The coin that is stored in a digital wallet app as a computer file is known as bitcoin. Coin holders can transfer their bitcoins within their digital wallet account. Transactions made by the bitcoin holders will be recorded in public that is called a blockchain.
How to buy a bitcoin?
There is a bizzATM which helps to transfer note cash into bitcoin and bizzcoin to cash. This is not the only way to convert your bitcoin to cash. You can directly transfer your bitcoin to your bank account as note cash. First, you should sell your bitcoin on a cryptocurrency like Kraken and coin base these are some systems that help to convert bitcoin to cash. Comparing to other converting systems it is easier to sell or withdraw bitcoin that results in direct transfer to your bank account.
Bitcoin usage is first praised and then it is also criticized. And the critics have said using bitcoin will leads to the illegal act. Bitcoin is nothing but a cryptocurrency. We all know about cryptography which helps to transfer any text or important files with complete encryption. And the encrypted file cannot be opened by everyone only the people who have the right key open the encrypted file can open it. Like the same, if you transfer a bitcoin from one side its value will be calculated only by the receiver.
Let we see about the function of bitcoin and how the secure the transactions of bitcoin is
The First-bit coin is a decent relay system. There are no separate banks like American banks, state banks, to control bitcoin. This system is commonly named as a decent illicit system. Any person can check the results about the transactions between the bitcoin. There is no separate management for bitcoin. If a man had bitcoin and he wants to complete any work that is regarding max or math he can allot some workers to complete it. And for the work done instead of note cash, he will get a bitcoin form the bitcoin holder.
How safe the bitcoin transaction is?
Bitcoin transactions are done with a highly secured system. And these transactions cannot be hacked by hackers too. Still, now Indian and American government is saying that bitcoin is illegal and it is strictly banned to have bitcoin in India and America like countries. But Japan and China have permitted their citizens to have and make transactions through bitcoin.
Why Indian and American governments ban Bitcoin in their country?
Not only in India and U.S bitcoin is banned still some more countries also restrict their customers to hold bitcoin because bitcoin seems to be challenging the government currency. And still, it is not proved whether the bitcoin can be converted to cash or not. It is not easier to earn bitcoin. Only 21 million bitcoins should be produced and it is according to its demand. When the demand for bitcoin reduces the value of bitcoin will increase. And when the demand for bitcoin increases it value will decrease. It is like balancing the weight if one increases another will decrease.