Bitcoin (btc) is an application of blockchain technology. But is blockchain created for bitcoin? Or bitcoin is just a derived tester of blockchain? This is a chicken and egg situation that we will never know, unless we were Satoshi Nakamoto. Yet, it is undoubtedly that bitcoin is the earliest application of blockchain, and it is the most well-known one with the highest market value.
What is bitcoin? - Differences between bitcoin and common legal tender
To understand bitcoin, it is a good to start with its characteristics as a crypto. Crypto-currency shares the features of money in circulation, yet in a virtual form. There are countries that have already admitted the currency features of bitcoin, and passed Council to accept bitcoin transactions. Payments giants like Paypal, Mastercard, and Apple Pay have also stated to accept or in the way to support bitcoin trading as a payment method.
The virtualness of bitcoin makes it different from other fiscal currencies. Bitcoin trading, in fact, is just a kind of transaction information exchange in binary number. Unlike physical currencies that is being controlled by the governments or central banks, no one, nor group is eligible for editing value of bitcoin. Instead, its value is wholly defined by demand-and-supply relations and people’s trust which can be reflected in bitcoin trading.
Is Bitcoin Trustable?
Before discussing the question, we need to understand the fundamental technology of bitcoin, which is blockchain. Ridding on the decentralization techniques of blockchain, bitcoin trading shares the features of unchangeable records. Simultaneously, it perfectly solves the biggest challenge for crypto trading, duplicate charge. Blockchain has brought bitcoin trading into reality by easing the challenge of duplicate charge, and thus giving bitcoin the value of money. If you would like to know more about blockchain technology, please refer to another blog entry forintroduction of blockchain.
Is Bitcoin Trading a Fraud?
We could read news about bitcoin fraud in mainstream media from time to time. It makes many people hold a skeptical view on bitcoin trading perceiving bitcoin trading as a not safe, too new, and immature instrument. Some may even just jump into a conclusion that bitcoin trading is a total fraud. Those sounds are escalating in the time when there is news reporting some are being robbed in their way to bitcoin trading. However, most biased perception about bitcoin trading is just due to the limited understanding of bitcoin and cryptocurrency market. If you do understand bitcoin, and blockchain, you will know the root of the problem is in people who involved, either than the actions of buying bitcoins, nor bitcoin trading, and no way for the technology.
People lie, crypto doesn’t. Do your homework to understand the products, there is nothing wrong with bitcoin trading or crypto trading.
Safeguards that Coingaroo Offers
As a responsible company, Coingaroo always puts clients’ safety in top priority while dedicating in promoting cryptocurrencies. After understanding the risks involved in local crypto trading with a large trading amount, we offer free dedicated chauffeur service to protect our customers.
Besides, we also have created blockchain community and established branches in Mong Kok and Causeway Bay. Customers can feel free to join in our communications to gain the first-hand market information and a better understanding of crypto market. Click to join our whatsappp community now, and start your journey in bitcoins!