Bitcoin is a digital currency created and stored electronically. It is decentralize meaning – no one controls it, there are no middle man, so banks can’t control anything. It isn’t printed in paper, like dollars or euros – It is produced by people using computer hardware using software that solves mathematical problems, transferable electronically without trace of any transaction.
It can be used to buy things online or any merchants who accept bitcoin as a payment gateway for their products. It also can be traded digitally with other altcoins or in dollar or euro.
It was created by Satoshi Nakamoto on 2008. He born on 1975 and currently living in Japan.
Why Bitcoins?
Bitcoins can be used to buy merchandise anonymously. In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation. There are no credit card fees now and in the future use. Some people buy bitcoins as a form of investment, hoping that it would go up in value as predicted by many.
Acquiring Bitcoins
You can acquire bitcoin by buying it online or trading for it. There are a lot of sites that sell bitcoin and other coins as well. Here are some sites you can use to trade bitcoins.
Owning Bitcoins
Bitcoins are stored in wallets. There are different kinds of wallets, cloud, mobile, desktop, cold or hot, online web, physical, hardware, and bitcoin client wallets. The wallet is a kind of virtual bank that allows users to send, receive bitcoins or pay for goods. Unlike bank accounts, bitcoin wallets are not insured by the FDIC. So be careful when you have your wallet in your computer. Be sure to backup your wallet in a removable drive. So even your computer wont work you still have the option of restoring your wallet. Here is a wallet where you can order a ATM card you can use to withdraw real money in ATM Machines.
