IMTC and Bitcoins, How it works part 2 How is
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Posted On: 01/31/2014 8:16:47 AM
IMTC and Bitcoins, How it works part 2
How is it created?
All newly mined Bitcoins, along with every transaction, are publicly recorded. This record is known as the blockchain. While the blockchain records transaction details, it does not record any personal identifying information about the senders or recipients.
The blockchain is a critical feature to maintain the transparency of the Bitcoin system, and make counterfeiting or double spending impossible.
Local Trading
There are a range of ways to buy bitcoins in your local area. Localbitcoins.com can be a good place to start if you just want to quickly get some bitcoins in your local currency.
The site can offer a range of ways to buy & sell bitcoins locally, but as always, they may range in trustworthiness. If you are worried, using a Bitcoin Exchange or web wallet service may be better.
Bitcoin Exchanges
A bitcoin exchange allows you to buy and sell Bitcoin in your local currency, as well as utilize a wide range of other transaction & speculation services for more advanced enthusiasts, traders, and investors. Due to security and government regulations concerning money laundering there is a short account verification process that new users are required to participate in for most exchanges.
Why use exchanges? Your Bitcoins are secure with a trusted and established exchange, and you can access more advanced trading features. However, exchanges are subject to more government regulation, and laws regarding Bitcoin have not yet been clarified in most markets. Also account verification means less account privacy.
How is it created? All newly mined Bitcoins, along with every transaction, are publicly recorded. This record is known as the blockchain. While the blockchain records transaction details, it does not record any personal identifying information about the senders or recipients.
The blockchain is a critical feature to maintain the transparency of the Bitcoin system, and make counterfeiting or double spending impossible.
Local Trading
There are a range of ways to buy bitcoins in your local area. Localbitcoins.com can be a good place to start if you just want to quickly get some bitcoins in your local currency.
The site can offer a range of ways to buy & sell bitcoins locally, but as always, they may range in trustworthiness. If you are worried, using a Bitcoin Exchange or web wallet service may be better.
Bitcoin Exchanges
A bitcoin exchange allows you to buy and sell Bitcoin in your local currency, as well as utilize a wide range of other transaction & speculation services for more advanced enthusiasts, traders, and investors. Due to security and government regulations concerning money laundering there is a short account verification process that new users are required to participate in for most exchanges.
Why use exchanges? Your Bitcoins are secure with a trusted and established exchange, and you can access more advanced trading features. However, exchanges are subject to more government regulation, and laws regarding Bitcoin have not yet been clarified in most markets. Also account verification means less account privacy.
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