Bitcoin is the largest, best known, and most widely used cryptocurrency in the world. It was created by an unknown person or group of people by the name of Satoshi Nakamoto and released as open source software in 2009.
Bitcoin is a revolutionary decentralized digital currency that offers seamless peer-to-peer payments without cash flow restrictions.
function of Bitcoin:
It is to provide an alternative form of currency that can be traded online without restrictions from banks or any government body in another country (in theory). first consideration is to see what the benefits of bitcoin are.
By using Visa or Mastercard with bitcoin, a customer can get money easily and without paying bank fees. It’s also easy to shop online with bitcoin. Payments are secure because no government body like the UK Financial Services Authority or the US Federal Reserve has jurisdiction or control over them.
If you try to use your credit card with bitcoin, you will find that all websites that accept credit cards charge a 1% fee for each transaction (no matter how large or small). This fee is added by the site where your card details will be stored and then sent directly to your own bank account.
So, it is evident that when bitcoin is used, there is no type of charge in the transaction. Bitcoin also offers you anonymous transactions without the need to reveal your own personal details.
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value of bitcoin increased as the number of people interested in this currency increased and those who added bitcoin as a form of payment used its network to trade more goods online. If there are more transactions between the parties, the unit price will increase.
It is important to understand that bitcoin is not just a currency. It also serves as a means of transmitting value over the Internet and can be exchanged for other currencies, products, and services. According to bitcoinsite.org, bitcoin is a peer-to-peer digital currency that allows payments to be sent electronically, securely, and free of charge.
As noted earlier in this post, bitcoin is also a means of purchasing goods or services online. ‘bitwage’ services site provides information on how individuals and small and medium-sized businesses can do this.
Bitwages is a payroll and employee benefits outsourcing company that enables millions of people to save time and money with their international remittances. By using their service, a person in the UK can have money transferred directly to their bank account without an attached fee from banks such as Barclays or Worldpay.
If you are a US citizen, Bitwage can also transfer US dollars to you directly at no charge from the US government.
process is simple. A customer places an order with the company and then deposits bitcoins into a bitcoin account provided by Bitwage. n, the company will send the agreed amount in fiat currency (traditional) on a date / time agreed between both parties. This is done via a bitcoin blockchain transfer or in person near you.
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Some companies also allow you to buy products online using bitcoin. A good example is Overstock, which allows its customers to buy products directly using the bitcoin network. y offer additional discounts and rewards for those who use bitcoins when purchasing their merchandise.
Where to buy Bitcoin?
Bitcoin or you can buy it from many exchanges but the most recommended are the following since you can pay with a debit or credit card:
Binance; You enter, register, verify the account and you can now operate. Enter now
Coinbase: You enter, register, verify the account and you can now trade. Login Now
I hope this article has been very helpful to you and understand what function bitcoin has for our cararn era and as a means of payment.
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