WHAT IS BITCOIN ?
Bitcoin is the first decentralized digital currency, bitcoins are digital coins that you can send through the internet, compared to the other alternative bitcoins have a number of advantages .
Bitcoins are transferred directly from person to person via the net, without going though a bank or clearing house. This means the fees are much lower,you can use them in every country, your account cannot be frozen and there are no prerequisites or arbitrary limits.
HOW BITCOIN WORKS
Bitcoins are generated all over the internet by anybody by running a free application called a bitcoin miner. Bitcoin mining requires a certain amount of work for each block of coins , this amount is automatically adjusted such that the bitcoins are created at a predictable and limited rate.
Bitcoins are stored in digital wallet , which might look familiar if you use online banking, when you transfer bitcoins an electronic signature is added, after a few minutes the transaction is verified by a miner and permanently and anomalously stored in the network
What is Bitcoin
USE FOR BITCOINS
You can purchase video games , gifts, books, servers, and many other stuff. Several currency exchanges exist where you can trade bitcoins for dollars euros yens and more. Bitcoins are great way for small business and freelances to get noticed.
It doesn’t cost anything to start accepting them, no charge back or fees and you will get additional business from the bitcoin economy.
Bitcoin software is completely open source and anybody can review the code, bitcoin is changing finance the same way as the web changed publishing. When everyone has access to global market , great ideas flourish. Learn more on bitcoins
Bitcoin has made a huge buzz in the market. There are huge businesses taking interest into this currency and people are getting rich overnight through investment in crypto like bitcoin.
You, on the other hand are sitting and scratching your head, thinking what black magic is going on! If you need more information on what is bitcoin then check out our in depth guide on what really bitcoin really is.