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The virtual currency bitcoin can be gotten through various means. One of the most common ways to obtain bitcoin is by mining. There are two major ways of mining bitcoin: either by using the necessary hardware and software and mining it in a bitcoin mining pool or by obtaining a required amount of hash power by a certified mining company who has the hardware, power and resources to mine (Bitcoin cloud mining) ...
Bitcoin is the first cryptocurrency, a virtual currency. It is also decentralized digital currency which is without a central bank or single administrator that can be sent from one user to another on a peer-to-peer bitcoin network. Just like a bank, transactions here are verified by network nodes through cryptography and recorded in a public distributed ledger known as blockchain. Bitcoin was created by an unknown person named Satoshi Nakamoto in 2009. Bitcoins are created as a reward for a process known as mining. Bitcoin in general can be exchanged for other cryptocurrencies such as dash, dogecoin, Ethereum e.t.c. Bitcoin is highly unstable due to its high volatility nature and is criticized for its use in illegal business. Bitcoin has also been used as an investment or ponzi scheme hence cation should be made when dealing with a group or organization offering bitcoin services .
A bitcoin wallet is a place where bitcoins are stored for direct or future use.It consists basically of series of number and letters in a given sequence or order linked to the bitcoin blockchain network. In other words, a user who creates a bitcoin wallet from one location cannot have the same unique wallet for another user who created his wallet from another location. Bitcoins can be stored on a users personal computer. But the main disadvantage is that it consumes space. Bitcoin can also be stored on other users resource or network such as xapo wallet, Luno wallet e.t.c. Caution should be taken when doing this because each organization has its terms and conditions of service. Furthermore, each organization have their exclusive transaction fees.
Due to its availability and easy movement of bitcoin within the blockchain, bitcoins users can be scammed and their wallet hacked. Thus it is advisable to either create a high level of security for any bitcoin wallet such as two factor authentication provided by google, xapo, luno, Payeer e.t.c. Other organization such as xapo have an in-built vault with other strong security features.
The following are bitcoin wallets are not open source. However, Users are
On the other hand, this is an example of bitcoin wallet that its software is available as an open source. Open source software is simply a software that its codes is available for public usuage, review, analysis or scrutiny with the sole aim of checking and verifying that it is safe, free of malware, trojan, viruses or backdoor which can lead to loss of funds or improper/ unauthorized use.
Bitcoin is one of the best cryptocurrency investment over nine (9) years. There is a high return if investment over a short period of time due to its volatility nature. There is a high tendency that other countries may adopt it as another legal tender and alternative payment source.
The major concern about bitcoins is that transaction can be done without any government restriction thereby making it a good source for money laundering. This has been curb by some countries by creating a verification platform for users for accredited bitcoin organizations in the country such as luno wallet. Nevertheless, there are still loop holes and back doors which needs to be addressed