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BITCOIN TRADING GUIDE (PART 1): THE TRANSACTIONS BITCOIN TRADING GUIDE (PART 1): THE TRANSACTIONS
What does distinguish Forex trading from bitcoin trading? Are the basic rules the same? What do you have to do to earn with bitcoin? We... BITCOIN TRADING GUIDE (PART 1): THE TRANSACTIONS

What does distinguish Forex trading from bitcoin trading? Are the basic rules the same? What do you have to do to earn with bitcoin? We will try to address step by step all issues related to bitcoin trading and to make it a guide for beginners.

We have dealt with bitcoin’s arguments over time from the point of view of news, its trend and what may be its future moves. What we have not seen is how to trade with cryptovalutes, specifically the bitcoin, and what goes with it.

Let’s start from the basics, ie the definition of Bitcoin. It is a virtual currency created at the end of 2008 by an anonymous inventor known under the pseudonym of Satoshi Nakamoto.

Bitcoin pioneers wanted to shift the balance of power to buyers, eliminate brokerage figures, clear commissions and interest, and make transactions transparent, in order to overcome corruption and cut down the costs. They have created a decentralized system where you can control your funds and always know what is happening.

Bitcoin is accepted all over the world from companies such as Dell to PayPal.

If written with small letter (bitcoin) it is referred to the currency, whether written with a capital letter (Bitcoin) it is referred to the technology and the network.

Bitcoin Transactions

Bitcoin transactions take the form of a digital information exchange that allows you to buy or sell goods and services.

To send the cryptocurrency to a recipient, you need to get in touch with him with your signature representing an encrypted security code of 16 different symbols. To receive the cryptocurrency, the recipient will decode the code with his smartphone.

Transactions take place via peer-to-peer network that is similar to a file-sharing system, which establishes a trust relationship between users.

Transactions with bitcoin have different characteristics, differentiating them from those with normal assets.

Transactions with bitcoin have different characteristics, differentiating them from those with normal assets.

Payments with Bitcoin are irreversible

The transitions already executed cannot be canceled, but only redeemed by the person who received the money. It is therefore necessary to make sure that the transactions involve only trusted people and organizations or with a solid reputation. However Bitcoin can detect typing errors and usually does not send money to wrong addresses.

Immediate transactions are less secure

A Bitcoin transaction is usually done in a few seconds and it is confirmed within the next 10 minutes. In such a time, a transaction can be considered authentic but still reversible and dishonest users may then try to deceive. If you do not have time to wait for a confirmation, it is advisable to ask for a small transaction fee or use a localization system.

Anonymity

The identity of the user behind an address is unknown until the information is revealed during a purchase or in other circumstances. We recommend to use only a Bitcoin addresses once.

Fast and global transactions.

Transactions propagate almost instantly on the net and they are confirmed in minutes. No matter how much time and space is between the sender and the recipient since everyone is in a global network of computers.

 

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