What is Bitcoin?
Bitcoin is the first decentralized digital currency that
was created in 2009 by an unknown person using the alias Satoshi Nakamoto. They are digital coins you can send through the Internet. They are transferred directly from person to person without
going through a bank or clearinghouse. This is the reason
why the fees are much lower. You can use them in every
country, your account cannot be frozen, and there are no prerequisties or
arbitrary limits.
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| http://money.cnn.com/infographic/technology/what-is-bitcoin/ |
How Bitcoins
Work
Bitcoins are generated all over the
Internet by anybody running a free application called a Bitcoin miner. Several currency exchanges exist where you can buy and sell
bitcoins for dollars, euros and more. Your bitcions are
kept in your digital wallet on your computer or mobile device. Sending
bitcoins is as simple as sending an e-mail. You
can purchase anything with bitcoins.
The bitcoin network is secured by
individuals called miners. Miners are rewarded newly
generated bitcions for verifying transactions. After
transactions are verified they are recorded in a transparent public ledger.
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| http://money.cnn.com/infographic/technology/what-is-bitcoin/ |
Buy on an
Exchange
Many marketplaces called “bitcoin
exchanges” allow people to buy or sell bitcoins using
different currencies. Coinbase is a leading exchange,
along with Bitstamp and Bitfinex.
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| http://money.cnn.com/infographic/technology/what-is-bitcoin/ |
Owning Bitcoins
Your bitcoins are stored in your
digital wallet which might look familiar if you use online banking. When you transfer bitcoins, an electronic signature is added. After a few minutes the transaction is verified by a miner and
permanently and anonymously stored in the network.
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| http://money.cnn.com/infographic/technology/what-is-bitcoin/ |
Bitcoins are a great way for
businesses to minimize transaction fees. It deoesn’t cost anything start accepting them and it’s
easy to set up. There are no chargebacks and you’ll get additional business from the bitcoin economy.
Yellin,T.,Aratari,D.,Pagliery,J. What is Bitcoin? Retrieved from http://money.cnn.com/infographic/technology/what-is-bitcoin/
Gil,P. (2018, February 1). What Are Bitcoins? How Do Bitcoins Work? Retrieved from https://www.lifewire.com/what-are-bitcoins-2483146
What is Bitcoin? Retrieved from https://www.weusecoins.com
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