6 Raffles Boulevard, #03-308, Marina Square Singapore 039594

How Bitcoin Works: The Technical System Behind This Technology

Bitcoin is a peer-to-peer payment system. It is also otherwise known as electronic money or virtual currency. It offers an alternative to mortar and brick banking and transactions are made via e-wallet. Bitcoin has subverted the traditional banking system while operating outside government regulations.

Bitcoin utilizes the art of cryptography and can be given in any partial denomination. Bitcoin also has a distribution system that is decentralized and gives various advantages than other currencies like US dollar. For one, it can never be garnished or frozen by the bank or any government agency. Following are the steps to follow when buying Bitcoin.

Step 1 – Set Up Your E-Wallet Software Account

 As soon as you create your own unique e-wallet software account, you will have the ability to transfer funds from your e-wallet to a recipients e-wallet in the form of Bitcoin.

If you would like to use a Bitcoin ATM to withdraw funds from your account, you will have to link your e-wallet ‘address’ to the chosen ATMs e-wallet ‘address.’ To facilitate the transfer of your funds in Bitcoin to and from a trading platform, you will link your e-wallet ‘address’ to the e-wallet ‘address’ of your chosen trading platform.

To set up an e-wallet, there is a myriad of companies that offer safe, secure, free and turn-key e-wallet solutions. A simple Google search will help you find the right e-wallet software for you depending on what your needs are exactly.

Many people use a “blockchain” account. This is free to set up and very secure. There is an option of setting up a two-tier login method to further enhance the security and safety of your account and protect your account from being hacked.

If you want to withdraw money from your e-wallet account using your currency, you should find a Bitcoin ATM. These ATMs are mostly found in local businesses within most major cities. Bitcoin ATMs can be located by doing a simple Google search.

Step 2 – Purchase your Bitcoin

 To buy any amount of Bitcoin, you are required to deal with a digital currency broker. As with any currency broker, you will have to pay the broker a fee when you purchase your Bitcoin. It is possible to buy any fractional denomination depending on your wish. The cost is based on the current market value of a full Bitcoin at any given time.

Step 3 – Find a Trading Platform

 Finding a reputable Bitcoin trading company that offers a high return is crucial to your success. Earning 1% per day is considered a high return in this industry. Earning 10% per day is not impossible if you time the market right.

With online Bitcoin trading, it is feasible to double your digital currency within ninety days. Be very cautious when it comes to any company that is offering unrealistic returns. You must ensure that your chosen trading company is fully integrated and automated with blockchain.

If you are looking to make an ICO investment however, consider it best to work with consultants that know the crypto space like the back of their hands. Kryptoia for instance is comprised of crypto economists, blockchain engineers, influencers, etc. and they have the skills and expertise to take your crypto business to the top.

Conclusion

 Cryptocurrency has undoubtedly been a revolutionary concept which sees a booming growth in years to come. At the same time, the idea is a little bit ambiguous and new to many people.

Please follow and like us: