What are bitcoin and other frequent questions about this cryptocurrency

In recent weeks, a multitude of news has appeared about bitcoins, their profitability, how much they are revaluing and even about whether or not it is interesting to acquire them as an investment. However, there is still a great ignorance about them among the population, something that is used by scammers to profit illegally.

What are bitcoin

Bitcoin is a cryptocurrency or cryptocurrency that is used as a digital currency, payment system, and merchandise. That is, it is a virtual and non-tangible currency, with real monetary value, which according to the legislation of each country can be used to make payments, to save or as an investment, hoping that its value will grow in the future.

Each bitcoin is essentially a virtual file that is stored in what we could call a “digital wallet”.

How to buy bitcoins

Do you want to know how to buy bitcoins? There are different secure pages through which to buy bitcoins. Among the most popular, Coinbase, Kraken and Bitstamp, but there are many more. Each one has its own procedure, but in general it is requested to register on the page or platform and by transfer or with a bank card you can buy the bitcoins.

The usual thing is that these pages charge you a commission per transaction. The difference between the cost of them is very large, so it is worth comparing several to decide which one interests you the most.

They are easy to use pages to buy with bitcoins, very intuitive, so you will not have problems to follow their instructions to make the purchase you want.

How much do bitcoins cost

The price of bitcoin fluctuates as the market changes, just like any other currency. As of February 8, 2021, a bitcoin cost 32,702.79 euros. But about ten days ago, on January 29, its price was 25,131.10 euros. As you can see, the difference is important, so if you plan to buy bitcoins you want to be aware of the markets, buy when it is cheaper and, if you want to sell short for a quick profit, do it when its value is higher.

However, as with any currency purchase, you are never sure that its price will rise.

Other important information that you are interested in knowing about bitcoin

  1. Bitcoin, like other cryptocurrencies, is not backed by any government. This means that it is not guaranteed against attacks or other problems that may arise and that it does guarantee the security of other currencies such as the euro or the dollar.
  2. Not all businesses accept bitcoins. If you buy it as an investment it does not affect you, but it does if you want to be able to use it later as a commercial currency. Among those that admit it are the main hostings worldwide and even local businesses. There are directories of pages that show which businesses support them, some of them even with a map by cities or countries, to see it more graphically and quickly.
  3. Bitcoin transactions are anonymous. But they must be posted to a registry, so they are actually public and traceable. And they remain stored on the Bitcoin network.
  4. The value of bitcoin can be likened to the value of a work of art. They are goods that do not have a fixed price. They are worth what someone is willing to pay for them. If one day there was no demand, their price would plummet or you could even find that it is zero, if nobody wanted them.

If you are interested in buying bitcoins or investing in cryptocurrencies, consider the pros and cons to make a decision. And buy them on trustworthy pages to avoid scams.

 

If you want to know more about this interesting cryptocurrency, be sure to visit Bitcoin Wallet.

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