How Do Bitcoin Payment Work?
How Do Bitcoin Payment Work?

How Do Bitcoin Payment Work?

How Do Bitcoin Payment Work?
Bitcoin was fast approaching the $50,000 mark as the afterglow of Elon Musk-led Tesla’s investment in the cryptocurrency had investors reckoning it may become a maintain asset class for both corporations and money managers across the world.

When the richest person in the world gives his support to virtual currency saying that ” You know it’s a big business, it’s a good thing”. Then you may understand the value.

$1.5 Billion investment in the largest cryptocurrency by Tesla pushed Bitcoin to a fresh record.

What is Bitcoin?

How Do Bitcoin Payment Work?

Bitcoin is a cryptocurrency, a virtual currency or digital currency that is going to replace paper money in the future. It is money that is completely virtual.

You may understand this in simple terms like that –  This is an online version of Cash. You can buy anything from bitcoin. But this is banned in some countries.

You can buy bitcoin by paying real money.

You can sell anyone and anywhere, whoever is interested to buy from you.

Does Bitcoin actually make you money? 

Bitcoin has more than doubled over two months as institutional investors search for alternative health stores. Monday’s leap was its largest daily rise in over three years. Commentators have cited demand from day traders, wealth buyers, hedge funds, firms, etc.

A Fan In Musk

Tesla boss Elon Musk has been a cryptocurrency fan – he has talked them up online – but Tesla’s hard currency investment came as a surprise that has put a rocket under the sector. Even Dogecoin, a joke cryptocurrency with a dog as its symbol, has seen its value charged after Musk mentioned it online.

Is it smart to invest in Bitcoin?

Bitcoins volatility has been a hindrance for some investors. Realized volatility or daily price swings in terms of closing prices for Bitcoin over the past 90 days was at 72 % compared with 16% of the s&p 500 stocks index and 6% of the Euro currency.

How Do Bitcoin Payment Work?

How Do Bitcoin Payment Work?

The digital or cryptocurrency allows anonymous payment without any Central authority.

1. Buyer: Electronic wallet private key – unique secret code generated mathematically

2. Miners: An open network of computer verifies the transaction

3. The first miner to validate the transaction is paid in Bitcoin

4. Each new transaction is added to the global public register.

5. Seller: Payment made to the seller.

You can also read my other blogs…

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Amit Kumar
Amit Kumar
I am not what has happened to me, I am what I choose to become. I create my own sunshine. Learning something new is an adventure for me. I like to explore new things. Because failure or success doesn’t define me. My attempt does.

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