asked in Business+Finance by (297 points) 4 33
Is the crypto currency Bitcoin a good idea?  where can we learn about bit coin? What are the pre requiremnt for bitcoin for creating bitcoin account?
replied by (187 points) 2 7 26
waiting for someone to answer this.
replied ago by Patron (2,651 points) 3 7 14
You need to have a bitcoin wallet which you can easily create on Blockchain or any other platforms for trading of bitcoins. 

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4 Answers

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answered by (112 points) 6

It's impossible to explain what exactly is Bitcoin in few words. But it is really useful in lots of payments because it's absolutely anonymous. Also, it's easy to exchange it for real money. Look here https://coinsbank.com/exchange​ for the cryptocurrency rates to understand more about it.

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answered by LEGEND (5,549 points) 4 8 19
Cryptocurrencies are digital currencies with no central account and no legal backing. They have no paper representation and are independent of a central economy. These currencies are completely virtual. The bitcoin network by Satoshi Nakamoto came into existence in 2009. Since then other forks of bitcoin and cryptocurrencies have evolved. 

To know whether bitcoin is good or bad, you need to know what it actually does. There are mixed reactions about this. The value of these cryptocurrencies aren't steady. They could rise fall drastically against the dollar. With Governments all over the world skeptical about bitcoin and other cryptocurrency, they are still being integrated. Transactions both online and offline all over the world are done with cryptocurrencies. I like to think of them as "unofficial currencies." 

There are different methods of acquiring bitcoins and cryptocurrencies. You can buy them with the current price against dollars, claim from faucets or mine them using mobile and computer. They have wallets online where you you can store them all unique to individual currencies. 
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answered by LEGEND (8,271 points) 3 8 19
Bitcoin is a virtual crypto currency that is mostly used online and there's nothing wrong with acquiring,buying or investing in Bitcoin provided one has the prequisite knowledge of what it entails to deal on Bitcoin with a profit. The only hinderance is that Bitcoin has no backings of any government and it voilatile too, so one should be very careful when trading with it to avoid too much loss since it a bit risky.
Bitcoin is a good source of payment since one can easily create a wallet to send and receive Bitcoin and this can be done anonymously and alot of people prefers annoymous transactions especially online.

Alot of sites are accepting Bitcoin as a means of payment so it a means of payment one can buy online with Bitcoin.
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answered by Patron (2,269 points) 2 4 13
Bitcoin which is a digital currency that is used for digital transactions by many online earners, it is usually a two parties affairs that doesn't require bank.  It value fluctuate which makes people to trade in it.  It is both good and bad to different people who have different opinions about it.
There are people of who have made money from bitcoin through mining, trading and gambling, to these set of people bitcoin is very good and worth the risk involved in it.
There are people who believe it a scam being the fact the coin is virtual and the annoymit in the transactions.
If you want to give bitcoin a trier you will need a wallet to store your bitcoin either a software or hardware wallets. The most common ones are the software Wallet that can easily be getting by signing up or downloading the app versions on playstore.  The common ones includes blockchain, coinomi, coinbase lino etc

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