Bitcoin Basics

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Bitcoin Basics

Bitcoin Basics: What is Bitcoin?

Bitcoin is a new digital currency that was introduced in 2009.  Transactions are sent and received peer-to-peer, meaning that Bitcoin is decentralized, with no intermediary or middleman.  There are thousands of merchants that now accept Bitcoin as a payment option, including huge retailers like Overstock, Expedia, Amazon and Best Buy.

Bitcoin Basics: Why use Bitcoin?

Bitcoin holds many advantages over traditional payment processors.  Because transactions are carried out peer-to-peer, there are far fewer fees.  Additionally, Bitcoin transaction times tend to be much faster.  People can either use Bitcoin as a type of spendable currency, or invest in it speculatively like it’s a commodity, with the hope that it increases in value.

Bitcoin Basics: How does it Work?

In order to get started, the first step is to sign up for a Bitcoin wallet.  This is where you’ll store and buy your Bitcoins, just as you would store your money in a wallet that you carry in your pocket.

Once the wallet has been signed up for, you can then purchase the Bitcoin through a variety of methods (depending on your wallet) from bank transfer to credit card.

After your account has been funded, you can then send to any merchant or individual that has a Bitcoin address around the world.

Bitcoin Basics: Is Bitcoin anonymous?

Yes and no.  Every Bitcoin transaction that is ever done is recorded on a public ledger.  However, Bitcoin does have a level of anonymity in that the users of the Bitcoin address (receivers or senders) are never revealed.

Bitcoin Basics: What is the value of Bitcoin?

Currently, one Bitcoin is valued at over $4,000.  In 2017 alone, the currency has exploded in value to roughly seven times what it was a year ago.  Because the price of one Bitcoin is so high, smaller transactions are carried out in fractions of a Bitcoin.

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