Missed the Bitcoin Boat? No Worries, Jump Aboard the Buxcoin Train, Today!
What was once a word used only by techy geeks and alternate investors, today has become a mainstream investment opportunity.
Yes, we’re talking about bitcoins and other digital currencies.
Very often, we hear people lamenting, “Why didn’t I buy bitcoin when it was affordable? If I had done that, I would have been rich now. In fact, I could have even retired, and fulfilled my lifelong dream of attaining financial independence.”
Whether you didn’t understand the currency or were a skeptic, worry not! Not all is lost. If you had missed the bitcoin boat, we help you with a promising alternative investment opportunity, that’s rocking the world of digital currencies.
Before, we take a look at it, here’s a quick refresher course for those new to the world of bitcoins and digital currencies.
Let’s start from the beginning.
What is Bitcoin?
Rewind by ten years. It’s the year 2008, and the whole world was facing a global banking crisis that led millions of people to lose their trust in the system.
This led to a new world of digital currencies. An anonymous programmer (or a group of programmers) called as Satoshi Nakamoto created a digital currency called as Bitcoin.
Bitcoin is a digital currency that has no physical presence. It lives on the internet and can be traded globally without incurring any costs. Meaning, a businessman in the UK can hire a programmer in India and pay him for his service in Bitcoins without any charges. No forex exchange rates, nothing!
To make this possible, bitcoin operates on a network of computers that includes systems all over the world. Miners are the people who validate each transaction in the network, and for that process, they are rewarded with bitcoins.
This technology behind bitcoins is known as blockchain. Think of it as a database, which contains the history of all the transactions that ever occurred in the network. Each node in the network knows about all the transactions that occurred in the system, making the entire blockchain “decentralized.”
Why the Crazy Popularity for Bitcoins?
Today, when you have to send money across the globe, you have to convert your currency into another and pay high fees for this foreign exchange. Bitcoin, on the other hand, can be traded with anyone around the world for no extra charges, since everyone uses and holds the same currency.
Also, bitcoin is not controlled by any particular government. For instance, the amount of rupees in circulation in India is determined by the RBI. A committee at the RBI decides whether one should print more money or less money, depending on the current economy.
When it comes to bitcoin, there is no government. No one decides whether the number of bitcoins should be increased or decreased, depending on demand. Instead, these coins are created based on a predefined algorithm that doesn’t alter.
In fact, only $21 million bitcoins can ever be created. Not a coin more, not a coin less!
This is what makes bitcoins a hot commodity. With a limited supply of coins, each coin you hold will be extremely valuable, when the demand rises.
Ok, I get it now. But, I missed purchasing bitcoins when it was affordable. Today, I can’t afford to spend nearly USD 10,000 to buy a single coin. What do I do?
Presenting you with Buxcoin
Buxcoin is an alternate to bitcoins. It’s a digital currency that is decentralised and focussed on the privacy of each user. It’s a global community that is powered by a robust team of expert programmers, skilled mathematicians, and experienced financial experts.
It’s highly secure and reliable. It provides immense benefits to different types of users.
How does it Work?
Buxcoin makes it profoundly simple for new users, to navigate and operate the wallet. All you have to do is download the Buxcoin wallet on your desktop or mobile. The wallet then generates a unique Buxcoin address for you.
The address has two parts – A public key that you share with others to receive payments, and a private key that only you have access to.
Here’s a detailed look at the Technology behind Buxcoin
Block Chain of Balances and Exchanges
Buxcoin operates on a blockchain (which is necessarily a shared, decentralized public ledger). It uses the most advanced cryptography techniques to ensure integrity, chronology, and security. The blockchain verifies all transactions made using Buxcoin. This means any Buxcoin that is exchanged, bought or traded is noted in the blockchain, thereby ensuring transparency and integrity.
Private Keys for Transactions
A transaction occurs when a Buxcoin is transferred from one wallet to another. Each Buxcoin wallet comes with a private key, which works like an electronic signature to authenticate transactions. The private key verifies that the transaction indeed comes from the wallet owner.
Each transaction on the network is a part of the blockchain and is broadcast to all nodes in the network. The Buxcoin network validates a transaction within ten minutes of it being made. This confirmation is made possible by miners and mining.
It’s the process of a distributed consensus that confirms transactions in the network, by including them as a part of the blockchain. For a transaction to be confirmed, it has to be included into a block on the blockchain using pre-defined cryptographic rules. These rules cannot be altered and are verified by the miners.
Here’s how Buxcoin benefits different types of Users
Individuals can send or receive payments using Buxcoin. All you have to do is follow a simple-two step procedure. Even signing up is optional. To receive Buxcoin payments, share the QR code of your Buxcoin wallet with the other party. The person who makes the payment can scan the QR code and send payments directly to your Buxcoin wallet.
24 x 7 instant transfers, no waiting times, complete privacy, zero fees, compatibility between different exchanges are some of the pros of using the Buxcoin wallet to receive or make payments.
With a Buxcoin wallet, businesses can decide the fee charged for exchanges based on transaction value and time. Additionally, one of the best features of Buxcoin wallets is that the transactions are irreversible. Unlike PayPal and credit card payments, where the sender can reverse payments, Buxcoin payments cannot be modified, thereby making it highly secure.
Instant worldwide payments, no PCI compliance, multi-signature transactions, and accounting transparency are some of the other features of Buxcoin for businesses.
Don’t worry if you have missed the Bitcoin boat! Jump on the Buxcoin Train and hop aboard to a whole new world of investments and digital trading!
Get more details Click here.