What Is Bitcoin And How Do You Obtain It?

bitcoin image

There has been a great influx of news and excitement around the digital currency known as Bitcoin lately and it has enhanced with the introduction of cryptocurrency exchange.  Bitcoin is a form of money that can be used for things such as making purchases online or trading in a market similar to the stock exchange.

People are attracted to this digital currency for a multitude of reasons. One of these is because it effectively removes the middle man in any transaction including central banks or credit card companies. This means you can buy and sell without any additional fees attached. However, the primary reason that Bitcoin is gaining some traction as a currency is the anonymity that it provides online. Bitcoin is not traceable and this makes it very enticing to people who are just now hearing about it. When you take the fact that you are completely anonymous when using Bitcoins on the internet as well as cutting out the middle man you can see why this currency is attractive.

So how do you go about obtaining some Bitcoin? There are primarily two ways which you can get some, buy, or mine. Yes you read that correctly, you can in fact “mine” this currency using any household computer. Just like any other commodity, the price of Bitcoin will fluctuate according to the market for them. Currently, one Bitcoin is equal to around $115. This is almost unbelievable since two years ago they were under a dollar each.

If you wish to mine for your coins, you will need to download a program. The process works by solving complex mathematical calculations and overtime if you are lucky, you will get some Bitcoin. If you mine for these by yourself, the chance that you will get any is very slim. In order to stand a chance, you can join what is called a mining pool. This is a collection of many people all combining their computer power to mine for coins together, thus increasing your chance of success.

Since mining for Bitcoin on your computer is a very CPU or GPU intensive process, I would suggest that you learn how to buy Bitcoins. This is risky as the market is fluctuating every day but if you have had experience trading stocks, it is the same concept.

Good luck with obtaining Bitcoin and let’s see how far the price is going to rise in the near future.


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