Is Bitcoin Real Money? We know that it is a digital currency created by a developer named Satoshi Nakamoto. Bitcoin allows people to exchange money without the need for a bank or any trusted third party.
The Bitcoin currency is not related to fiat currencies like the US dollar or the euro, but it can be used to buy real currencies on sites like Coinbase.
What is money
It is a unit of account that is used to settle transactions in an economy and transmits the value assigned to it.
In addition, it allows people to trade goods and services, communicate prices, and store wealth over time.
What do we do with the real money?
Money is an agreement, a social consensus that has united society for more than 10,000 years.
It is a medium of exchange: The money can be saved and used to finance future payments. Saving money also ensures that saving money will have value when it is spent in the future.
A measure of value: Money can show someone’s purchasing power or wealth.
Characteristics of money
- Durable: Maintains its value for a long time.
- It is small and portable.
- Divisible and fractional of 1 Unit.
- The payer and the payee accept it.
- Stable: Limited supply or removable like gold.
Bitcoin and the Ledger
A ledger is a book or group of accounts that record accounting transactions. Each account has a beginning or carrying a balance and an ending or closing balance.
It is a database that is synchronized across multiple sites, therefore allowing witnesses. The participants, in each node of the network, can access and own the same registers. Changes to the ledger are quickly reflected and copied to all participants.
Blockchain: a ledger
The chain of blocks (blockchain) is an open registry, owned by bitcoins and transactions that are verified in millions of computers around the world through the Internet.
Bitcoin has a ledger and a payment system. It uses distributed ledger technology (blockchain).
Where can I exchange Bitcoins for real money?
Each of the following places where you can exchange your Bitcoins for real money is completely safe, so choose wisely. Here, each of them is in detail.
Exchange platforms
You can buy and sell cryptocurrencies using virtual exchanges or automated platforms to convert Bitcoins into real money.
There are many unreliable exchange systems out there that are out to scam their users, so be very careful!
The safest are: LocalBitcoins, where you can buy and sell Bitcoins almost instantly, using a wide range of payment options, and Coinbase that has an easy-to-use system for buying and selling various digital currencies.
To sell Bitcoins, either of these two platforms is ideal.
But keep in mind that these services always have a commission, fortunately, they have very low rates.
ATMs
In addition to ATMs, you can use your Bitcoins to withdraw real money from a bank. In a few simple steps, these ATMs help you buy and sell your digital currencies, and do not require a computer.
The only drawback is the lack of them in many places, especially in Latin America, where they are scarce and concentrated in urban areas, so few have access to these ATMs.
Your purchases and sales of cryptocurrencies will be much easier if you have one nearby.
Friends and acquaintances
With this method, you have to be extremely cautious. A friend or acquaintance, who also invests in cryptocurrencies, can help you exchange them.
It is very similar to the commerce in the social networks; there is no regulation and you may not get paid. Make sure the person is completely trustworthy.
Avoid dealing with strangers or those recommended by third parties. If the exchange is done with a person you know very well, you will have the possibility that the transaction is carried out quickly and without problems.
Probably wanna read:
- Bitcoin: What is it and how to invest in it
- Bitcoins: 5 keys to understanding what it is about
- Satoshi Nakamoto: Who is the creator of Bitcoin?
