Bitcoins is considered to be one of the rising digital currency. In this article I’d like to explain in brief about Bitcoins. Now, as I am not tech currency expert, I will explain about Bitcoins in general. Bitcoins are decentralized using be peer-to-peer technology. There is no central control over the transactions happening through Bitcoins. You can consider example of BitTorrent, in case of Bittorrent you deal with media files which might be audio/video/document or anything. But in case of Bitcoins, its all about money.
There are clients called “wallet” which are responsible for Bitcoins transactions. You can read more about Bitcoins wallets on their official Bitcoins wiki. Furthermore, you might be wondering how you can Buy bitcoins? To whom you should pay? How you’ll get bitcoins? Where you should store it? Well, let me explain you in short. You cannot buy Bitcoins with paypal or credit cards because transaction is irreversible. In this case seller is at full risk, so in order to proceed with buying bitcoins with PayPal, you’ll need to take help of some third party services like VirWox. Now what VirWox does is, it will allow you to buy Linden Coins (SLL) which in turn can buy BTC easily. In this way you can exchange your linden coins with Bitcoins.
Where should I store Biotcoins?
Now once you buy Bitcoins with credit/debit card or PayPal you will have to send them to your wallet. There is facility available in your VirWox account from where you can transfer bitcoins to your wallet. Creating wallet is simple thing, you just need to find some third party services like Coinbase and register with your email ID and verify your telephone number for further transactions.
Remember that, if you use third party services for creating Bitcoins wallet, you’re actually giving them access to have control over your money. So you should be selective while choosing right Bitcoins wallet provider. There might be change of getting hacked or some fraud may lead to loose all your money. Such cases already happened in past you should be alert about this.
How do I keep updated myself about Bitcoin news?
There are lot of communities and groups out there who help newbies about trading of Bitcoins. You can post your thread/doubts in such groups/forums and you can get replies to your questions from other experts. You may also join this Google Group of Bitcoins for latest knowledge and trends in Bitcoins.
You may also find some experts on social media like Facebook or Twitter or you may also read some authority blogs like http://buybitcoinspaypal.com to stay updated with latest Bitcoins news.
Final Words about Bitcoins
As you know there are lot of technical stuff involved in bitcoins, so I feel that this currency will remain for geeky people only. This is applicable if you are going to use Bitcoins as alternative to PayPal. Let us know what you think about Bitcoins as digital currency by commenting below.