About Bit Coins and How to Buy Bitcoins

One of the brand new currencies that have come forward recently is the bit coin. Although a number of people use this new form of currency many are not really know what is a bit coin and for what purpose it is used. A bit coin is just like the normal currency but the only difference is that it is not controlled by any single government or any single private body. In general, the Bit coins a peer to peer currency which is decentralized. Each and every individual’s computer is connected to this bit coin network. 

In short, it is digital currency and there is no need of a central bank for performing transactions using this currency. It has now become a hot commodity among the spectators. The transactions using digital currencies happen instantly and there is no transaction fee involved. The best part is that nobody can manipulate the bitcoin network.

How to Buy Bitcoins?

If you really want to know how to buy bitcoin, you should know how to send and receive money. At first you need a wallet for buying and using this bitcoin. Register yourself with any exchange that hosts a wallet. The most common method of buying bitcoins is to buy them from an exchange. There are plenty of websites available today that facilitate in the purchase of digital currencies. These exchanges do not actually sell the bitcoins themselves. They pair a buyer with a bitcoin seller. These exchanges ask the user to provide some personal information before the exchange can actually take place.

Another possible way to buy bit coin is to buy it through the mining process. In earlier days, the bitcoins are bought through this mining process. However, this process is so difficult and a buyer cannot able to gain any profit through this method.