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Bitcoins - Should You Use Them? from Mohammad Daniyal's blog

Bitcoin was launched as a private initiative 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 similar 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 from one internet user to another in order to pay for goods or services at virtually zero cost. This allows you to make international transfers without having to mess around with exchange rates and onerous bank charges. Bitcoins can be bought and sold for traditional cash at special exchanges.


Bitcoin wallets


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


Software wallets are installed on your computer and they give you full control over your wallet. Mobile wallets are installed in your smartphone or tablet and allow you to use Bitcoin for daily transactions in shops and supermarkets by scanning a quick response (QR) code. Web wallets are located on the World Wide Web, ie they are a form of cloud storage.


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

Article Source: http://EzineArticles.com/8119261


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