You may often wonder, what is bitcoin? It should not be confused with actual coin or currency. It is crypto-currency, which in its digital form could be used for making payments for purchases made online. It is produced through the ‘mining’ process. Several people across the world have been known to use the mining process for producing bitcoin. It enables peer-to-peer bitcoin currency transactions in a quick manner. It has been done worldwide at a relatively lower cost or free.
Creation of bitcoin
Bitcoin was first seen into the market after decades of research by an undisclosed software developer. He has been believed to design the algorithm and introduce bitcoin in the year 2009. It was later in the 2011-12 that bitcoin became widely popular in the business arena. It would be pertinent to mention here that bitcoin should not be treated as a tangible commodity similar to silver and gold. It has been used for online reading that makes it a commodity in itself. It is an open-source product. It could be accessible by any person who uses it. You would need internet access, email address and money to start trading using bitcoin currency.
Production of bitcoin
It would be pertinent to mentionhere that bitcoin has been mined on distributed computer network of users. These users would be running specialized and unique software. The network has been known to solve specific mathematical proofs along with searches for specific data sequence. It would help produce a particular pattern on application of BTC algorithm. Every match would produce a bitcoin. However, as with mining process for gold, bitcoin production is also a complex, time and energy consuming process. However, it would not be wrong to suggest that only a specific amount of bitcoins have been mined to be circulated as bitcoin currency. The mathematical problems solved by network computers would become significantly more difficult for keeping the mining supply and operation under check.
In case, you have been wondering how to buy bitcoin instantly, your best bet would be the internet realm. The internet realm would offer you instant bitcoin currency using a credit or debit card. In the present times, you could buy bitcoin instantly through Indacoin. You would be able to acquire approximately 50USD or less of bitcoin currency as quickly as within ten minutes. It has been deemed an easy and convenient mode to buy bitcoin currency online.
However, if you prove to be a reliable customer, your limit to purchase bitcoin would be enhanced 200 USD in as much as four days and approximately 500 USD in seven days time. However, if you are residing in Europe, you could purchase bitcoins from BitQuick and Coinhouse. Similarly, Coinbase would be a great choice for people residing in USA, Europe and UK. As for the people worldwide looking to purchase bitcoin, Coinmama would be an appropriate option for instant buying of bitcoin currency. It would cater to your bitcoin buying needs in an easy and convenient manner.
Melvin Draupnir has been writing on finance niche for a considerably long time. His writing skills have become an authority for his readers. His simple language and comprehensive knowledge makes him a popular figure in the article-writing arena.