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Bitcoins - Should you Use them? from 65867's blog

Bitcoin was launched as a private step in 2009. Unlike traditional currencies, such as the Euro, Sterling and Dollar, it is not controlled by a central monetary authority. Instead, it is underpinned by a peer-to-peer network of its users' computers. This is related to how Skype, a video chat service, operates.

The basic unit of value is the bitcoin. However each bitcoin can be subdivided into satoshies. One satoshi is equal to one hundred millionth of a bitcoin (ie, a bitcoin divided to eight decimal places).

Bitcoins and satoshies can be transferred collected from one of internet user to another in order to pay for goods or services at virtually zero cost. This allows you to make international airport transfers while not having to mess around with exchange rates and onerous bank charges. Bitcoins can be bought and sold for traditional cash at special exchanges.bitcoin merch

Bitcoin storage compartments

In order to use Bitcoin, you might need a wallet, a special software in which you store, send and receive bitcoins. There are three kinds of storage compartments, software storage compartments, mobile storage compartments and web storage compartments.

Software storage compartments are installed on your computer and supplies full control over your wallet. Mobile storage compartments are installed in your mobile or gadget and allow you to use Bitcoin for daily transactions in shops and supermarkets by scanning a quick response (QR) code. Web storage compartments are found on the world wide web, ie they are a form of cloud storage.

Payments using bitcoins are easy. They can be made from storage compartments on your computer or mobile just by entering the receiver's address, the amount and then pressing send. Smartphones on the market can also obtain a receiver's address by scanning a QR code or by bringing two phones that incorporate near-field-communication (NFC) technology, a form of radio communication, close to each other.

Receiving payments is just as easy... all you have to do is give the payer your bitcoin address.

Protecting your wallet

A bitcoin wallet is like a wallet full of cash. To reduce the risk of loss, you should keep only small amounts of bitcoins in your computer or mobile and keep the bulk of your bitcoins in a safer environment, such as an high street wallet. Provided your wallet has been encrypted, an high street back-up will let you recover your wallet, should your computer or mobile be stolen.

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By 65867
Added Apr 7


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