Bitcoin is digital money that is free of bank fees, regulations, and instant. This Cryptocurrency was birth in 2021 the year 2008 by a not popular group of persons or persons with the name Satoshi Nakamoto.
It offers lower transaction fees than other online payment mechanisms. When compared to government-issued currencies, it better and favorable. It is online cash that can be used for purchasing products and services but some stores do not accept Bitcoin and some countries have banned its use.
According to bbc.co.uk news, https://www.bbc.co.uk/newsround/25622442 Elon Musk has publicly announced on social media app that he thinks the virtual currency is “a good thing”. This makes the current price of Bitcoin skyrocket from £3,600 of 2020 March to £27,000 currently. Although the digital currency is said to replace Gold in terms of value as it is going so global. While others like the head of the Bank in England, Andrew Bailey is rather expressing fear saying his “Very nervous”. What then is Bitcoin and how does it work?
What Is Bitcoin?
As I said before, Bitcoin also known as BC is a digital Cryptocurrency or a virtual currency, it’s totally virtual. Also, it is like an online version of cash. It can be used to purchase products and services although not accepted by some stores and other countries have banned it from being used already. However, some influential companies have started buying into the Bitcoin growing market.
However, the online payment service, like PayPal announces that it will soon start accepting BC from its customers. The physical BC we see on the screen of our computers or mobile phone are worthless without their private codes printed inside them.
Every Bitcoin is just a file stored in a digital wallet app on any device like a computer or any smartphone. Each transaction is computed in a list known as Blockchain. With this, you can conveniently trace the history of BC. Also to block the use of coins by persons who do not own any and from making copies or revoking transactions. Then how do people get BC? People get BC in three means namely:
- By selling things and are paid with BC
- You can get BC by using ‘real’ money
- And it can be created using a computer.
These are few ways to get BC. With these channels, you can get BC.
Bitcoin app is a mobile application that you can use to access Bitcoin fast. The Bitcoin wallet has what it takes to get you started even if you’re new to Cryptocurrency or you’re an expert.
Features of Bitcoin App
Here are the features of the BC app for you to see. There are as follows:
- The app enabled you to buy coins easily. You can buy both Bitcoin and Bitcoin Cash in the app using your credit card. And the coins you buy would be deposit into your wallet
- Exchange Bitcoin Fast. You can use the app to switch between Bitcoin and Bitcoin Cash in minutes and you get the coin in your chosen wallet.
- You get to organize your Bitcoin. Send and receive coins and create a new wallet to organize your funds as you know.
- Stay up to date with the track of Cryptocurrencies prices and values of your BC in real-time with a live chat feature.
- You can manage your SLP tokens, digital assets that are on the BCH Blockchain are now supported.
- Get to spend BCH and others by using the Discover section of the app to find merchants around you that will accept BC cash payment in-store. Also, check online for websites you can check out with BC Cash and other things you can do with your BC.
- Make fast payments using InstantPay. It’s a new feature in the wallet app which is especially for BCH payments. You can set auto-pay too. When you set your spending threshold, scan a QR code with the “request amount” set on the recipient’s device and your payment will be completed in an instant.
- Full non-custodial, they are ultra-secure
- Choose your currencies by displaying your preferred fiat currency alongside your BC
- Set your network fee priority, this includes a big fee for faster confirmation during high activity on BTC
- If you like you may add personal notes to transaction text history to ensure that you get the transaction right and accurate including time and who.
- Quick access by just using Pin Pad or biometrics to unlock your wallet app.
With the Bitcoin app, you will have accepted to sell and buy Bitcoin in any supported countries
Getting a BC Account is not difficult it is fast and easy. Follow these steps below:
- Use the app store for iOS or Google Play store for Android.
- Search and download Coinomi
- Launch open the app and write down your 2-Words recovery phrase
- Set a very strong password with numerics, etc.
- Add your BC to the wallet
- Then you can use your receiving address to receive BC
Once your account is created then login is quick and easy. Use these steps to access your BC account.