How to Buy Bitcoin and What is the price of Bitcoin?
Bitcoin, Unveiling the Mysterious Digital Currency
Bitcoin refers to a digital token used electronically and can be sent anywhere in the world. Bitcoin has taken the place of traditional payment means such as American Express and Visa by providing a means of payment that is decentralized among computers and is similar to internet. One of the best attributes of Bitcoin is that one does not have to reveal their identity when using the system. Basically, the currency provides a financial network that cannot be controlled by the government. New coins are released to the network after 10 minutes and are allocated to one of the computers in the network. Bitcoin has increased in popularity especially in black market purposes such as ransom.
How to Buy Bitcoin
Some countries do sell Bitcoin in exchange for their local currency. A good example is Coinbase based in the United States that links people’s bank accounts and sells you Bitcoins in exchange for American dollars. You can just open an account with Coinbase which is just like opening a standard bank account and continue to use the currency. Though your identity and verification is required in opening the Coinbase account, you can avoid giving your details by using services such as Local Bitcoins that connects individuals in a locality aiming to sell or buy bBitcoin for cash without verification.
Accepting Bitcoin is extremely easy as one has to just create a Bitcoin address online anonymously.
Can Bitcoin be Tracked?
Bitcoin transactions are first recorded on the blockchain which is the network’s public ledger. Nonetheless, it is important to note that law enforcement at times uses the blockchain to track transactions in case criminal activity is detected. Nonetheless, if criminal do not give a real-world identity in their Bitcoin address, they cannot be tracked. Bitcoin laundering services are on the rise and they tend to mix large transactions together so as to make it difficult for authorities to track black transactions. However, it is difficult for hackers to convert received Bitcoin into traditional currency since most companies that offer converting services I the United States requires for one to provide identification. Nonetheless, some countries outside the United States offer Bitcoin exchange services without requiring identification. You can also find a person in your locality who can offer you cash in exchange for Bitcoin through Local Bitcoins without identification. People are able to buy products online using Bitcoin even without dollars or euros.
Price of Bitcoin
The price of the currency fluctuates based on open-market bidding just like gold and a stock price fluctuates. The Price of the currency, Bitcoin has been on the rise and currently it is about $2,000. The increase in price is a result of scarcity of digital tokens. Since its creation in 2009, it was made known that only 21 million coins are possible to be created. In response, technology investors have invested in buying the currency making the price to go up and the system is expected to be a financial network and digital currency in the future.
We can only wait to see what will happen to this currency in the future but its price is only expected to go up. It is wise for people to invest in the currency as its availability is limited and its price will only go up in the future.