What is Bitcoin?
Bitcoin is an open source peer-to-peer electronic money and payment network introduced in 2009 by pseudonymous developer “Satoshi Nakamoto”. Bitcoin has been called a cryptocurrency because it uses cryptography to secure transactions. Digitally signed payment messages are broadcast to and verified by a decentralized network of computers all over the world. Specialized computers use a proof-of-work system to prevent people from copying and spending the same Bitcoin multiple times, a problem for digital currencies known as double-spending..
Bitcoin uses cryptography for digital signatures but not for encryption. Bitcoin is anonymous in that it’s possible though difficult to associate Bitcoin transactions with real-life identities. In addition, Bitcoin intermediaries such as exchanges are required by law in many jurisdictions to collect personal customer data.
What is Bitcoin? Watch the Video
What does the media say about Bitcoin?
CNN – Nov 20th 2013 : “Bitcoin Boom, Digital Currency Hits $900 Value”.
USA Today- Nov 18th 2013 : “Lawmakers are grappling with how and whether to regulate the virtual currency”.
Forbes- Nov 19th 2013 : “If you want to join the … party, be my guest. The value of a Bitcoin in dollar terms has tripled in the past month as the price has gone parabolic. Who’s to say it can’t triple again in the next month?”
What can I do with my Bitcoins?
Your Bitcoins can be exchanged for US Dollars or any other currency that you would like to exchange the Bitcoins that you mine, there are several different exchange sites, our guide describes more about these on how to convert your coins to cash in your hand.
Several on-line stores and retailers are accepting payment in Bitcoins, there are banks to deposit your coins in and gain interest on them.
You can also keep them in your wallet and waiting for the value to rise even more to make more profit out of your investments.
How To Get Bitcoins
A beginners guide on where to buy
your first bitcoins.
How
do I get bitcoins is one of the most commonly asked questions by new users.
Although the process may seem confusing at first it is not as difficult as it
might appear initially.
Step
1. Create a Bitcoin wallet.
A
bitcoin wallet is website or program which you can use to hold store bitcoins
and make transactions.
Coinbase
is an international digital free wallet that allows you to securely buy, use,
and accept bitcoin currency. Just Sign
Up and create your wallet link. You will find guide here
to create your wallet address.
Blockchain also another free
wallet service, sign up takes a few seconds and all you need is a password.
Simply click the start
a new wallet button at the top of the page.
Step
2. Locate Your Bitcoin Address.
Preserve
and you’re your Bitcoin Wallet address. This address is all you need to receive
payments.
Step
3. Buy or Exchange Bitcoins.
You
can buy or exchange required bitcoins from your local bank or from your
friends. Personally I have exchanged some Bitcoins from my friends.
Step 4. Alternative Method.
Bitcoin Exchange - If you’re PayPal user, you can use Ecgate to exchange or buy Bitcoins from your PaPal account. If you’re using various Payment processors, you can use Xchanger to exchange/buy Bitcoins from your suitable payment processors.
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