Bitcoin explained
In case you are new to Bitcoin, you would find this article very interesting, as it explains exactly what a Bitcoin is, how are they obtained and finally, how you could earn yourself some free Bitcoins instantly.
Bitcoin is a decentralized virtual crypto currency that enables instant payments to anyone, anywhere in the world. It uses peer-to-peer technology to operate with no central authority; transaction management and money issuance are carried out collectively by the network. Fascinating, isn’t it!
They are created as a reward for payment processing work in which users offer their computing power to verify and record payments into the public ledger. This activity is called mining and is rewarded by transaction fees and newly created Bitcoins.
If the above video was entertaining and enlightening, you may also want to explore the other tasks that are undertaken with the involvement of Bitcoins here.
What sets this form of digital currency apart?
- Bitcoins are sent easily through the Internet, without needing to trust any third party.
- The transactions are irreversible by design, fast and cost very little.
- In most countries, they are as good as physical currencies as well.
- The supply of bitcoins is regulated by software and the agreement of users of the system and cannot be manipulated by any government, bank, organization or individual. The limited inflation of the Bitcoin system's money supply is distributed evenly (by CPU power) to miners who help secure the network.
Bitcoin Wallet Address – The answer to “What’s’ next”.
Bitcoin wallet is the equivalent of a physical wallet for transactions with Bitcoin. They provide the following functionality:
- Storage of Bitcoin addresses and corresponding closed/open keys on users computer in wallet.dat file.
- Conduction transactions of obtaining and transferring Bitcoins (BTC), also without connection to internet.
- Providing information about the balance in BTC at all available addresses, prior transactions, spare keys.
The top 3 Bitcoin wallets recommended by us are –
- XAPO
- Coinbase
- Blockchain
