Creating an account with Bitcoin
In order to receive, transact, or send these digital coins, the first step would be to create an account. The account can be opened in an individual’s name or an organisation’s title – and as long as access to a stable internet connection is available, the process can be followed one phase at a time. Once signed up, the account holder will be able to transact with their money – including buying, or more importantly; selling their cash.
What is a Bitcoin?
In simple terms, these coins are a type of online currency that lack physical availability. Where the Great British Pound can be handled, as can the Australian Dollar – these coins are stored online via secure 256-bit encryptions in digital pouches. They were introduced in 2009 as open source software and they can now be produced by businesses and individual programmers, where they are assigned a code and then traded for other goods and services.
So, what can these coins be used for?
In short, the answer would be almost anything. If a person is willing to accept payment in this manner, then there’s really no reason why they wouldn’t offer their services in exchange for a digital coin payment. This payment can then be stored within their online account and then transferred to anyone else with an account around the globe.
This makes it easy to purchase other services, hire professionals, buy goods – or simply sell the coins for an actual cash value to someone that is interested in buying them. The purpose of their initial development wasn’t to replace currency in the slightest. Instead, the digital currency was instead intended as an alternate form of payment – and one that couldn’t be assigned a value by governments and authorities.
Instead, the value of a single Bitcoin is what a person is willing to pay for it. If a designer is happy to provide a website design for $500 typically, they may then be willing to do the same for 350 Bitcoins for example. Those coins can then be sold, stored, transferred, or used to buy anything else from a seller that accepts the form of payment.