Bitcoins are the decentralized type of crypto currency. It means, they aren’t regulated by any financial institution and government. As such, not like your bank account, you don’t need the long list of paperwork like your ID to establish what is known as the bitcoin wallet. Bitcoin wallet is something that you can use to access the bitcoins and send bitcoins to other person.
How You Can Setup Your Account?
You may acquire bitcoin wallet from the bitcoin broker. Whenever you open up the wallet through certified broker, you will be given the bitcoin address that is the series of numbers & letters, just like your account number in a bank and private key that is the series of numbers & letters that serve as the password.
How Does the Bitcoin Work As Anonymous Payment Processor?
With bit coins you can three things, you may make the purchase, send your money anonymously to somebody or use this as your investment. Many merchants are accepting bitcoins as the type of payment. By using bitcoins instead of real cash, essentially you are making the purchase anonymously. Similar thing goes in sending money, which is based on a fact you don’t need to submit the mountain of payment to establish the bitcoin anonymously, and essentially you will send money to somebody else anonymously.
How Does the Bitcoin Work As Investment?
Price of the bitcoin fluctuates every now and then. Just to put these things in right perspective, in 2013, an average price of the bitcoin was around $400 for one bitcoin, however, by an end of 2013, price for the bitcoin gone to $1000.