What is Bitcoin?
Bitcoin is a new innovation which has the capacity to change the world. It is a digital currency and a new electronic payment system based on mathematical proof. It is known as cryptocurrency:
Digital money! Internet money!
In 2011, one Bitcoin was worth less than one US Dollar, but today one Bitcoin is worth about US $ 3000.
The Bitcoin protocol is limited to 21 million bitcoins. That means no more than 21 million bitcoins can ever be created.
The good news about Bitcoin is that it is offering banking services in parts of the world where a few or no banks are there.
The inventor is Satoshi Nakamoto!
Starting date is 2009!
How to use Bitcoin?
You can use Bitcoin like email. Anyone can use it! Nobody can stop you from sending or receiving bitcoins with anyone else and anywhere in the world for free.
Bitcoins doesn’t require central servers or third-party clearing houses to settle transactions. All payments are peer-to-peer (P2P) and settled within 10 minutes.
To get started, you need to follow these three steps:
1) Download a Bitcoin Wallet
2) Add Bitcoin to Your Wallet
3) Use Your Bitcoin Wallet to Send and Receive Bitcoin
How and Where to Buy Bitcoin?
You can buy bitcoins from either exchanges, or directly from other people via marketplaces. You can pay for them in a variety of ways, ranging from hard cash to credit and debt cards to wire transfers, or even with other cryptocurrencies, depending on who you are buying them from and where you live.
The place you store your bitcoins is called wallet. Just think of it as a sort of bank account. Bitcoin wallets store the private key that you need to access a bitcoin address and spend your fund.
Blockchain.info is the world’s most popular bitcoin wallet. It has also an app for iPhone and android so you can take your wallet with you wherever you go.
Bitcoin ATMs are growing in number. You have to insert your cash and either scan your mobile wallet QR (Quick Response) code or receive a paper receipt with the codes necessary to load the bitcoins onto your wallet.
Bitcoin ATM Map
Here is the link to view the worldwide locations on bitcoin ATM map:
How to store your Bitcoins
Bitcoin wallets store the private keys that you need to access a bitcoin address and spend your fund. You can use a digital or paper (to avoid having them on PC) wallet. However, it’s very important to secure and back up your bitcoin wallet. Please keep in mind that you don’t technicality store bitcoins anywhere! What you store in a bitcoin wallet is the secure digital keys used to access your public bitcoin addresses and sign transactions.
How to sell Bitcoin
There are two methods:
1) Selling bitcoin online (direct trades, online exchange trades, and peer-to-peer trading marketplaces), or
2) Selling bitcoin in person (scanning a QR code on another person’s phone and accepting cash-in-hand).
What is Blockchain?
It is a public distributed ledger that records bitcoin transactions. The maintenance of the Blockchain is performed by a network of communicating nodes running Bitcoin software.
What is Mining?
Mining is a record-keeping service. Miners keep the Blockchain consistent, complete, and unalterable by repeatedly verifying and collecting newly broadcast transactions into a new group of transactions called block.
Satoshi is the smallest amount within bitcoin.
1 Satoshi = O.00000001 Bitcoin
1 Microbitcoin = 0.000001 Bitcoin
1 Millibitcoin = 0.001 Bitcoin
As of 22 June 2017, TripleClicks is accepting Bitcoin as a method of payment. SFI intends to be an active participant in this digital and decentralised currency revolution. Bitcoin is the best solution for millions of people all over the world who cannot get a bank account or make international transactions. With having access to the Internet, you no longer need a bank account, credit card, or other legacy payment method. You just need a smart phone and a free Bitcoin wallet app in order to send and receive money.
I hope I was able to give you a brief introduction about Bitcoin.
I would be glad to answer any question you might have and any comments are much appreciated. Please leave your question or comment in the comments’ section.