The Ultimate Bitcoin Guide for Dummies

This Bitcoin guide covers essential aspects of the cryptocurrency payment system. Hone your knowledge and discover the perks of digital payments with the help from Coins-Info.com

Bitcoin pioneered the decentralized peer-to-peer payment system. This consensus unlocked a new way of online transactions. Bitcoin was popularized due to its unique characteristics, which includes the lack of control by any central authority. Government and financial institutions like banks have no power over the digital currency. Users have full control of their bitcoins. Due to this unique feature, Bitcoin was adopted into the world of payments with open arms.

History

Bitcoin’s concept of cryptocurrency was first presented in 1998 by Wei Dai on the cypherpunks mailing list. The gist was to construct an entirely new form of currency using cryptography as its foundation. The idea was to steer away from any central authorities that could eventually control the currency. This was eventually introduced to the public by Satoshi Nakamoto in 2009. In late 2010, the man under the pseudonymous nickname took off. Since then, the community has increased significantly with several developers and even users working to strengthen the foundations of Bitcoin. Coins-Info provides a broader discussion on Bitcoin and several Bitcoin guide pages.

Who controls Bitcoin?

The idea of Bitcoin is that nobody can own the network. In essence, it is controlled entirely by all of the Bitcoin users in the world. The users also extend a consensus on using the same concepts that conform to the same mechanics so that compatibility with each other is seamless. Bitcoin’s system was constructed in a way that in order for it to function effectively and efficiently, all users must adhere to a single set of guidelines.

Advantages of Bitcoin

Bitcoin’s unique advantages define the beauty of digital payments.

·         Anonymity – Bitcoin transactions are anonymous. All incoming and outgoing funds are safe, unalterable, and are not associated with sensitive information from the user.

·         Low fees – Bitcoin transactions are direct. No third-party processors get in the way; hence, transaction fees are generally cheap or even free in some cases.

·         Fast transactions – Unlike traditional payments, Bitcoin transactions take no more than a few minutes to complete. Send and receive funds without the long waiting periods.

How are bitcoins produced?

Unlike fiat currencies, bitcoins do not have a physical representation. From a user’s point of view, its existence is limited to the Internet. Bitcoins can be venerated through mining, buying on Bitcoin exchanges, or receiving it as payment for goods or services. See Coins-Info for a full list of Bitcoin’s applications.

However, its form does not limit it from various applications. Bitcoin usage has grown through the years. More merchants begin to accept Bitcoin payments from users in other parts of the globe. Businesses such as restaurants, hotels, online casinos, and various services warmed up to the acceptance of cryptocurrency payments. Coins-info is a reliable informative site that can aid and guide you to learn the potential and advantages of using Bitcoin as payment.