5 Secrets You Need To Know About Bitcoin

Cryptocurrency is getting more attention and popularity nowadays. Without any doubt, Bitcoin is a top famous currency and the one, people would like to know more about. Without diving deep into blockchain (which is basically a platform made to track the bitcoin transactions), we want to tell you some interesting facts about this digital currency.

Bitcoin is uncontrolled

what is bitcoin

We all know, that all country’s currencies are supervised and monitored. The situation with bitcoin is slightly different. Yes, there is a limited number of this currency created and about $16 millions of it is already mined. But no government can rule or regulate bitcoin or know who the buyer or seller is. But this virtual currency falls under some rules as the real ones. The fewer number of bitcoins is mined the bigger their price. And, vice versa, the bigger number exists the lower its initial price. Singapore officials (like MAS) are seeking for more regulation on cryptocurrencies, though, it is not forbidden to buy or pay with cryptocurrency.

There are several ways to get Bitcoin

bitcoin mining

To the current date, we feel like everybody has heard of mining. It remains the only way of getting this currency. So, if you have a very powerful hard and software, you might be the lucky one to mine a bitcoin. The other possibility is buying it. But there exists a completely different variant about which we’d like to tell you.

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You can use a third party to mine bitcoins for you. And this is really easy. Let’s see the scheme on the example of the Hashflare. You need to choose the plan, there are 5 of them, buy one and check what’s happening in the real time. What’s interesting - you are paying money not for month or year but for a hashpower. After the purchase is made, you can receive your payout right within the 24 hours and make a threshold you want. Another cool thing about Hashflare is that when you buy a plan, you can apply a coupon code at checkout to save on it.

Bitcoin is kept digitally

bitcoin wallet

As it is a digital currency, we are talking about, it does not have a physical form. Which means its wallet will also be digital. You will have a private key that will link to your wallet. Well, hacking and Internet robbery is alive, so even encrypted wallet can be cracked. We advise keeping your bitcoins using well-known sources. Blockchain is what comes to our minds first. It will provide safe storing, backups, and it supports over 20 global currencies to be converted.

You can shop using Bitcoin

bitcoin Singapore

You may ask, “I have bitcoins, what can I do with them?”. Yes, you cannot go grocery shopping and pay with it. But skip physical stores (some of them, to be fair). Online shopping is now a top thing. Moreover, take into account that some stores are accepting cryptocurrencies alongside with the common ones. And shop’s number keeps growing. So, it’s not a surprise that e-merchants in Singapore give you an opportunity to use bitcoins (like Otaku House, Internetq and others). Right now, bitcoin to SGD is 1=13,185.67, so, it’s a big amount of money to be spent.

No Bitcoin creator is identified

how to buy bitcoin

As you have fewer questions on what is bitcoin, you may wonder who stands behind its invention? Surprisingly, but no-one knows. From its creation in 2009 until this very moment, it is supposed, that the only person who stands behind Bitcoin is Satoshi Nakamoto. In 2016, Craig Wright - entrepreneur from Australia - claimed himself to be the man behind the Bitcoin.

Summing up, we can say some things about bitcoin are completely clear (like a question how to buy bitcoin) and some are covered with mystery. If you truly wish to be a bitcoin owner, there are many opportunities for you - no secrets here. :) If you want to become a cryptocurrency trader - this will require a lot more knowledge that this article can give. Anyway, we really hope this long-read was helpful for internet-shoppers and people who are searching a thing to invest in.

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