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What is Bitcoin

What Is Bitcoin?

Bitcoin is the first decentralized digital programmable global currency. Its completely peer 2 peer. A technology that is changing the way our banking systems works. Bitcoin is digital gold, it has intrinsic value, and is very limited. There will only be 21 million Bitcoins that will ever exist. Bitcoin operates on a network of consensus that enables us to transfer value over the internet without any third party intermediaries.  It works on a push system, unlike our credit card systems that still operate with 1950s technology which is a pull system. The only way for someone to receive bitcoins is if the other party sends it.

Unlike Western union, Money Gram, or Paypal, Bitcoin operates differently with almost no transaction fee. Whether your transferring $0.50 or $1 million the transaction fee is the same which is less than $0.03 anywhere in the globe. Western Union or any money transfer companies will charge you from 10%-40% on the amount your sending & depending on where your sending the money to.

How does Bitcoin work?

As a user Bitcoins are free to use. Its nothing more than just a free mobile app or computer program that is a personal Bitcoin wallet and allows users to send & receive bitcoins. When you have a bitcoin wallet you yourself become your own bank in other words. You and you yourself control when and where you send or receive payments. I will Post where you can signup for a free wallet later in this article.

Now, what operates behind the Bitcoin technology? The Bitcoin network is sharing a public ledger called the “Blockchain”. This ledger contains every transaction that has ever been processed, allowing users to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending address, allowing all users to have full control over sending bitcoins from their own address. The process of transactions using the computing power of specialized hardware is called Mining.

How can I use Bitcoins & where can I get them?

There are several companies that are innovating on the Bitcoin technology.

For a free wallet I recommend:

  • Coinbase
    Coinbase is a free wallet and a bitcoin exchange.
    They are VERY secure, the New York Stock Exchange has invest millions of dollars in this company.
    Is Coinbase insured? Yes! Heres a link to Coinbase insurance page Coinbase Insurance
    Here you can sign up for a free wallet: Free Coinbase Wallet
  • Blockchain.info
    is another place you can sign up for a free wallet. This company has different innovations on the bitcoin technology. This site you can publicly see the transactions that are happening live in real time.
  • LocalBitcoins.com
    this site is pretty much the eBay of bitcoins, you can buy and sell on this website as well as have your own free wallet.

 

Do people really use bitcoins?

Yes! There is a number of businesses that accept bitcoins and is growing rapidly.  This includes brick & motor businesses, like restaurants, retail outlets, law firms and much more. The Value of all bitcoins in circulation exceed $3 billion with millions of dollars worth of bitcoins being exchanged daily.

Coindesk Price Chart

List of Companies that accept Bitcoin


Personally I’ve used Cheapair.com to book my plan tickets & Overstock.com for goods.

Here is a: List of Large Companies that accept bitcoins

 

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