What is Bitcoin

New Currency –New Revolution

Bitcoin is a revolutionary invention of the last decade. Its essential meaning is money digitization. It became the first decentralized peer-to-peer payment network for using without any central authority or middlemen. In a nutshell, bitcoin is the money for Internet. Its original purpose is providing all people with universal currency for different operations. Bitcoin can also be described as the most prominent triple entry bookkeeping system in existence.

“Bitcoin is a cryptocurrency, but, technically, it’s a few other things. It’s software that people run (Bitcoin Core), and an underlying blockchain that keeps track of who has which Bitcoins.

While the concept of a blockchain was invented by the creator of Bitcoin, Bitcoin has no monopoly on blockchain technology. Other people can create their own cryptocurrencies and their own blockchains, and that’s generally what cryptocurrencies are.”

 

FAQ

Q: Who Developed Bitcoin?

A:  The original Bitcoin code was designed by Satoshi Nakamoto under MIT open source credentials in 2008. 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.

Q: What is Bitcoin Mining?

A:  Bitcoin mining refers to the mining of gold, but its digital form. Bitcoin mining provides a reward for miners by paying out in Bitcoin in turn the miners confirm transactions on the blockchain. Miners introduce new Bitcoin into the network and also secure the system with transaction confirmation. They are also rewarded network fees for when they harvest new coin and a time when the last bitcoin is found mining will continue.

Q: How Can You Buy Bitcoin?

A:  Bitcoins can be bought from various sources. You can purchase them online using an exchange or brokerage service that will enable you to buy Bitcoin with a bank transfer using fiat currency, a credit card, and some services also offer buying opportunities using Paypal.

Q: Why Trust Bitcoin?

A:  Bitcoin is a network operating by the three fundamental 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.

Q: Is Bitcoin Legal?

A:  Bitcoin is legal in most jurisdictions in the world but there are a small number nation states that have banned its use, such as Ecuador. Wikipedia has a great guide on how Bitcoin is treated in all the countries around the world and explains regulatory policies surrounding it. Regulations vary from one border to the next so you should always research your location’s laws before participating in the network.

Our plan of Attack:

1. Buy and Sell Bitcoins

This is the easiest way to buy bitcoins : with a credit card or on an exchange.

Make sure you go through the verification process and enable 2FA!

2. Simple steps to Get Started

Download a Bitcoin Wallet which allows you to send and receive bitcoins. There are many wallets across various platforms. While their features vary, their functionality remains.We highly recommend to start with the Exodus Wallet due to its ease of use and great help center.

NEVER SHARE YOUR PRIVATE KEY ! Keep it in a safe place (not online or on your device).

3. Secure & Safe Transactions

The process of sending bitcoins is very easy. In two words, you need to add the receiver’s public Bitcoin address in your wallet, specify the amount, confirm address and send. Always use 2FA verification to avoid being hacked.