Bitcoin is a decentralized cryptocurrency system that is mainly designed to allow online users to process transactions with digital units of exchange which is popularly known as bitcoins. 2021, the age of technology, where technology rules most of our lives and having everything at the click of a button has become more and more important. With a pandemic in existence, the need to have things at the convenience of our homes has become far the more important, and this trend is here to stay. We have learnt about the survival of the fittest theory of Darwin since school, and now those who are in tune with technology are the fittest.

Benefits of using the bitcoins:

  1. Bitcoin price help the buyers complete some of their payments without disclosing sensitive financial information such as credit or debit card details to the seller.
  2. The bitcoin payments’ transaction fees are mainly lower compared to the ones made for the credit and debit card purchases.
  3. In this type of transaction, no involvement of the third party.
  4. This type of payment is quick.

Top facts to know about bitcoins:

This cryptocurrency was launched in 2009. This is mainly known as the first cryptocurrency. This is the decentralized form of digital cash that mainly eliminates the need for some traditional institutions like banks and governments to make some of the financial transactions. One can buy the bitcoins from the bitcoin exchanges, the bitcoin ATMs, the bitcoin mining and investment brokerages, etc. Bitcoins are mainly stored in two different types of digital wallets:

  1. Hot wallet: The digital currency stored in the cloud on the trusted exchange or provider. This mainly can be accessed with the help of a computer browser or smartphone app.
  2. Cold wallet: The encrypted portable device like the thumb drive mainly allows users to download and carry their bitcoins.