When it comes to personal finance, bitcoin is a new word to some of us. Bitcoin is a type of digital currency that uses encryption techniques. No one controls it unlike our normal currency, and it is made with special software on each individuals computer that runs the special software. This process is called mining. They are monitored by the bitcoin payment network, where it keeps track of who is sending them and how many that each person has. Without the network, the bitcoins are worthless. They are used within the group of people that have the software as a currency to pay for goods via the internet. In 2015, it has been reported that over 100,000 merchants are now accepting bitcoin. Such merchants as Dish Network and Dell are on the list of those who except bitcoin.
Is It Safe?
Bitcoin users feel that the system is safe and are comfortable using it. They are all able to see the number of bitcoins that each person has and helps to keep everyone honest. The payment network only responds to the address of the owner and they must use the digital key to access their account. This makes the entire system safe their users. There are no refunds available with the use of bitcoin, but many merchants are giving store credit for returns. The payment system uses a blockchain, which records where each bitcoin is located. A user can go back to the creation of a bitcoin and track its life to wherever it is today. How does someone get started with this virtual payment process?
You will need a bitcoin address
Then you will need a bitcoin private digital key
You will need the software program
Next is the wallet that you can download for free
How Does This Work?
Even if you are a home business owner, and you have a bitcoin address you can also be part of the network. The wallet that can be downloaded online for free, will hold your address and your digital key number for you. When you make a purchase or an exchange with the bitcoins, the wallet will tell the blockchain to update the transaction. There are a variety of different types of wallets that can be selected for a variety of uses. For example some wallets are designed to only run on desktop computers, others are now available in a smart phone version. It is up to the user and the equipment that they are using. Click here to see that how can you manage your finance.
With the advancement of technology today, many people are taking advantage of the bitcoin. As it has been growing in popularity with the consumers, now many businesses are also accepting bitcoins so they can keep up with their consumers. This seems to be growing fairly rapidly and the users seem quite pleased with their options. Check into the bitcoin system and see if you want to be a part of the new and exciting technology of having a digital personal finance.