Bitcoin Wallet

Your Wirex Bitcoin wallet allows you to buy, sell, hold, and spend Bitcoins. Even if crypto-currencies don’t appeal to you this very minute, having a Wirex account now makes a lot of sense.
Not too long ago (on March 3, 2017, to be precise) Bloomberg News reported the price of Bitcoin now exceeds the price of the world’s oldest currency: gold. This is an exciting development in the global financial system. To understand why it’s important to understand Bitcoin.

What is Bitcoin?

In extremely simple terms, Bitcoin is a highly secure, electronic currency, also known as a crypto-currency. Unlike a traditional currency, such as the US Dollar, Euro, or British Pound, counterfeiting Bitcoin is virtually impossible, reducing the risk for merchants who, in the past, would not be compensated if they were victims of fraud.
Bitcoin operates through a distributed ledger system known as a blockchain, which can be regarded as a vast network of online computers. Ultimately, when a Bitcoin transaction happens between two parties, the Bitcoin is stamped by these terminals; the time and sequence of this “stamping” process, as well as previous stampings, are recorded on the Bitcoin, verified and cross-referenced back to the network. Compared to traditional paper currency, this process results in an ever-changing and unique serial number for each Bitcoin, further reducing the risk of fraud because the slightest deviation will trigger a warning and the transaction will be declined, keeping vendors and purchasers protected.

Deregulation of Bitcoin

While the security features of Bitcoin will appeal to most mass-users, another key benefit is the deregulation advantages. With traditional currencies, governments, central banks, and other regulators are always involved in cash transactions. Whether maintaining a list of serial numbers for paper money or monitoring incoming and outgoing wire payments, this involvement slows down the exchange of cash for goods.
In other words: transactions involving traditional currencies are verified and approved after a transaction occurs. With Bitcoin, the exchange is vetted at the same time, exceptionally quickly, and with immediacy. If the currency is deemed fraudulent, the transaction never happens.

Bitcoin exchange

While Bitcoin itself is not regulated, the exchanges on which it trades are monitored and governed by local government agencies. In China, for example, trading in Bitcoin was suspended when government officials feared the cryptocurrency was being used to send money out of the country. However, news that news that China’s three largest bitcoin exchanges are allowing customers to withdraw bitcoins from their accounts means the situation is changing in China.
While Bitcoin exchanges might be outreach for an everyday user, obtaining Bitcoin for your Bitcoin wallet is easy with Wirex. When you transfer your local currency (USD, EUR, GBP) to your Wirex account, you can easily and seamlessly exchange it for Bitcoin, which can be used for buying, holding, and selling Bitcoins, as well as making purchases.

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