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to transfer $200 from my bitcoin wallet to my cheque account - must I already have $200 in my account to be able to do so?
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BTC wallet is a wallet for you to secure your BTC, It's like money but digital money on a digital wallet. There are many wallets you can use another one is a ledger, Been using that on my Netcoins exchange since I started investing in it.
Go to the App store (iOS) or Google Play store (Android).Search and download Coinomi.Open the app and write down your 24-words recovery phrase. ...Set a strong password.Add bitcoin to your wallet.Use your receiving address to receive bitcoin.
Bitcoin is a digital currency. It makes it possible to send and receive money over the internet without and interference from 3rd party actors like banks. The transactions work thanks to a "ledger system" were computers keep track of who sends and receives money. This is possible thanks to the blockchain were miners use computers to solve mathematical equations to solve the ledger functions. When a miner solves an equation they also get a reward for that. I personally use this website for info about crypto: coinworld.io
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No, legal tender is not the only form of money that can be used to buy things. In addition to physical currency issued by governments, electronic money, such as bank deposits and credit cards, can also be used to make purchases. Digital currencies like Bitcoin are another form of money that can be used for transactions.
Money does not have to be tied to a specific geography. With the advent of digital currencies like Bitcoin, money can be transferred and used across borders without being limited to any geographical location. However, traditional currencies issued by central banks are typically tied to specific countries or regions.
The Bitcoin is Edison's renegade currency.
$378.88 USD as of the second of December 2014
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