The term Bitcoin is not a new word to the world now. People use Bitcoin the same way they use the bank accounts. This digital money transaction is a network, or it can be called as an electronic cash system wherein the users can do transactions without a middleman such as bank or government. You cannot freeze the Bitcoin account or wallet like your bank accounts. You can get a Bitcoin account easily as there are no prerequisites or any limits. You can set up a Bitcoin account in any country because it has got no geographical limitations. The Bitcoin Newsletter can provide you with all the information and news regarding the cryptocurrency. You might have to pay taxes when you use cryptocurrency, and you can get some tips regarding the taxes in cointelegraph.com/news/ten-tax-tips-for-cryptocurrency-expert-blog.
Even though there is a term called coin in the word Bitcoin, there is no physical money such as currencies or coins in it. Bitcoin is a virtual currency, and it is as same as the way you see credit cards and the online banking networks which people use daily. Bitcoin is a ledger entry that appears in the blockchain public ledger which validates the ownership proof of the Bitcoin. When you check your bank statement, you will see a ledger entry which says the money has been debited or credited to your account. The same way Bitcoin is also a ledger entry, however, like the other entries, the Bitcoin entry cannot be reversed. The Bitcoin balances cannot be altered by anyone because it is stored in a big distributed network.
The currency exchanges can give you Bitcoins if you sell currencies like Euros, Dollars, etc. In fact, you can also get the payment in the form of Bitcoin for any goods and services. It is quite easy to send the Bitcoin to someone you know. Studies say that the Bitcoin transactions or payments are the easier ones when compared to the credit or debit card payments because the payment can be received without the help of a merchant account. You can keep your Bitcoin in your mobiles, online wallet, and computer hard drive or a hardware wallet. A Bitcoin wallet is just like a normal wallet which you take out for purchases. For everyday use, you can keep small amounts of Bitcoin on your mobile or your computer so that you can spend the Bitcoin efficiently.
It is a good practice to keep a backup plan or to inform your family about the Bitcoin. When you are gone, and if your family or peers does not know about the Bitcoin wallets and the password, then you will be losing the Bitcoin forever. Your funds will never be recovered if you do not inform anyone about the Bitcoin wallet you have. The control of the Bitcoin lies in the hands of the Bitcoin user and not with any company.
There is no control on the transactions you can make with the Bitcoin. You can do the transaction at any time and from anywhere in the world. Now the Bitcoin is relatively a small market, however as years pass by people will surely select this cryptocurrency instead of the normal cash transactions.