The pros and cons of bitcoins

Image: pixelfit / Istock.com
  • Bitcoin is a currency brought to life by the internet. It works by using blockchain technology to transfer bitcoin between bitcoin wallets;
  • You need to install a bitcoin wallet on your computer or mobile phone to generate your first bitcoin address and you can create more whenever you need them;
  •  You can disclose your addresses to your friends so that they can pay you or vice- versa;
  • This is similar to how e-mail works, except that bitcoin is money. You can then use bitcoin ATM to withdraw cash or bitcoin to buy goods and services in any institution that accept bitcoin;
  • Bitcoin ATMs work like regular ATMs, except that they allow you to deposit and withdraw money so that you can buy and sell bitcoin;
  • You can buy Crypto currency from local supermarkets, local exchanger like Luno or Altcoin Trader or bitcoin ATM. You simply scam your personalised code to your e-wallet;
  •  It allows you to put your desired amount to buy bitcoin or Euthariaum; it sends the amount chosen to your e-wallet; and
  • Mostly, a consumer needs an internet to access e-mails or a smartphone to download some applications.

Would you like to comment on this article or view other readers' comments? Register (it’s quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.

X