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It could be useful if you were planning to buy bitcoins from somebody. It could be useful if you were planning to buy bitcoins from somebody. An introduction to trading bitcoins. A guide to trading bitcoins. A guide to trading bitcoins. How does Bitcoin work? What is Bitcoin worth? And why there's so much fuss over it, is a guest on Money Programme (Wednesday) How does Bitcoin work? What is Bitcoin worth? And why there's so much fuss over it, is a guest on Money Programme (Wednesday) From Ella here . An introduction to trading bitcoins. From Ella here . It doesn't really work like a normal currency, does it? That's not true. It's a virtual currency. So it can be used for the payments to pay for things. But it can also be used for the payment of peer to peer transactions without the involvement of a financial institution. And if you were to go onto a website, you could say to your bitcoin wallet and say, look here's the cost of a dinner for two tonight, and I could actually pay the person, without the involvement of a bank, without the involvement of a payment company, without the involvement of a government. It doesn't work in the way that the central bank determines what the value of a currency is in an economy. Yes. I'll give you an example. If I have £10 and I go on to the website and I say to my bitcoin wallet, I want to pay this restaurant £10 for dinner tonight, it doesn't really work like that. What it does is as I type this, a computer in Japan is actually giving me my bitcoin wallet, and that wallet is actually going to the restaurant that I want to order from and actually going to send them the payment. Bitcoin comes with a transaction fee of 5 per cent. So for every transaction you make, you pay a 5 per cent fee. Right. But a lot of people think that that fee is uneconomical. You would be wrong. So can I put £10 in my bitcoin wallet? You can put £10 in your bitcoin wallet. I want to buy £10 of bitcoins. Can I do that? Well, the first thing you have to do is actually set up a wallet, you have to buy bitcoins, you have to download software. You have to download software? What do you download? It's a piece of software that is basically going to provide you with a public address, a public key and a private key, and you are going to also have a wallet, which is going to allow you to actually keep your money, as opposed to sending it off to somebody else to keep. And that wallet is going to allow you to send out the bitcoins. You have to buy bitcoins? You have to buy bitcoins. In what currency? You have to pay for those in US dollars or Euros. So I'm going to pay you the sum of £10 in US dollars. You would be welcome to pay the sum of £10 in US dollars or Euros. Ok. You would be welcome to pay the sum of £10 in US dollars or Euros. But what is the cost of the bitcoin? Is there a fee? Is it 5 per cent? Yes, you would have to pay £5 in fee to the bitcoin network, which is the group of people who are helping to ensure that the whole system works, and to make sure that there is some sort of trust, and to make sure that things actually get made. OK, so in other words, you're probably paying a lot of money. But you're actually not using the bitcoin currency, but rather the technology. You would be using the technology, but not the currency, if you were to pay that £5 or whatever to the bitcoin network. So for the dinner you've just ordered, there would be a 5 per cent fee involved? That is correct. A brief overview of Bitcoin from JP Morgan Chase bank
1. Bitcoin is virtual currency.
2. Bitcoin is an open source protocol, which means that it has been designed to work as a replacement for traditional currencies.
3. Bitcoin was launched in 2008.
4. Bitcoin can be used to make payments of goods or services online.
5. Bitcoin's developer group is called the Bitcoin Core Project.
more: freelence to income
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1. Bitcoin is virtual currency.
2. Bitcoin is an open source protocol, which means that it has been designed to work as a replacement for traditional currencies.
3. Bitcoin was launched in 2008.
4. Bitcoin can be used to make payments of goods or services online.
5. Bitcoin's developer group is called the Bitcoin Core Project.
more: freelence to income
more: how to create a bank acount
more: How to income with fiverr
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