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Basic Bitcoin questions answered

What is Bitcoin? Bitcoin is a protocol and software platform that enables a new digital currency called bitcoins (BTC) that can be exchanged from person to person without using banks. How does one acquire bitcoins? • Accept bitcoins as payment for goods or services.   • Buy bitcoins at one of the Bitcoin Exchanges.   • Trade traditional currency for bitcoins using one of several services. • Trade traditional currency for bitcoins face to face using a local directory. • Earn bitcoins through competitive mining. How does Bitcoin work? Bitcoin is a triple entry bookkeeping system where a public ledger of every Bitcoin transaction is validated and distributed in real-time through the peer-to-peer Bitcoin network. The whole network is secured and regulated through cryptography. Anyone can process transactions using computer processing power, often with specialized hardware, and potentially earn a reward in bitcoins for this service which is often called 'bitcoin mining'. How difficult is it to make a Bitcoin payment? Bitcoin payments are easier to make than any existing banking or credit card process.  Payments are made from a wallet application, either from your computer or smartphone by entering the recipients address either by scanning a QR code, touching two phones together with NFC technology or copying and pasting, entering the amount, and pressing send. What are some advantages of Bitcoin? • Unrestrained payments - It is possible to send and receive any amount of money anywhere in the world at any time. No bank holidays. No borders. No imposed limits.


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