What is BitCoin

What is Bitcoin?

Bitcoin (BTC) is a decentralized virtual currency, which offers quick, cheap, and highly private payments for everyone. It is the first crypto currency ever to exist. Crypto currency, also known as virtual or digital currency, is a medium of exchange, which uses cryptography rules to control the amount of currency available and verify transactions.

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Bitcoin or bitcoin ?

Bitcoin – with a capital letter is a decentralized P2P network which helps to facilitate friction/less transactions between people without a middleman. It can also be called a protocol or a technology of transferring value.

bitcoins – with a lowercase 'b' is a virtual currency which exists on the Bitcoin network; it can be perceived as a currency for the internet the same way the Tanzania Shillings dollar, euro, or pound are currencies for Tanzania, United States, Europe, and the United Kingdom.

Can I trust Bitcoin?

Bitcoin is decentralized. So, instead of relying on a single counterparty, you have to trust a pool of protocol supporters who are confirming transactions, called miners.

How is bitcoin price determined?

Bitcoins market is one of the few perfect market examples, where price is determined solely by supply and demand of bitcoins. As bitcoin is a decentralized currency, there is no market intervention to impact bitcoin value. In other words, the rise in bitcoin price suggests that more people are willing to buy bitcoins than to sell bitcoins and vice versa.

Why use bitcoins?

Bitcoins are a superior payment method for the digital age. Firstly, bitcoin transactions are practically free which makes it a much cheaper alternative when compared to debit or credit cards. Secondly, bitcoins are accepted globally, which makes them the perfect platform for remittances and international transactions. Thirdly, bitcoin payments are nearly instant, so the receiver does not have to wait for a settlement. These are just a couple of bitcoin advantages not to mention privacy, micropayments, and autonomy.

Where can I buy bitcoins ?

Citl.co.za provides an option to buy bitcoins with a number of different payment options including bank transfer, debit or credit card, cash, and various e-wallets to name a few. It only takes a couple of minutes to receive your bitcoins.

How can I spend bitcoins?

The number of shops and service providers accepting bitcoin is growing every day. However, our answer is – everywhere, because you can use bitcoins at more than 20 million stores and more than 30 million ATMs around the globe. You can get your bitcoin debit card here.