Bitcoin uses peer-to-peer technology to operate with no central authority or banks.
Bitcoin is different than any currency you’ve used before, so it's very important to understand some key points.
There are several different types of Bitcoin wallets, but the most important distinction is in relation to who is in control of the private keys required to spend the bitcoins.
Bitcoin isn’t owned by anyone. Bitcoin transactions are irreversible. This means that no one, including banks, or governments can block you from sending or receiving bitcoins with anyone else.
Bitcoin’s price is determined by the laws of supply and demand. Because the supply is limited to 21 million bitcoins, as more people use Bitcoin the increased demand, combined with the fixed supply, will force the price to go up.
There are several ways to buy Bitcoin, but trusted exchanges are a great way to acquire Bitcoin. Because there are inefficiencies in the traditional banking system, exchanges will sometimes have slightly different prices.
Because all Bitcoin transactions are stored on a public ledger known as the blockchain, people might be able to link your identity to a transaction over time.
Bitcoin transactions are seen by the entire network within a few seconds and are usually recorded into Bitcoin's world wide ledger called the blockchain, in the next block.
Its really easy.
Just follow these 3 simple steps.
Choosing a wallet is easy, but there are lots of different options. Your wallet can be kept online or on your iPhone and Android device. Check our trusted wallets.
Obtaining bitcoins works just like obtaining any other currency. The easiest way is to just buy them on one of our trusted Bitcoin exchanges.
Using and spending bitcoins is easy. The first step is finding the businesses that accept bitcoins. More businesses, accepts bitcoin payments every day.
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Bitcoin is a network that allows a new form of monetary payment and medium of exchange. The currency is the first of its class as a decentralized peer-to-peer technology with no central point of issuance. Bitcoin's network uses Proof-of-Work as an economic deterrence against points of failure. Users and miners make up this vast network.
The original Bitcoin code was designed by Satoshi Nakamoto under MIT open source credentials. In 2008 Nakamoto outlined the idea behind Bitcoin in his White Paper, which scientifically described how the cryptocurrency would function. Bitcoin is the first successful digital currency designed with trust in cryptography over central authorities. Satoshi left the Bitcoin code in the hands of developers and the community in 2010. Thus far hundreds of developers have added to the core code throughout the years.
Bitcoin is a network operating by the three foundational principles of technological freedom: Decentralization, Open Source code, and true Peer-to-Peer technology. Bitcoin’s trust is based on the subjective valuations of human faith in mathematical algorithms, encryption and numbers. With the three pillars of technological principles Bitcoin’s blockchain is a peer-reviewed system of integrity.
Unfortunately, since unique private keys are associated with individual Bitcoin wallets, if the keys are lost, there is ultimately no way to retrieve that key without a passcode seed or other retrieval system; and that key is required to spend those coins. However, most modern wallets, like Mycelium, have wallet and key backups that you can build prior to storing money. This will allow you to create a new private key so that you may restore your private key on a new wallet if lost.