Bitcoin is a digital currency which can be used to exchange with the commodity or services you would like to purchase but you have to note that it is not reversible. The bitcoins can be stored for future use and transactions with the help of software which is known as online bitcoin wallet. You have to load the software in your computer or laptop or mobile. Prior to that, you have got to register at the bitcoin exchange which will host the wallet for you. Once you install your online bitcoin wallet in your computer, wait for few minutes to click around.
- A page will appear in the display of your computer which will contain information about your balance bitcoin in your online bitcoin wallet. At this point you must remember that each bitcoin unit is divided into 100 million smaller units called Satoshis which is named after the creator of the bitcoin currency Satoshi Nakamoto. You may find numerals like 0.00000001 in your computer which is one Satoshi.
- You will find another area where the page will show your recent transaction
- An area will be there where you can create an address or QR code. The QD code is required for persons who are required to receive money as for persons in business. But if you want to use the bitcoin for exchange only like for purchasing commodity or services you need not to open QD code. For doing business you have to create QD code and show it to the sender of bitcoins. The sender may also take a photograph of your QD.
Bitcoin currency specification and its usages
The long cherished desire to get a new type of digital currency has finally taken shape in the digital currency btc to usd. The specification of this new currency was prepared by Satoshi Nakamoto in his mailing list which have been developed and popularized by the many users worldwide. In March 2013 the total number of bitcoins in circulation was estimated to be 10 billion units which are designed to go up to 21 billion units. It is estimated to expand to its designed limit by 2040. Each bitcoin unit is divided into 100 million smaller units known as Satoshis after the name of its inventor where about of whom is not known to the world.