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BASIC KNOWLEDGE

Bitcoin is a new type of electronic currency which occurs just like the digital numbers you see in your bank balance. However bitcoin can’t be redeemed as bitcoin cash; instead exchanged for currencies like USD, EURO, POUNDS or any other fiat currencies (Paper Money).

We can trade gold and silver. Although we can’t redeem it for physical bitcoin, we can print it as paper coin which in future can be converted into digital bitcoin again.

Bitcoin is the first cryptocurrency created recorded on a public ledger, called the “Blockchain”. Being a public ledger anyone can check ownership by checking uploaded transactions called timestamps, making it difficult to commit fraud:
You can’t spend someone else's bitcoin, because everyone knows who owns them (from the ledger.)
You can’t pay the same coin twice because the network keeps the ledger up to date and there’s only one ledger. If you did try to spend it twice, everyone would know.

How does it Work?
Bitcoin uses a decentralised peer-to-peer technology to operate with no central authority or third party banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin, and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
Bitcoins rewarded for payment processing in which users offer their computing power to verify and record payments into the public ledger. This activity is physical mining rewarded by transaction fees and newly created bitcoins. Besides mining, bitcoins can be used in exchange for fiat money, products, and services. Users can send and receive bitcoins for an optional transaction fee.
How can we get some Bitcoin?
To get a higher amount of bitcoin you have to buy it with trading. Local bitcoins is one of the major sites where you can buy bitcoin directly from your local currency where exactly we have to crawl through the offers to see offers accepting local money. Some other trading sites are btc-e.com, coinbase.com.
How to get Started?
As with other digital currency, you also need to create an account to receive and send bitcoin. You can get your bitcoin address from blockchain.info or coinbase.com. Bitcoin address does not look like email or id it is a long combination of number and words like 1Dh6DMABkc6iPoCrScuzhmH3EW8bjqzY86.
What is the value of Bitcoin?
The value of bitcoin is high concerning trading. It is the most fluctuating volatile intangible crypto-asset which is beneficial regarding trading. Its amount depends on demand and availability. Its value has jumped from 0.10$ to 1000$ in the past. As of today, its value is worth $6500 which was $6000 a week before that’s why we consider it as the most fluctuating currency on the planet. If you are thinking of buying into Bitcoin, make sure you research on its past, present, and future hard forks such as Bitcoin Cash, Bitcoin Gold, First Bitcoin, and many other intangible crypto assets added to Bitcoins ecosystem. Do your research; due diligence risk factor is extreme.

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