission from anyone to own and use an account. Given that there are no gatekeepers involved, you’re free to send and receive bitcoin whenever and however you want. Think of it as a kind of software that anyone can use freely.

  • It’s Fast

Another key reason behind the popularity of the bitcoin market is that transactions happen quickly. The amount is transferred by a network as soon as they process the payment. Transactions are completed in a matter of minutes, if not seconds.

  • It’s Irreversible

Payments cannot be reversed once they are made. As there isn’t a central authority, there is no one that can overturn and undo a transaction. Only the person that makes the transaction has any kind of control over how much they want to send.

  • It’s Anonymous

You are able to make any kind of transaction with anyone, without having to worry about someone discovering your real identity. The bitcoins are transferred to the digital wallet of another person. It is not connected at all to their real-world identity. Do keep in mind, however, that the flow of a transaction can still be tracked.

  • Security

The bitcoin market operates on a secure platform. The money put into the market is kept in a secure system known as public key cryptography system. Individuals are only able to exchange money if they have the private key they need. It is impossible to breach the system due to the strong cryptography.

  • Demand for Cryptocurrency in the Asian Market

Anyone watching bitcoin has seen how the price has increased recently. A big factor in this is legislation concerning the currency in the Asian market. The Japanese government gave cryptocurrency the green light to be used, and Chinese investors are also interested in the potential of bitcoin.

Final Thoughts
There’s a bright future ahead for cryptocurrency. The popularity for bitcoin is expected to only increase because of the extensive features associated with it. There are some downsides however, including that several people have been scammed through bitcoin. As mentioned before, there is no way to undo a fraudulent transaction. Be as careful with your bitcoins as you would with any other kind of money, if not more so.

By Dylan M.

© 2018 Copyright Dylan M. - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2018 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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