Bitcoin: What is Bitcoin and why should I care?

by | Mar 27, 2014 | Ecommerce

What is Bitcoin?

 

If you have not already heard, Bitcoin is taking the world by storm.  Bitcoin was founded anonymously in 2007 under the alias of Satoshi Nakamoto.

 

Some basic facts about Bitcoins

  • Bitcoin is a digital cryptocurrency, there is not any physical currency.
  • No banks hold your money, only your personal Bitcoin wallet.
  • All exchanges are performed anonymously and directly via a peer-to-peer exchange.

 

How does Bitcoin work?

 

Getting started with Bitcoin is as simple as downloading a wallet application and syncing the wallet to the public ledger.  From there you are free to perform transactions with individuals and business anonymously.

However, while your identity is protected the transactions are permanently recorded on an open and public ledger.

 

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What is a Bitcoin Wallet?

 

The Bitcoin Wallet is a personal bank for your Bitcoins.  You are able to access your Bitcoin wallet through your personal computer as well as your smartphone.

  • Secured by Bitcoin network.
  • Your wallet provides an individual “address” to send and receive Bitcoins
  • No need for any bank, you have direct access to your funds and they cannot be frozen in your account like a traditional bank.

 

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