In This second part of The Introduction to Bitcoin, we delve deeper into this new and exciting frontier! The start off part two of the Introduction to Bitcoin, we’d like to talk about some of the characteristics of the new currency. Bitcoin has a few key feature that really sets it apart from government backed currencies. We’ve covered the fact that it’s decentralized, and that it’s a currency for the people and by the people. So what other important things must you know about Bitcoin’s characteristics?
1. It’s completely anonymous…sort of.
You can actually hold multiple Bitcoin address that aren’t linked to names, address, or other personal information. However, Bitcoin stores every single transaction in the network. All of it is stores in What is called The Block Chain. It’s sort of like a general ledger, except on a much greater scale. So of you have an account that you use publicly, people will be able to see your account & balance. They just won’t know it’s you.
2. It’s Non-Repudiable.
Basically, when you send Bitcoin there is absolutely no getting them back. They are gone forever. BOOM. BAM. GONE. Unless, the recipient send them back. Which usually isn’t the case. I’m sure the Bitcoin network right now, is still full of Vipers looking to take advantage of amateur users. To give you an idea how much one bitcoin is actually worth, we did a little digging. We found that 1 bitcoin is worth about $233. Yeah, I know. So losing these puppies is a big deal.
3. Set-Up is Quick & Easy
This is one aspect we found to be really cool. Unlike the conventional banks, there aren’t any hoops to jump through. You can literally set up an account in seconds. Another perk of not having to give up private information. It’s really a great alternative system to what we normally use. Going, filling out paperwork, giving your personal information, and just for a bank account can be a huge hassle.
That concludes the second part in our Introduction to Bitcoin. Come back tomorrow for the final part on the Introduction to Bitcoin. Check Our Resources page for a list of trusted companies like Signature One Capital, which have received 4 stars or better. Check Our Reviews page for more insight into trusted companies