MAKING PAYMENTS WITH BITCOIN AND BITCOIN CASH

Technology has brought a lot of changes and goodies our way. In the recent, they established a new and easy way of making payments which is known as bitcoin cash. But before we give details on how the currency works, let’s give a simple definition of what it is.

What is bitcoin?

Bitcoin is a cryptocurrency, and a form of electronic cash. This is a decentralized digital currency that needs no central bank or single administrator. Bitcoin can be sent from one user to another on a platform known as peer-to-peer bitcoin blockchain network. The best news is that you don’t need an intermediary to trade on this network as it’s powered through the blockchain technology.

There are different bitcoin Auction Sites some of which are genuine while others are not. One of the sites that one can easily sell digital currency or bitcoin is eBay. This site hopes to become the biggest and most popular site in the trading of Yen, dollars and other flat currencies for the world’s most used digital currency (bitcoin).

It is also important to understand that bitcoin isn’t a flat currency and is not tied to any government. It is a cryptocurrency which can be used for investment purposes or making payments. Many governments and main stream companies accept bitcoin as payment. For such companies you can buy their products using bitcoin without any problem.

For how long has bitcoin been in use?

Before 2017, it wasn’t easy to buy using bitcoin as many people didn’t recognize it as a currency. However, in the beginning of 2017, different cryptocurrency auction sites came into play and the exchange of this currency became more popular. The fact that bitcoin is not paper money like euros, dollars, or yen, it is therefore not held by any monetary authorities.

Although bitcoin is produced by businesses and people all over the world, it is a challenge to use if you aren’t computer literate. This is because; producing a bitcoin needs advanced computer software that is able to solve mathematical problems.

Note

Bitcoin is a fixed asset and there are only 21 million coins available in total. Solving the mathematical problems is what results to the mining of bitcoins. Bitcoin is however divisible making the growth potential of its exchange medium unlimited. Understanding how this works needs some intense training as it  you can either make or lose a lot of money in this business.