A Beginners Guide To Bitcoin Currency & Its Benefits

beginner bitcoin benefits

The current talk of the town, which has been quite a famous topic for the last few years, bitcoin, is something that everyone has heard of. 

If you are one of those techy bitcoin aspirants who want to jump into this digital world of currency, you might want to be acquainted with many more aspects than just knowing about its existence. 

So, in this article, we will cover the basics of this currency, which will clear up the possible confusions in your head and will make you more familiar with this whole process. 

What Is Bitcoin Currency? 

The very basic and core concept that underlies bitcoin currency is that it is a payment network that is decentralized and does not require any middle source to regulate the fund exchange. 

This means that there are no banks and any other institutions involved to validate your transaction. 

The transaction takes place between two peers (mostly strangers) in which there is no intermediary involved, so it is done directly and can be anonymous. 

What Is Bitcoin Mining? 

While there may not be any centralized body to govern the validation of bitcoin transactions, there are miners who ensure smooth and secure transactions. 

What mining actually does is, it adds the records of any transaction to the public ledger of bitcoin which people call blockchain. 

Any transaction that happens over the bitcoin currency cloud is only confirmed when its record is added to that ledger. 

So miners basically function as a central body of this chain but this does not mean that the network is centralized because miners do not require your personal information or credentials, they only confirm the transaction and ensure its legitimacy. 

How Can You Pay With Bitcoin? 

Now the practical question, how can one go about bitcoin payment? The process is simple just like any other type of regular payment. 

You need to have a bitcoin wallet app on your device, be it android or iOS, you can easily find many apps for the purpose. 

Once the app is installed you need to load the wallet with bitcoins and for this, you will have to buy bitcoins if you are starting newly. 

The bitcoin purchase is done over the bitcoin exchange, like swyftx, where you pay through traditional means of payment such as credit or debit card. 

Those bitcoins get transferred to the wallet you had installed previously. 

However, while buying bitcoins, be aware of the jurisdiction of the exchange area that you have chosen as payment methods can be different based on the law of that specific area. 

What Are Some Of The Benefits Of Bitcoin? 

The most lucrative aspect of BTC has to be its inclusiveness. The transaction can take place between two parties belonging to two entirely different parts of the world, and there would be no remittance fees involved. 

Without any central regulating body, the users have more freedom in regulating their payments. 

Lastly, there is a very low processing fee involved and the transactions are fast and swift.

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