Bitcoin is a decentralized digital currency that allows instantaneous payments between two or more parties located anywhere in the world.
Watch the video "What is Bitcoin?" to learn more https://www.youtube.com/watch?v=Gc2en3nHxA4
The advantages of Bitcoin include:
These points all rely on the fact that Bitcoin is underpinned by mathematics. This means that one of the basic services of banks, acting as a trusted third party, is not necessary. Every transaction is recorded on a public ledger called the "blockchain" which means that transparency is inherent in Bitcoin and fraud nonexistent. Without banks as middlemen, transfer fees can be extremely low, typically less than 1%, and funds can be transferred in minutes.
Bitcoin can be purchased from exchanges, such as Coinbase, Circle, and BitStamp.
Bitcoin are now widely accepted by many stores and companies throughout the world. From Microsoft to Overstock, an option to pay with bitcoin is becoming increasingly ubiquitous. Typically, these companies present the Bitcoin logo at checkout to make shoppers aware of this option.
Bitcoin are created through a process called "mining." There is much to learn about Bitcoin mining, and those interested should visit bitcoinmining.com to learn more.
The blockchain is the public ledger on which every transaction is recorded, verified, and posted. It is the technology that underpins the network and allows for "trustless" transactions.
Satoshi Nakamoto is the likely pseudonym of one or more programmers who are credited with creating it. The real identity of Nakamoto is unknown.
For more information on the basics, be sure to visit the following sites:
The most comprehensive collection of information related to Bitcoin, the wiki offers a familiar format.
The Bitcoin Foundation is an organization founded to further the digital currency.
The most popular forum if you’re looking to discuss all things Bitcoin.