Bitcoin Basics for Beginners

What is Bitcoin?

Bitcoin is the first cryptocurrency and digital payment system, created and held electronically. it’s called the first decentralized digital currency, the system works without a central repository like a bank and produced by computers all around the world using dedicated software.

Bitcoin It’s the first example of a new form of money known as cryptocurrency.

Bitcoin basic concept is to produce a currency independent of any central authority, transferable electronically,transfer instantly, with very low transaction fees.

Bitcoin was invented by an unknown programmer called Satoshi Nakamoto and was released as an open-source software in 2009. The system works without an intermediary, meaning transactions take place between users directly, thus no banks or credit card companies are involved. These transactions are verified and sent by the technology knows as blockchain.

Per the Bitcoin protocol – which is the rules book of Bitcoin that make Bitcoin work – states that only 21 million Bitcoins can ever be created globally. However, these coins can be divided into smaller parts till the smallest divisible amount which is one hundred millionth of a bitcoin and is called a ‘Satoshi’, after the founder of Bitcoin.

Bitcoin can be exchanged for other currencies, products or services. As of 2017, over few Hundreds of thousands merchants and vendors globally accepted Bitcoin as payment. Many traders hold or trade Bitcoin as an investment. According to research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using Bitcoin.

See a short list of global companies accept Bitcoin –

Microsoft – Users can buy content with Bitcoin on Xbox and Windows store

WordPress.com – the largest website development system globally

OKCupid – On of the largest dating sites globally

Zynga – One of the largest Mobile gaming companies globally

Expedia.com – On of the largest Online travel booking agency globally

Wikipedia – The global online encyclopedia

And much more