What is Bitcoin?
Bitcoin is the first
decentralized digital currency.
Bitcoins are digital coins
you can send through the Internet.
Compared to other alternatives,
Bitcoins have a number of advantages.
Bitcoins are transferred
directly from person
to person
via the net
without going through a bank
or clearinghouse.
This means that 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.
Let's look at how it works!
Bitcoins are generated all over the Internet
by anybody running a free application
called a Bitcoin miner.
Mining requires a certain amount of work
for each block of coins.
This amount is automatically adjusted
by the network
such that Bitcoins are always created
at a predictable and limited rate.
Your Bitcoins are stored in your 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 anonymously stored
in the network.
The Bitcoin software is completely open source
and anybody can review the code.
Bitcoin is changing finance
the same way the web changed publishing.
When everyone has access
to a global market,
great ideas flourish.
Let's look at some examples
of how Bitcoins are already used today:
You can purchase video games,
gifts,
books,
servers
and alpaca socks.
Several currency exchanges exist
where you can trade your Bitcoins
for dollars,
euros
and more.
Bitcoins are a great way
for small businesses and freelancers
to get noticed.
It doesn't cost anything to start accepting them,
there are no chargebacks or fees
and you'll get additional business
from the Bitcoin economy.
For your first Bitcoins and more information, visit:
weusecoins.com