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BITCOINS: WHAT IS ALL THE HYPE ABOUT?? Bitcoins Explained Part 1

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Free Bitcoins Im sure by now you have heard about the bitcoin phenomenon, they are almost everywhere to be seen! Now as even big box stores, restaurants, and banks scrabble to meet the growing needs of their customers, and users of this new currency, to buy and sell all types of goods and services, everyone is scratching their head trying to understand them. So here let’s

What is a Bitcoin?

“Bitcoin (BTC) is a digital currency first described in a 2008 paper by pseudonymous developer Satoshi Nakamoto, who called it a peer-to-peer, electronic cash system. Bitcoin creation and transfer is based on an open source cryptographic protocol and is not managed by any central authority. Each bitcoin is subdivided into 100 million smaller units called satoshis, defined by eight decimal places. Bitcoins can be transferred through a computer or smartphone without an intermediate financial institution.” From Wikipedia, the free encyclopedia

How are bitcoins created?

Unlike all standard currencies, bitcoins are not issued and managed by any government or institution. Bitcoins are created through a process known as bitcoin mining. This process of mining bitcoins is similar to a continuous raffle draw: mining computers connected to the bitcoin network are awarded bitcoins each time they find the solution to a given mathematical problem. Did you know that you can mine your own bitcoins with your computer? We explain how to do so in some of our guides and tutorials.

What is a bitcoin worth?

The value of a bitcoin depends on many factors and varies constantly. There are many services available for trading bitcoins. In these places, people who have bitcoins sell them for dollars or euros to people who want them. The price people want to buy and sell at determines automatically the value of the bitcoin. During the first months after the appearance of the bitcoin, one bitcoin was worth less than one dollar. In April 2013, the bitcoin reached a record value of $240 (USD). Nowadays, the bitcoin price keeps oscillating around $100, but no one knows for sure how this is going to be in the future.

Bitcoin Explained from Duncan Elms on Vimeo.

Is bitcoin secure?

Yes, it’s extremely secure, even more than your current bank account. The bitcoin system relies on a very secure cryptographic system. No one will be able to steal you bitcoins unless you give them a private key which is safely stored in your computer. Even though the bitcoin system is very secure, its value is far from being stable and could drop to zero without any guarantee, and you should be aware of that.

Who uses bitcoins?

There’s an increasing amount of businesses and individuals accepting bitcoins for buying their products and services. In our NEXT POST we will be providing some tips, guides and tutorials as well as a very exhaustive list of places for accepting bitcoins, and even site that give you FREE bitcoins. So if you are running a business or want to sell something, you can start accepting bitcoin too! Create your own Bitcoin Account FOR FREE!, and you’ll be finished IN UNDER 5 MINUTES 😀 Just confirm your email and make sure your pass is safe remember there may end up being money in there!

Oh and did I mention: GetPopularFast Now ACCEPTS Bitcoins also, Contact our Sales Agent For More Details and we can send you an invoice payable using Bitcoins! 😀

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