Bitcoin and the Age of Virtual Money

Even money has gone digital. In a global commercial landscape that is changing by the minute the very nature of making and doing businesses has likewise changed and gone from fiscal to, well, virtual.

Bitcoin as On-Line Currency

Such is the nature of a currently growing bitcoin phenomenon. Bitcoins quite simply is virtual money collected through virtual transactions.  Bitcoin is a digital currency created in 2009 that is now being used to buy or sell items from people and companies that accept bitcoin as payment. More specifically, it is digital currency where encryption techniques are used to regulate the generation of units of currency and to verify the transfer of funds without the need for an ‘actual’ central bank. Or perhaps more technically, bitcoin is cryptocurrency, a form of digital asset designed to work as a medium of exchange using cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. In many ways then, bitcoin is actual cash in an online world which can be converted to real cash in the real world. In However in Singapore, bitcoin is often utilized for business rather than actual buy and sell transactions.

And in this business sense, bitcoin is used for stock transactions. That is, it serves as a wallet to keep a secret piece of data called a private key or seed, which in turn is used to conduct transactions for as long as there is proof that the ‘money/ came from the owner of the wallet.

Collecting and Using Bitcoin

And how do you put money into that wallet?

First, bitcoins can be generated by accepting payments. Like in any other traditional business transaction such as purchases, bitcoins can be used to buy and therefore may be collected. Whether an actual or an on-line shop, bitcoin functions just like regular money and can therefore be handled in the same manner by any commercial establishment for any commercial transaction.

Second, bitcoin can be collected, or in this case, earned by completing on-line tasks. Again, just like regular money, bitcoin in Singapore can be used as means of payment similar to wages although in very particular cases. For instance, there are many companies that asks people to visit their website as a means of improving traffic flow which in turn helps draw in advertising interests. In order to do this, some companies sometimes as on-line to visit their website, watch their videos, answering a few questions or completing any such tasks in the internet for which they are paid in bitcoins through their bitcoin wallet. From there, bitcoins can be earned in practically the same means as money can be earned: as form of wage, through getting tips, investing in businesses, through trading and even through gambling.

Buying ethereum in Singapore is often confused with ethereum, another popular cryptocurrency, although there are substantial difference primarily in terms of.  While Bitcoin was created as an alternative to regular money and is thus a medium of payment transaction and store of value, Ethereum was developed merely as a platform to facilitate peer-to-peer contracts and applications via its own currency vehicle. In other words, bitcoin is virtual money that can be used as main currency in many on-line transactions whereas ether ethereum is a very specific on-line trade that allows developers to build and run distributed applications.