Let us quickly summarize what Bitcoin is. Bitcoin is a worldwide digital currency that is decentralized and not controlled by any government or institution. A Bitcoin is sent using the internet directly from person to person with no bank or intermediary financial institution interfering or getting involved. It is a fast, safe and anonymous way to send money to any person or business. Anyone can set up a Bitcoin account as no qualifications are required to do so. There are no transaction fees, no charge backs and no limits or borders. Anyone can purchase Bitcoin from a Bitcoin exchange using dozens of different currencies and payment methods to buy and sell it. You can buy and sell Bitcoins as well. Bitcoin is sent from person to person in the same way as PayPal works, via email. All you need is a Bitcoin Trading Currency (BTC) address to send to and it will arrive instantly without any delay. It relies on miners who verify all transactions that are sent. It is traded on the open market, so there is always a real value determined. It is accepted by people and businesses all over the world. Over one hundred thousand businesses in the United States Of America and an estimated half a million businesses worldwide use Bitcoin.
It is growing fast as more merchants accept it on a daily basis. It is also very easy to set up. There are no refunds, charge backs or fees to accept Bitcoin and the money is received instantly when sent. Within a few years it will become available everywhere in the world on a consistent basis and used as the standard purchasing and selling currency. Bitcoin is the first decentralized digital currency. These are coins or a form of electronic currency that you can send on the internet to any person or business. Compared to other financial alternatives Bitcoin has a number of advantages. They are transferred from person to person via the internet without going through a bank or clearing house. This means that the associated fees of the transactions are much lower. You can use Bitcoins as a financial means of buying or selling or transferring cash in any country. Your account cannot be frozen as is the case with banks and PayPal. There are no prerequisites or arbitrary limits. Let us look at how Bitcoin works. Several currency exchanges exist where you can buy and sell Bitcoins for dollars, euros or any currency that you choose. Your Bitcoins are kept in your own personal Digital Wallet on your computer or mobile device. Sending Bitcoins is as simple as sending an email and you can purchase anything from anywhere in the world using Bitcoin. The Bitcoin Network is secured by individuals called Miners.
Miners are rewarded or remunerated by being given newly generated Bitcoins for verifying transactions. After the transactions are verified they are all recorded in a transparent public ledger. Bitcoin opens up a whole new platform for innovation. The software is completely open source and anyone in the world can review the code. Bitcoin is changing finance in exactly the same way that the internet or the world wide web changed publishing. When everybody has access to the global market great ideas will always abound and flourish. Bitcoins are a great way for businesses to minimize transaction fees. It does not cost businesses or people anything to start accepting them and it is so easy to set up. There are no chargebacks and you will get additional business from the Bitcoin economy. Many people and businesses will want to know if using Bitcoin is safe. Bitcoin is designed with privacy and security in mind, with all transactions happening anonymously so there is no personal information exchanged. Every transaction must be verified by the Bitcoin Mining Network before being validated. Bitcoin uses two keys. The first key is a Private Key which is available only to the owner of their private digital electronic Bitcoin Wallet. The second key is a Public Key which is used by the Bitcoin Miners to verify the public ledger.
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