Bitcoins are also referred to as decentralized form of a crypto currency. In short, bitcoins don’t have any regulators such as coming from a financial institution or from the government. Also, you don’t need to undergo a process of account opening by means of paperworks or submission of IDs just for you to be able to establish your own bitcoin wallet. What you only need to start your transactions is your bitcoin wallet wherein you can access your bitcoins as well send them other individuals.
So what is the process of opening your own bitcoin account? In order for you to have your own bitcoin wallet, you must refer to a bitcoin broker first. If you open your own wallet from a certified broker, you will have your own bitcoin address which is comprised with series of letters and numbers that is similar to a regular bank account, as well as a private key still in a series of numbers and letters that will serve as your password.
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So how is a bitcoin becomes an anonymous payment processor? Bitcoin makes you do three things and these are the chance to make your purchases, send your bitcoin to anyone anonymously or you can just have it invested. Believe it or not, there are lots merchants already who are granting bitcoins as form of payments. Your transaction is done discreetly because you are making purchase anonymously by the use of your bitcoins. Another way to transact your bitcoin anonymously is to send it money to anyone and still in an anonymous matter and to do that, you don’t have to have a mountain of payment for you to establish your bitcoin.
So how do you use bitcoin as a form of investment? A bitcoin’s price will also fluctuate since it is similar to a normal currency that also fluctuates from time to time. For instance, the value of a bitcoin at the start of 2013 was around $400 but as the year ended; its value grew to a rapid of $1000. Investing bitcoin simply means buying 2 bitcoin at the start of 2013, invest it by just storing it and not spending it, and then at the end of the year you check the value of your bitcoin wherein it almost tripled its value. Fluctuation of the bitcoin’s value really has a great influence to people who prefers to invest their bitcoins.
So how do you send a bitcoin?What is the way to send a bitcoin? There are three important things that you must know for you to do a payment for any goods and services as well as sending bitcoins to individuals. The three things you need are your bitcoin address, the recipient’s bitcoin address and lastly, your private key.