Bitcoins – Should You Use Them

In 2009, Bitcoin was initiated as a private initiative. It is not governed by a central monetary authority, unlike conventional currencies such as the Euro, Sterling and the Dollar. It is instead supported by a peer-to-peer network of the computers of its users. This is equivalent to the way Skype, a video chat service, works. official site
Bitcoin is the fundamental unit of exchange. Each bitcoin can however be subdivided into satoshies. One satoshi is one hundred millionth of a bitcoin equivalent (ie, a bitcoin divided to eight decimal places).
In order to pay for products or services at a practically zero rate, Bitcoins and satoshies can be moved from one internet user to another. This helps you to make international transactions with exchange rates and onerous bank charges without having to mess around. In special markets, Bitcoins can be purchased and exchanged for conventional currency.
Wallets for Bitcoin
You need a wallet, a special piece of software where you store, send and receive bitcoins, in order to use Bitcoin. Three kinds of wallets are available, including software wallets, mobile wallets and web wallets.
On your computer, app wallets are installed and they give you total control over your wallet. Mobile wallets are mounted on your smartphone or tablet and allow you to use Bitcoin by scanning a rapid response (QR) code for regular transactions in shops and supermarkets. On the World Wide Web, web wallets are located, meaning they are a type of cloud storage.
Bitcoin payments are super fast. On your device or smartphone, they can be made from wallets only by entering the address of the recipient, the number and then pressing send. By scanning a QR code or bringing two phones containing near-field communication (NFC) technology, a form of radio communication, close to each other, smartphones may also obtain the address of a receiver.