In this day and age asking is one of the most difficult things we can do least we sound stupid in front of our peers. So I will do you a solid and answer questions that I feel people will be embarrassed about when it comes to Bitcoin and crypto currency.
What is crypto currency?
This is perhaps the most embarrassing questions yet one of the most insufficient answered. Crypto currency is a form of online currency network that has no particular owner, decentralized that people use to send and receive money.
Who created Bitcoin?
The creator of this digital currency is fast becoming an urban legend. It is believed that a person called “Satoshi Nakamoto.” Many believe it is an alias and the person, or company may not be even Japanese. But the front has held, and no one knows who created Bitcoin, where they are or what they do.
Why would anyone invest in “imaginary” currency?
Bitcoin and crypto currency have largely been defined as imaginary money. This is because no one really knows the origin and it is not rallying tangible. But one would argue that all online money is imaginary, case and point PayPal, Visa, and master card. Ah! That is where you would be wrong PayPal, Visa and MasterCard are all based on real currencies such as the US dollar.
But what is real when it comes to currency. After all, currency simply comes to play when a bunch of people agree an individual item is worth a certain amount. Currency, in essence, is imaginary we simply give a value to pieces of printed paper. Crypto currency and traditional money isn’t so different when you think about it that way.
What is Bitcoin and crypto currency Mining?
Bitcoin and crypto currency must have a source just like traditional money. The federal bank creates conventional money and thrown into circulation. But Bitcoins are mined from the internet. Competitions are held by Bitcoin companies giving the general public a chance to solve computerized problems whoever solves the puzzle, wins a prize in the form of Bitcoins thus introducing new Bitcoins into the market.
Where do I get Bitcoin and crypto currency?
With more and more companies accepting payment through crypto currency you can also be part of that revolution and follow suit with your company. Like we said above, you can also mine bitcoins by solving computerized puzzles. The most common way of acquiring Bitcoin and crypto currency is by purchasing them.
Where do I keep my Bitcoins?
After acquiring the coins, the next logical question has to be where do I keep my digital currency? Bitcoins and crypto currency are stored in “wallets” in the form of encryption keys, or secret codes. But many third party companies called online wallets are coming up where you can store your Bitcoins more secured.
Where can I use my Bitcoins?
You have acquired your digital currency stored it now it is time to use it. Since it is a new platform crypto currency is still not so widely used. But just a few years ago the same was true with PayPal, and now it is one of the most conventional payment options.
However, there are many stores today that accepts bitcoins as a method of payment. Plus more stores are using Bitcoin apps where they scan the item and send you a QR code which you then proceed to pay with Bitcoin.
The most conventional way to use Bitcoin and crypto currency, thus far is making anonymous online payments.
Will crypto currency one day surpass traditional money?
Well, that is the beauty of evolution, things are always changing. Paper money was considered to be the most popular mode of payment by credit cards stole the show. PayPal is slowly creeping to bit credit cards, who know crypto currency may surpass PayPal in a few years time!