What is Bitcoin?
Bitcoin is a digital currency and payment network introduced in 2009; it is an internet-based system of money. Blockchain is one of the foundational technologies that was developed by the inventor of bitcoin. Blockchain is bitcoins ledger that records all the transactions that have ever happened in the database, distributed around the world. Since the invention of bitcoin there have been thousands of systems built using blockchain and similar technology.
Bitcoin is an open-source, peer-to-peer cryptocurrency and an electronic payment system. The transactions between users are direct, without intermediary. These transactions are verified by a global network of “nodes” and recorded in a public distributed ledger called the blockchain, which uses bitcoin as its unit of account. Since the system works without a central repository or single administrator, bitcoin is called the first decentralized digital currency. Bitcoin is the largest of its kind in terms of total market value.
Bitcoins are created as a reward in a competition in which users offer their computing power to verify and record bitcoin transactions into the blockchain. This activity is referred to as mining and successful miners are rewarded with transaction fees and newly created bitcoins. Besides being obtained by mining, bitcoins can be exchanged for other currencies, products, and services. When sending bitcoins, users can pay an optional transaction fee to the miners. This may expedite the transaction being confirmed.
New To Bitcoin?
Like paper money and gold before it, bitcoin is a currency that allows parties to exchange value. Unlike it predecessors, bitcoin is digital and decentralized. For the first time in history, people can exchange value without intermediaries which translates to greater control of funds and lower fees.
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A beginner’s guide to bitcoin
Bitcoin is a purely peer-to-peer version of digital cash, allowing online payments to be sent directly from one person to another without going through a financial institution.
The Bitcoin network runs on Blockchain Technology employing the SHA-256 encryption. The protocol has a limit of 21 million bitcoins that will be produced, creating an inherent level of scarcity. Bitcoin is considered a new type of asset class, due to it’s unique properties of both being a medium of exchange, a store of value and a payment network all in one.
What is Bitcoin?
It’s a decentralized digital currency
Why Use Bitcoin?
It’s fast, cheap to use, and secure
How Can I Buy Bitcoins?
From an exchange or an individual
How to Buy Bitcoin in Canada
Buying bitcoin in Canada
How to Store Your Bitcoins
Use a digital or paper wallet
What Can You Buy with Bitcoin?
Spend your bitcoins
How to Sell Bitcoin
A guide on how to sell your bitcoins
How do Bitcoin Transactions Work?
Bitcoin addresses and private keys
Is Bitcoin Legal?
The current regulation around bitcoin
Who is Satoshi Nakamoto?
The founder of bitcoin
How to Make a Paper Bitcoin Wallet
Creating an unhackable bitcoin wallet
Explanation of all bitcoin terms