Bitcoin is a form of electronic cash which is not printed or controlled like another currency. A person can use it even without understanding the technical details and can be easily installed mobile phone or computer. You can pay or get paid, buy things electronically, and also disclose your addresses to your friends. Most people use it because you do not need to pay any fees for setting up your account, and it is based on mathematics. Below are some tips for a new user.
Transactions: There is no transaction fee. It is optional and not a must but once paid; it can quicken the confirmation of a transaction. In order for a transaction to be added to a block chain, the player has to include the fees. The transaction that was generated depends on the number of inputs that were used to do the transaction. There is a private key that keeps a secret datum. A transaction can have many outputs, and so one can make a number of payments at once.
Privacy: Addresses of users are kept private, and their names are never used. Companies and individuals are allowed to know about any transaction done. If you need to have financial secrecy, you need to have different bitcoin addresses.
Theft: If there is another person who knows an address, then the bitcoins can be stolen. All the stolen bitcoins get transferred, and the network is not capable of knowing who the thief is and neither can it block any bitcoins being transferred and cannot return them to the owner. They also get stolen from black market sites, where they get exchanged for cash, and where illegal goods are bought.
Processing: To confirm waiting transactions, the mining system in normally used. Different computers are allowed to agree on the systems state.
Buying and Selling: You can sell or buy bitcoins online, but it can be risky because most of the online exchanges do not take the bitcoins of the clients with them. One can buy offline bitcoins from a person for precautions sake. There have been different reactions to bitcoin.
Some say it will not work while others have responded positively.
It is very efficient, and your money arrives a few minutes after the payment has been processed on the sitcom network.