Top ten secrets you need to know about bitcoin

Since it was introduced, Bitcoin has become a currency that is accepted across many nations and can be used in exchange for money. There are basically three ways of earning Bitcoin:  by offering services in exchange for Bitcoins, buying bitcoins with money or mining them yourself.  If you are new to bitcoin or just want to know more, here are the top ten secrets about bitcoin that you should know. You want to learn how to make money with Bitcoin, you can click here to read that.


1.     There is no entity that controls Bitcoin.

The inventor of bitcoin is unknown. There is no soul owner of Bitcoin. There is no company or website that has the right over Bitcoin. The same way you can download a photo or a song from the internet is how the Bitcoin software works. It is an open-source software, this means that anyone and everyone can access it.

2.     The number of Bitcoin is not infinite.

The number of bitcoins is finite, meaning it is limited. This is the reason why it is a stable currency since it has a certain limit number. Everything that has limits is valuable. Bitcoin is rare and has a limited quantity, that is why it is cherished worldwide.

3.     Bitcoin has no set value.

Bitcoin has no inherent value, another reason why it has a unique and stable value. There is no currency where bitcoins value was inherited from. It has a certain unique value. However, the value varies on the kind of services provided for them.

4.     You can see all transactions made.

A every important thing about bitcoin is that there is no unnecessarily secrecy, no one can manipulate you. Relying on the fact that bitcoin is available for everyone, everything that has something to do with bitcoin including reports and transactions are available. Since there is no one who controls the operations and transactions that takes, anyone is able to simply search for detailed reports and transactions and get hold of it.

5.     Bitcoins can be mined.

As discussed there are three basic ways of getting bitcoins, either by earning them, buying them  or by mining them yourself. The term “mining” is used to refer, solving math problems using a certain software that exchanges Bitcoins for every math problem solved. The people doing this are called miners.

6.     You can’t reverse a transaction.

This is just the way it is. Once a transaction is made, there is no reversing. In other words, there is no going back. That means you have to be careful when carrying out transactions with bitcoin.


7.     Transactions can be made with little or no fee.

The main reason why banks are there is to make a profit, it does not cost the bank a thing to transfer funds from one account to another but still they charge their customers. This is a way banks are earning money for nothing, lending people the money we save with them and make the profit intended for us. With Bitcoin there is no charged fee when making transactions since no one owns it, therefore no one wants profit off your sweat. As you get to know more about bitcon, this is one quality you will appreciate that you cant find in a regular bank.

8.     Bitcoins have special wallets.

Perhaps you are wondering where you would keep your bitcoin. The thing about bitcoin is that it has almost all the quality of your regular currency. There is no reason to worry about where to store them, bitcoins has digital wallets where it is safe for you to keep your bitcoin. It is the same with a bank account, the difference is that you do not pay any fees to keep your earnings. It is like an actual wallet, you will have it anywhere and everywhere, and you will be able to do whatever you want at all times.

9.     Losing your wallet is disastrous.

If you lose your wallet, it means that you have lost your bitcoin forever. This is the most dangerous thing, not unless the other side returns your bitcoin. This is why it is important to take care of your wallet security and use the right transaction website. Be careful how you store or spend your money because losing your wallet is losing your bitcoin forever!

10. Purchase of thing using bitcoin is allowed.

Of course, you can buy things using bitcoin. There is no problem at all as long as the seller accepts payment using bitcoin. It is an advantage that bitcoin is becoming popular every day.  As more people get to know about bitcoin and embrace it, soon you maybe able to buy things at every shop next to you with bitcoin

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Editorial staff

Editorial staff is a platform that connects people with ideas, opportunities and latest trends in personal finance growth online and offline. It is the most read personal finance platform in Nigeria

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