What is bitcoin

What is bitcoin ?

Bitcoin is the first decentralized digital currency. Bitcoins are digital currencies that you can send over the Internet. Compared to other alternatives, Bitcoins have a number of advantages. Bitcoins are transferred directly from person to person through the network without going through a bank or clearing house. This means that the rates are much lower, You can use them in all countries, your account cannot be frozen and there are no prerequisites or arbitrary limits.

How does it work ? Bitcoins are generated over the Internet by anyone who runs a free application called Bitcoin miner. Mining requires a certain amount of work for each block of coins. The network automatically adjusts this amount so that Bitcoins are always created at a predictable and limited speed. Your Bitcoins are stored in your digital wallet, which may be familiar if you use online banking. When you transfer Bitcoins, an electronic signature is added. After a few minutes, a miner verifies the transaction and is stored permanently and anonymously in the network.

Bitcoin software is completely open source and anyone can review the code. Bitcoin is changing finances in the same way that the web changed the publication. When everyone has access to a global market, great ideas flourish. Let's look at some examples of how Bitcoins are already used today: you can buy video games, gifts, books, servers and alpaca socks. There are several currency exchanges where you can exchange your Bitcoins for dollars, euros and more. Bitcoins are an excellent way for small businesses and freelancers to realize. It costs nothing to start accepting them, there are no chargebacks or fees and you will get additional business from the Bitcoin economy. For your first Bitcoins.

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