What is Bitcoin?
Bitcoin is a digital currency that is created and exchanged independently of any government or any banks. Bitcoins are generated through an open-source computer program and can be converted into cash after being deposited into virtual wallets by exchangers in the market. The process of generating Bitcoins is very complicated and involves solving complex algorithms and sharing the solution with the entire network of Bitcoin. This process is called "mining" and is very computationally intensive and requires powerful computers to handle it.
How does Bitcoin work?
Once you download and run the Bitcoin client software, it connects over the Internet to the decentralized network of all Bitcoin users and also generates a pair of unique, mathematically linked keys, which you'll need to exchange Bitcoins with any other client. One key is private and kept hidden on your computer. The other key is public and a version of it dubbed a Bitcoin address is given to the people who want to send you Bitcoin.
How Bitcoin transactions are different?
A Bitcoin transaction can take as long as 10 minutes or more to confirm. Transactions are irreversible with Bitcoin and can only be refunded by the recipient. With conventional currencies, where debit and credit transactions are confirmed within seconds, there are no such limitations; certain transactions can also be reversed for valid reasons by the originator.
Are Bitcoins limited?
The total number of Bitcoins that will be issued is capped at 21 million. The Bitcoin “mining” 3 process presently creates 25 Bitcoins every 10 minutes (the number created will be halved every four years), so that limit will not be reached until the year 2140. While Bitcoin critics argue that the maximum limit is not large enough, supporters maintain that since each Bitcoin is divisible to eight decimal places, the number of fractional Bitcoins will be more than enough for all conceivable applications.
What to do with my Bitcoins?
An increasing number of physical stores, restaurants and other venues accept Bitcoin. There are online casinos, sports betting and poker sites as well that you can securely deposit your account using Bitcoin and withdraw your winnings through bank wires. Music, ebooks, wallpapers and other downloadable content are also available to purchase using Bitcoin.
How does CoinAbout.com notification system work?
It is easy! You will receive notifications of new Bitcoin price on your mobile through text message. Since Bitcoin is volatile and it always changes, CoinAbout will send you SMS only if the change is considerable. Bitcoin price alerts will be sent to you a maximum of once a day. This service is free!