bitcoin

What do you require to purchase Bitcoin?

Bitcoins are one of the crypto currencies and also it is the first ever produced digital money which does not have a physical form but has value. Usually, the value of these bit coins is extremely greater than the value of national currency of any country. If you wish to buy this e-money, you cannot purchase them just like that, whereas, you will need something called digital wallet.

To transact this non-paper money on the bitcoin network, one who needs to send and receive them should run a program known as a wallet. Since bitcoins are not at all coins, same as these wallets are not technically and actually wallets as well. This program is made up of two cryptographic keys namely: private and public.

Public key is nothing but the address where these bit coins are needed to deposit and withdraw and it is same as email address. You can share your public key with others who have their own digital wallet so that you can transact this digital money with them. Whereas, on the other hand, private key is same as password which should not be shared among all and one requires a password to buy, sell and also trade crypto currencies to others in this digital wallet.

This wallet uses some sort of block chain payment processor bitpay to carry out those transactions that take place and also to accept the digital currency payments. These days, bitcoin payments are being accepted by many government departments and also by traders.