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Bitcoin and MoneyPolo services

Bitcoin and MoneyPolo services

Introduction to Bitcoin

Bitcoin was introduced by Satoshi Nakamoto. He invented this new concept of online currency and released it for the general public use in the year of 2009. This is a peer-to-peer system where users are able to transact in a direct manner without using an intermediary. In the bitcoin system, the transactions can be verified using the network nodes that are held in a record of the publicly distributed ledger which is termed as the block chain. The one unit of this account is called a bitcoin. Bitcoin is most commonly called as the first crypto-currency.

The price of the bitcoin can vary depending upon different factors e.g. the number of mining software devices, users, the total number of undiscovered and released bitcoins.

Operating of the bitcoin system

The bitcoin system operates without a single administrator or any central repository. The US Treasury categorizes bitcoin as a decentralized virtual currency used online. However, there is no doubt in the fact, it is the first ever decentralized digital currency floated for the general public. It is the largest online payment system of its kind. Bitcoins are generated to reward the users for the offering of their computing power for the verification and to record payment in the public ledger. The activity is termed as mining. The miners get rewarded with the transaction fees and the newly generated bitcoins. Other than mining, bitcoins can be purchased for different currencies, products and services. Users can easily and quickly transfer their bitcoins online.

Most of the authorities still call it insecure as there is no payback guarantee and there is also a fear of your bitcoins getting robbed online. Hackers can attack your accounts and take all that you have and there is no possible way to trace them. However, the success of Bitcoin is attributed to ease of access, speed and rapid development around the security.

Why use bitcoin?

Bitcoin has many advantages for the users. Most common uses of Bitcoin system are as follows:

  • Bank transactions (wire transfers) can take up to days to transfer. Bitcoin transfers are processed in seconds, 10 minutes maximum if you want a confirmation of your transaction.
  • The transaction fees are very small for, in some cases, it is all free.
  • It is less volatile to market or country‚Äôs economic situation like the currency money. Inflation concepts do not apply to bitcoin.
  • People cannot steal your payment information from the merchants.
  • You own your account. No banks or higher authority has control over your account. Therefore, no one has the power to block, ban or freeze your account for any particular reason.

Bitcoin and MoneyPolo

Last month, Coinmate partnered with MoneyPolo to provide services of purchasing bitcoin online using the Euro currency. Users need to create an account on MoneyPolo.com and Coinmate to complete their transactions.

The two services have combined to provide easy and quick access to cash and bitcoins.

  • Users can use their money to buy bitcoins online as well as sell bitcoins online and transfer the funds to their MoneyPolo accounts.
  • The sender fee is as low as 0.05% and the taker fee is 0.35% for the users.
  • Users can choose their account as a registered one. With that, they can withdraw up to 100 bitcoins per month and 20 bitcoins per day.
  • The service will allow users in over 100 countries to easily buy and sell bitcoins.
  • There is no deposit fee for MoneyPolo.
  • The transaction fees for bitcoins is 0.0001 Bitcoin.
  • There is a good news for the European users as Coinmate changed USD to Euro for buying or selling bitcoins in the European countries.