There’re three primary ways for the people to buy Bitcoins.
- You may buy Bitcoins by using ‘real’ money.
- You may sell things and allow people pay you with the Bitcoins.
- Or they are made using the computer.
How are the new Bitcoins created?
For Bitcoin thing to work, people have to make the computer transactions for everyone. Computers are made for working out difficult sums. And occasionally they’re rewarded with the Bitcoin for an owner to keep. The people set up the powerful computers only to try to get the Bitcoins. It is called as mining. However, sums are getting tough to stop for too many Bitcoins getting generated. Suppose you started mining right now it can be years you got the single Bitcoin. You can end up spending a lot more money on the electricity for computer than Bitcoin will be worth, as per the latest bitcoin news.
Is This Safe?
Each transaction will be recorded publicly so it is tough to copy Bitcoins, and make fake ones and spend ones you do not own. It’s possible to lose the Bitcoin wallet and delete the Bitcoins or lose it forever. There also have been thefts from the websites that allow you to store the Bitcoins remotely. Value of the Bitcoins has now gone up & down over years as it was made in 2009 and people do not think it is safe to turn ‘real’ money in Bitcoins. Miner then receives the fraction of bitcoin as the reward.