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Genesis Mining Bitcoin 101
Genesis Mining Bitcoin 101
What is Bitcoin?
These are a few of the things that make Bitcoin different than standard
regulated currencies:
1- It's decentralized
2- It's easy to set up
3- It's anonymous
4- It's completely transparent
1st Aspect:
It's Decentralized
Unlike normal currencies, there is no sole agency regulating Bitcoin. That means that
there are no mints that produce units of the currency or financial institutions that
hold it. There are no regulating bodies that make rules about how it can be used,
where it can be spent, and how much of it you are allowed to have.
This is important because governments do occasionally tamper with peoples
finances without their permission. Without warning, governments and international
monetary organizations have the power to reach into your regular bank account and
rob you, like the Central European Bank did in Cyprus just a couple of years ago.
2nd Aspect:
It's Easy to Set Up
The normal banking system is fraught with obstacles, including fees just to keep
your money there. They also want to know everything about you and try to get you to
sign up for their various mutual funds all the time.
Bitcoin is different. You simply go to the app store, find a Bitcoin wallet that you like,
and download it. You are now able to send and receive Bitcoins to anyone else in the
world.
3rd Aspect:
It's Anonymous
You dont need to provide your Social Security number, fingerprint, or pay stub to
open your Bitcoin account. And any transactions you make are totally anonymous.
For the most part...
4th Aspect:
It's Completely Transparent
Your information is private, but Bitcoin operates on a ledger called the Blockchain,
which is a publicly accessible record of every wallet and every Bitcoin in existence.
So all of your transactions will cross the network, but they will be encrypted and no
one will know that it is you.
You can cover your tracks on the network if you want a really high degree of
anonymity. For example, you can use multiple Bitcoin addresses and avoid sending
large sums of money to any single account.
5th Aspect:
Transaction Fees are Small
6th Aspect:
Bitcoin is Rapid
Money doesnt take weeks to make its way from one account to another. Typically
you only have to wait a few minutes for money to show up anywhere in the world.
7th Aspect:
No Take-Backs
If someone sends you Bitcoin (as payment or because they owed you), they cant
change their mind and reverse the transaction. Likewise, once youve sent Bitcoin,
it is gone unless the recipient agrees to return it.
All of this is the concept of how Bitcoin is supposed to operate, but how does it
really work? Read more to find out how bitcoins are mined, what happens when a
bitcoin transaction occurs, and how the network keeps track of everything.
Bitcoin
ALL YOU NEED TO KNOW
www.genesis-mining.com
www.lifeinsideabitcoinmine.com
Thank you.