WTF is Bitcoin ?

what-is-bitcoin

If you are a new user of Bitcoin, I hope that you will find answers to all of your questions on this page.

What is Bitcoin?

Bitcoin is an innovative payment network and a new kind of money. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network.

Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.

How does Bitcoin work?

From a user perspective, Bitcoin is nothing more than a mobile app or computer program that provides a personal Bitcoin wallet and allows a user to send and receive bitcoins with them. This is how Bitcoin works for most users.

Behind the scenes, the Bitcoin network is sharing a public ledger called the « Block Chain ». This ledger contains every transaction ever processed, allowing a user’s computer to verify the validity of each transaction.AAT Nov Dec Book 1.indb

The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses, allowing all users to have full control over sending bitcoins from their own Bitcoin addresses. In addition, anyone can process transactions using the computing power of specialized hardware and earn a reward in bitcoins for this service. This is often called « mining ».

Who controls the Bitcoin network?

Nobody owns the Bitcoin network much like no one owns the technology behind email. Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the software, they can’t force a change in the Bitcoin protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use software complying with the same rules. Bitcoin can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus.

Is Bitcoin really used by people?

Yes. There is a growing number of businesses and individuals using Bitcoin. This includes brick and mortar businesses like restaurants, apartments, law firms, and popular online services such as Namecheap, WordPress, and Reddit. While Bitcoin remains a relatively new phenomenon, it is growing fast. At the end of August 2013, the value of all bitcoins in circulation exceeded US$ 1.5 billion with millions of dollars worth of bitcoins exchanged daily.

How to get started with Bitcoin ?

First you have to create your Bitcoin Wallet to receive your payments, to pay people, to store your Bitcoins, to exchange them for goods and services, or invest your bitcoins online…how_to_use_bitcoin

I recommand you to start with the Coinbase Wallet, it’s very simple to use, secure and worldwide, simply click here ➡ Coinbase  all you have to do is to provide a valid email and a password.
Once you register you will receive and e-mail to activate your wallet and it’s done.

You can now log-in into your Bitcoin wallet, you will be able to create a Bitcoin address to receive your online payments.

To get started I suggest you the best Bitcoin faucet online, a Bitcoin faucet ris a type of website that gives away small amounts of Bitcoins to their users for doing nothing.
Join here and receive your first Bitcoin payement ➡ FreeBitco.in

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s