Many of you might have heard about BitCoin ,it wants to shake the entire global economy. And some people think it might! It’s online money—an alternative to dollars and Rupee etc.
BitCoin is a digital currency
BitCoin is not real money. It’s an online “currency”—virtual tokens that can be exchanged for goods and services at places that accept it, the same way you’d give someone a Rs.5 for a biscuit.
Bitcoins exchanged via P2P
When you write your friend a check, money from your account is withdrawn from your bank, and then transferred to her bank, and then she withdraws it as cash (maybe). With BitCoin, there are no middlemen (other than the users that comprise the network itself). Money goes straight from you to whomever, through the BitCoin P2P system, with no intermediary agency passing along the chips.
Bitcoins are generated by its users
This is where it starts to get a little weird! Unlike traditional currency, that’s backed up by something, (be it gold, silver, or a central bank), BitCoins are generated out of thin air. Through a process called “mining,” a little app sits on your computer and slowly—very slowly—creates new BitCoins in exchange for providing the computational power to process transactions. When a new batch of coins is ready, they’re distributed in probabilistic accordance to whomever had the highest computing power in the mining process. The system is rigged so that no more than 21 million BitCoins will ever exist—so the mining process will yield less and less as time goes on, and more people sign up. This makes the whole system a lot sweeter for early adopters.
Can be spent at the few places BitCoin is accepted
Not many places accept BitCoin at the moment, unlike traditional currency. But! There’s decent incentive for small businesses to use it—it’s free to use, and there aren’t any transaction fees. At the moment you can buy the services of a web designer, indie PC games, homemade jewelry, or you can trade anything with otheres for bitcoins like books etc .
Can be converted into real money.
Just like you can trade in Rupee for dollars, you can swap your BitCoins with other users for several “real world” currencies. And right now, the BitCoin is trading very high! As I write this, one BitCoin is worth $7.5. Not too bad at all.
And now BitCoin for Pakistanis!
So you are disappointed with paypal and the other alternatives like alertpay etc are not good enough . Bitcoin has come to your rescue .
First of all you have to create your bit coin wallet this is where all your money goes . You can either create an online account or install bitcoin software that creates bitcoin wallet on your Pc [Note: If you create your wallet on your pc you can use bitcoin only on your Pc but if you created the online one you can use it anywhere ]
That’s all, they don’t require your personal details like address , phone etc etc.
So once you have created your account [wallet] you will be given your payemnt address like mine is 1LERtcjgCzShfNq5nPVF6BUt8WL6XCGsyu
You can give this address to anyone and anonymously make transactions , Unlike paypal and other similar sites your email address is not shared !
BitCoin For Payment acceptance on Websites!
Yes! Bitcoin can also be used to accept donations or Payments for your sold goods just like Paypal etc.
Hence i think Bitcoin will help Pakistanis a lot So try it out go to bitcoin.org to get started .
Request:
Please help us to upgrade and make this blog more useful send some bitcoins to my address
1LERtcjgCzShfNq5nPVF6BUt8WL6XCGsyu
and one thing more you can get a few bitcoins for free to try and test this new currency at bitcoin faucet [just search it on google]