The Basics of Cryptocurrency for the Beginners

Bitconnect is the future money as a lot of supporters of Bitcoin or Bitconnect money says so, and then again, there are a lot of people claiming it to be good, bad, evil, transparent and even downright misguided. The thing with Bitconnect is, if you know how to use it and what exactly is Bitcoin, it can really get you a satisfactory amount of online financial security.

If you have been hearing the Bitcoin buzz for a while now, you probably have a lot of questions to ask. Therefore, we have come up with a few basics for the Bitconnect coin trading. Take a look –

1.    So what are Bitcoins/Bitconnect – When we talk about Bitcoins, we don’t talk about physical dollars or real money. These are basically decentralized, virtual currencies, or you can say coins which you can use online for trading purposes directly with your clients without any help of the middle man. No bank from any country in the world holds any right or control over the Bitcoin and it is called the “cash for the internet” with lots of love. There are approximately over 11 million Bitcoin in existence as of now.

2.    Are Bitcoin untraceable or anonymous – A lot of people think that the Bitcoin users remain untraceable and anonymous but that isn’t true. Although you as a user you don’t have to put any of your personal information online like your bank account number or your physical address, you still leave a traceable trail behind with each transaction you make. This log is known as the Blockchain which I a public log. This helps the Bitcoin users to keep a track of their used Bitcoin and prevents them to use the same Bitcoin more than once.

3.    How can you purchase Bitcoin – You need to buy Bitcoin using real analog money. There are lots of Bitcoin purchasing places where you can make your investment.

4.    How can I start using Bitcoin – After you purchase certain amounts of Bitcoin, you can use the Bitcoin wallet for your desktop or your smartphone. You can even use web wallet in the cloud. Once you’re signed up, your Bitcoin wallet provider should generate your first Bitcoin address and you can create more whenever you need one, according to The Bitcoin Foundation. You can share you addresses with friends and contacts so they can pay you and you can pay them in Bitcoin.

The Bitcoin values usually fluctuate every now and then and you need to keep a track on the same. Using Bitcoin can be really beneficial. All you need to do is learn how it works.