Uncategorized Bitcoin Currency - The New Payment Method in the...

Bitcoin Currency – The New Payment Method in the World

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What is bitcoin currency? Who invented it? Is it a real currency? What are the advantages and disadvantages of using bitcoins as a payment method?

What is bitcoin currency? Who invented it? Is it a real currency? What are the advantages and disadvantages of using bitcoins as a payment method?

  • Bitcoins are digital currency – bitcoin money is not printed and you can only have access to them on computer and phone or other mobile or digital devices.
  • Bitcoins are decentralized. This means that there are no central organizations that produce or decide on this currency, unlike e.g. a central bank that controls currency policy.
  • Bitcoins are traded on various exchanges, and thus demand and supply determine the price of a bitcoin.
  • Bitcoins offer a new payment method or payment system that can be used instead of common currencies such as dollars and Danish krones.
  • Bitcoins are used to trade in over 12,000 stores worldwide and in over 50 stores here in Denmark.

Bitcoins can also be used at a number of online casinos now.

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A good alternative to cryptocurrency is paysafecard. If you want to remain anonymous by using your bank card at an online casino, use Paysafecard instead of digital currencies. A large number of Danish online casinos accept Paysafecard, including MrGreen, Maria Casino and many others. At these casinos, you can use secure payment methods and get great bonuses such as free spins.

What is cryptocurrency or digital currency?

Crypto currency is a unified term for all digital currencies: Ether, Bitcoin, Litecoin, etc. Most of these currencies are based on blockchain technology. The idea behind this system is that with any transfer of money, bitcoins will be stored in a so-called blockchain. Just imagine transferring one bitcoin to your friend and his transferring that bitcoin to a store. The information on these transactions will be stored in the so-called chain. The chain will contain information that informs you that you’ve made a transfer of one bitcoin to your friend, who then transferred it to the store. Therefore, cryptocurrency is considered as a form of digital credentials or digital securities.

Benefits of cryptocurrency

  • You can have complete control over your money
  • Secure and anonymous transactions
  • Transparency and neutrality

Disadvantages of cryptocurrency

The value of cryptocurrency, for example, bitcoins, is not secured, while the value of Danish Krones is secured by the state.

Bitcoin software is still a beta version that has not evolved beyond good functionalities. Most bitcoin companies are new and do not offer insurance.

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Shashank Jain
Shashank Jain, founder of Iphone-s, a young and energetic entrepreneur has always been fond of technology. His liking for technology made him go for engineering in computers. During his studies, he learned & worked on different computer languages & OS including HBCD, Linux, etc. He also has a keen interest in ethical hacking.

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