What is Bitcoin:
If we can define simply, bitcoin is a digital currency. Being created in 2009, Bitcoin is the world’s largest cryptocurrency. Unlike the fiat currency, Bitcoin is created stored, distributed, and traded using theblockchain, a decentralized ledger system. As the earliest cryptocurrency of the world, Bitcoin has gained widespread popularity and success and has also inspired a host of other projects in the blockchain space.
Bitcoin can be considered as a collection of computers or nodes that run the codes of Bitcoin and stores its blockchain. Blockchain is a collection of blocks, and each block is a collection of transactions. As all the computes running the blockchain have the same list of blocks and transactions, those can see the new blocks being filed with new Bitcoin transactions. Thus no one can cheat the system.
The balances of the Bitcoins are kept using private andpublic ‘keys’ which are generally long strings ofletters and numbers linked through the mathematical encryption algorithm which was used to create them.
How Bitcoin works?
Bitcoin is one of the oldest digital currency which uses peer-to-peer technology to facilitate any instant payment. Any individual or company which owns the governing computing power and participate in the Bitcoin network, are consisted of nodes or Miners.
Miners are the people who process the transactions on the blockchain. The miners are motivated by rewards and transaction fees. The miners can be considered as the decentralized authority, which enforces the credibility of the bitcoin network.
How to sell bitcoins:
If you want to sell your Bitcoin, you can do that via an intermediary platform. The users can transfer the fiat money through a trusted intermediary platform like BitcoinPing after selling their Bitcoinonline or in person.
Though there are several steps included during the selling of your Bitcoins. At the time of selling Bitcoins, an intermediary platform helps the buyer and the seller in each step.
While selling your Bitcoin throughBitcoinPing, the first thingthat you need to do is to create an account with the website. You need to register yourself as a seller. The platformwill need a complete verification of your identity and profile and needs aconnected bank account to transfer your fund. Once you simply put a sell offer and someone matches your offer, the platform will automatically complete the transaction. You will get a notification once the buyer wants to trade with you. The website will work as a platform to complete the transaction.
Once the funds are credited to your account,you can transfer them to your bank account through BitcoinPing.
How to Buy Bitcoins:
Buying of Bitcoin is quite an easy process with BitcoinPing.The first thing that you will need while buying Bitcoin is creating a wallet to store your Bitcoins. You got two significant options while paying for your purchase: PayPal and Payoneer. Both the transaction platforms will be connected toyour bank account. These wallets allow you to access to your Bitcoins easily.
This payment platforms are trustworthy and transfer your money more securely. The wallets are also connected directly to BitcoinPing which simplifies your buying process.
You need to connect your bank account while you are purchasing Bitcoins. You can add a debit card or a credit card for the purpose.
The final step inbuying a Bitcoin is simple. You can make your first purchase through the exchange or the wallet. Bitcoins cost several dollars and the smallest bit of a Bitcoin is called Satoshi. It is better to start with buying a Satoshi against a tiny fraction of a cent.
Tips to remember while trading bitcoins:
The whole idea behind the cryptocurrency and blockchain is security, independence, and decentralization; it doesnot mean that thereis no risk involved in the transactions. Your bitcoin funds are way more protected that the typical banking system. But you need to be extra careful of any fraudulentscheme which has already entered the blockchain environment.
Tip 1: Use more than one exchange. Take care of some of the factors like lower fees, a variety of payment methods, and advancement in transaction protection while considering a transaction platform.
Tip 2: Don’t rush while converting your cryptocurrency into fiat cash and transferring that to your bank account. There are many stores and companies which accept Bitcoins.
Tip 3: If you are a beginner in the Bitcoin industry, follow and trust the market flow. Choose the most preferred exchanges, coins, and trading platforms. What is suitable for the majoritywill not hurt your interest. With some experience gained you will be competent enough to makedecisionsregarding your buying and selling plans.
Tip 4: And finally, never forget to keep backup of your private and public keys.
BitcoinPing canhelp you to improve your Bitcoin trading skills and help you to learnto compete with thousands of Bitcoin traders. BitcoinPing analyses the blockchain and empowers the customers to derive strong insights they can act on. Always read reviews and fine print before making a sell or a buy of Bitcoins.