A beginner's guide to bitcoin: What you need to know

Monday, 18 September 2017, 10:36 am
Press Release: MyGold

A beginner's guide to bitcoin: What you need to know

September 13, 2017, Auckland, New Zealand – MyGold recently debuted a cryptocurrency trading service that has delighted customers far and wide. The trading service empowers traders to execute transactions with cryptocurrencies such as the blockchain-based bitcoin. There has been plenty of discussion about this cryptocurrency. Bitcoin has soared in value since it hit the scene in 2009.

The Basics of Bitcoin

Some economists and investors claim bitcoin will eventually serve as a global currency. Others are adamant that bitcoin is poised for an epic bust. There is certainly plenty of fuss over this unique digital currency. Unlike other currencies, bitcoin is not used in a tangible manner through traditional notes or coins. It is used on the web to execute transactions of all varieties. It is the foundation of a monetary system in which encryption is relied upon for secure transactions. Such encryption also allows for transactions to remain anonymous. This is precisely why bitcoin is referred to as a cryptocurrency. It is quite the contrast to the traditional monetary system involving banks, checking accounts, routing numbers and credit card data that can all be tracked back to the parties involved in transactions. Though there are several other cryptocurrencies in existence, bitcoin is by far the most popular.

Bitcoin Background

Bitcoin was provided to the public eight years ago by an individual named Satoshi Nakamoto. Bitcoin is centred on open source software that creates 3600 bitcoin to the masses every single day. Production is intentionally limited to this amount to combat inflation. The purpose of bitcoin is to provide an alternative method to transfer value from one party to another without relying on a middleman of any sort. There is no need to involve a bank, credit card company or other money processing organization that will take a cut of the value exchanged between the parties involved in the transaction.

Instead of using a conventional ledger, bitcoin transactions make use of a blockchain for public recording. The blockchain is a complex system of nodes that operate bitcoin software. Bitcoin transactions make use of a web-based bitwallet that stores bitcoins. These e-wallets also create private keys used when transactions are conducted. The blockchain uses the key to ensure the transaction's validity. Part of the appeal of bitcoin is that it is not regulated by government. This is an intangible currency that liberates the masses from a dependence on banks and governmental regulations. In a nutshell, bitcoin provides people with full control over their money.

About MyGold

MyGold is an Auckland, New Zealand-based precious metals merchant. This family-owned entity recently entered the cryptocurrency trading services business. Examples of MyGold's traditional offerings include gold and silver bullion. The company also buys gold and silver bullion and jewellery. Every MyGold product sold come with a guarantee of Metal Purity and Certification. MyGold customers include individual investors as well as institutional investors and everyday people who are looking to improve their financial well-being. Those who would like to learn more about MyGold's offerings, including its cryptocurrency trading services, can obtain more information by dialling 0800 465 369, e-mailing rich@mygold.co.nz or by using the company's online Live Chat feature. MyGold also issues an informative newsletter to provide customers with updated information about cryptocurrencies and the precious metals market.

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