INTRODUCTION
Bitcoin is a digital currency or it is also called as a crypto currency which traders use to send each other through bitcoin network. And this transactions are recorded in a decentralized ledger i.e. Blockchain. Before using the bitcoin we need to first know information about bitcoin how it works, payment methods, securities etc. Transactions through bitcoin is bit different than normal transactions. We use bitcoin because it is fast, cheap and secure method
We have few sites which accents bitcoin as a payment for their product or services with those sites we can buy gift cards like vouchers, flight tickets, download music, install app in Microsoft etc.
In many countries like America, Australia, Canada and Europe bitcoin is used more frequents but in India bitcoin is banned because RBI stated that banning the banks which are accepting crypto currency or any other similar services to protect people and companies from losing their assets in these online methods. But RBI did not declare bitcoin is illegal but it can accept as a currency. The apex bank highlighted the risks with the virtual money which in terms of Foreign Exchange Management bitcoin is not a currency
ADVANTAGES
• Security of wallet is highly concerned.
• Bitcoin allows to transfer anywhere anytime in easy way and helps to control the money
• Payments from bitcoin can also be converted in to currency
DISADVANTAGES
• The price of bitcoin will fluctuate in a short period due to economic consents
• If an investor invest a large asset it will be at high risk, as its price is not stable he may lose his investment
• Transaction once done may not be reversed but it can be refunded
• Bitcoin transactions are publicly seen by their network, every transaction they does is visible to everyone in the network
• It is not an official currency
HOW TO GET STARTED WITH BITCOIN
• Know about all the details of bitcoin
• Choose a wallet in which we want to store our bitcoin and start transactions with our network
• Buy a bitcoin for paying for goods and services. Bitcoin has several types of methods to buy
- Bitcoin exchange through bank accounts
- Through sellers of bitcoin in the local area
- Through bitcoin ATM
- Spend your bitcoin
HOW TO GET BITCOINS
• We need to know what we are buying
• Then we process our payment through mobile or online services it may be in local currency or bitcoin
• After the payment we need to check our accounting and taxes
• Submit transaction in online as people could find you easily and can put bitcoin logo on your website
