From the days of barter system to the current paper money and debit/credit card system, the economic world seems to be now moving towards Crypto-Currency.
What is Crypto-Currency?
Cryptocurrency is basically a digital currency which uses encryptions techniques to regulate the generation of currency units and verification of transfer of funds, functioning autonomously of a central bank. One of the best examples of Crypto-Currency is Bitcoin which offers a way for personal wealth, free from restriction and confiscation.
What is Bitcoin?
Bitcoin is a Crypto-Currency or a digital currency based on the rules of “Cryptography*” for the regulation and generation of units of currency. It is the earliest decentralized peer-to-peer payment system which is driven by its users without any involvement central authority and middleman. Apart from being the first actual implementation, Bitcoin is also the most prominent and preferred crypto-currency at present.
*Cryptography involves the process of converting regular plain text into cryptic text and vice-versa. In simple terms, cryptography is a mathematical function used for the process of encryption and decryption.
How Bitcoin Works?
If you are thinking you need to be tech savvy in order to use Bitcoin, you aren’t correct. Using Bitcoin is as simple as using any digital wallet. You will get to know it more as you start using it. To be a user, install a Bitcoin wallet on your computer and mobile phone, it will give you your first Bitcoin address. Similarly, you will be able to create more Bitcoin address whenever you wish to. You can share your addresses with your friends in order to send or receive payments. The process of Bitcoin is somehow similar to email process, except that a Bitcoin address should be used only once.
The entire Bitcoin network relies on the block-chain which is a shared public ledger. Each and every confirmed transaction gets recorded in the block-chain. This helps the Bitcoin wallet in calculating their spendable balance. The reliability and the chronological order of the block-chain are backed up by cryptography.
Things you Should know as a Bitcoin User
If you are planning to go for Bitcoin, there are certain things you should keep in consideration. Bitcoin is a different way of exchanging money compared to usual banking. Make sure to be fully aware when making any serious transaction using Bitcoin. Always treat Bitcoin with as much care as you do with your regular wallet.
- Keep Your Wallet Secure: Although Bitcoin gives you total control of your money in the most secure manner, however, it is also the user’s responsibility to keep its wallet information secure by following the ethical practicing.
- Volatility of Pricing: The price of Bitcoin is quite unpredictable as it can increase or decrease significantly over a short period of time. This is generally because of it being a budding economy and illiquid nature. So make sure you never store money which you can’t afford to lose in Bitcoin.
- Irreversibility Factor: You should be aware of the fact that transaction issued with Bitcoin cannot be reversed. It can be cashed only by the person receiving the funds. So, always make sure to transact with a trustworthy individual or organization.
- Anonymity Factor: As the transactions issued with Bitcoin are available publicly and permanently on the system, this means anyone can see the balance and transaction of any Bitcoin address. However, the identity of the Bitcoin address is not available until information is shown during a purchase or other situations. And that is why it is best to use a Bitcoin address only once.
Common Issues with Bitcoin
As the crypto-currency is still in its budding stage and doesn’t have any regulatory authority over it, there are certain issues and queries which bother users and wish-to-be users from carrying out any transaction or even using Bitcoin. Some of the common issues, questions, and uncertainties surrounding Bitcoin include:
- Difficult to understand
- Bitcoin needs users to be completely aware of computer security.
- Lack of consumer protection
- Technical limitations make Bitcoin vulnerable to cyber attacks.
- Bitcoin is impractical and dawdling for retail transactions.
Bitcoin Customer Support
Although Bitcoin is a reliable and secure platform, however, some users may face issues in accessing or operating any feature or functionalities in their account. In such cases, Bitcoin users may wish to seek assistance from Bitcoin customer support. Unfortunately, Bitcoin does not offer any direct customer support service to the user, however, one may try seeking assistance for their problem by visiting the official website of Bitcoin.
On the official website of Bitcoin, the user can seek assistance by visiting the Frequent Asked Questions (FAQ) section located on the homepage of Bitcoin. There are multiple pre-answered questions which users can go through for assistance. Apart from FAQs, users can visit the Bitcoin Communities section and Social Network pages located on the homepage under Resources > Community. Here are the direct links to the available Bitcoin Customer Support options:
- Frequently Asked Questions (FAQs) – https://bitcoin.org/en/faq
- BitcoinTalk Forum – https://bitcointalk.org/
- Reddit’s Bitcoin Community – https://www.reddit.com/r/Bitcoin/
- Bitcoin StackExchange – https://bitcoin.stackexchange.com/
- Google+ Bitcoin Community – https://plus.google.com/communities/115591368588047305300
- Twitter Search – https://twitter.com/search?q=bitcoin
- Facebook Page – https://www.facebook.com/bitcoins
Open any of these links and post your query to get assistance from other Bitcoin users for your problem. In most of the cases, you will be able to get appropriate assistance for your Bitcoin problems.
