The people were surprised when Bitcoins and Cryptocurrency happened. Everyone on the internet has tons of questions about this new currency and how it works. Is it legal or illegal to use? Is this currency legit? Can people buy things with this currency? Those are some of the few queries the public wants to know about Bitcoins. If you want to know more about Bitcoins and Cryptocurrency, here are the top 6 FAQs that might answer you.
- What is Bitcoin?
Starting with the basic question, what is Bitcoin? Bitcoin is a cryptocurrency created in 2008 by Satoshi Nakamoto. It is a modern currency that aims to create an advanced concept of money. Its concept is to aid the problem with the traditional currency.
You can get Bitcoin in two ways.
- The first one is mining Bitcoin.
- Buying Bitcoin
Buying bitcoin is an easier way to acquire it. You can purchase this through an online transaction or via Over Counter.
- How Bitcoins Work?
The traditional way to transfer funds from an account to another is through a bank transfer. In Bitcoin, you can also transfer funds to another account within seconds and with a minimal fee. You can also accept payment with Bitcoin and Pay merchants with it. There are numerous things that you can do with Bitcoin. It acts like digital money stored on your phone.
- What can I buy with Bitcoin?
The world embraces the modern ways of living. We can do lots of tasks online, from shopping to money transactions, deliveries, and others. Listed below are some of the things that you can do using cryptocurrency:
- Travel. Most travel and booking agencies already accept Bitcoins as payments. Some airlines and hotels accept payment online through Bitcoin payment.
- Foods and Deliveries. Some fast-food chains and restaurants that offer food delivery services accept Bitcoin. When you order food online, you can use cryptocurrency as a mode of payment. It’s less hassle and easy to use.
- Entertainment subscriptions and Games. You can also use cryptocurrency when buying your favorite games in the Windows store. You can also buy movies and apps in Microsoft with a BTC payment.
- Online Shopping. Most Shopify stores accept cryptocurrency when shopping online from clothes, cosmetics, and others.
- Can I convert Bitcoins to Cash?
The answer is Yes. You can transfer your Bitcoins and cryptocurrency into cash. The easiest way to do this is by selling them. After selling your bitcoins, cash will reflect on your digital wallet or bank account.
- How to pay with Bitcoin?
Bitcoins exist to make the mode of payments easier. Paying with Bitcoin requires a few taps on your phone, and you are all set. But first, make sure that you have a Bitcoin on your Bitcoin wallet. When checking out the items, you shop online, and you must click “Pay with Bitcoin.” The app will redirect you to a page with a QR code; all you need to do is scan it and confirm your phone transaction.
- Is it safe to use Bitcoin?
Cryptocurrencies use tight encryption for secure and safe use. Transactions carried out by each user are stored on a public platform. The good thing is the owner’s identity is unknown. Yet, the user is still responsible for protecting the privacy of his cryptocurrency. The risk of getting a hack is still there. So, you must be smart and alert with all your transactions.
Bitcoins are legal to use but not in all countries. Some countries do not accept the use of Bitcoin and put a fine when caught using it. The good thing about Bitcoin cryptocurrency is it convenient to use and to carry around. No need to bring bills and coins to transact as there are merchants that accept Bitcoin. The use of Bitcoin and Cryptocurrency brings so many changes to the money system. Check out readersdigest.co.uk to learn more about Bitcoin’s impact on society.