If you want to know what Bitcoin is, how you can get it and how it can help you, without going into complex technical details, this guide is for you. Here you will find how the system works, how you can use it for your benefit. It will also direct you to resources and tools to help you store and use your first fractions of digital currency.
What is Bitcoin and how does it work?
Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a bank or a single administrator, it can be sent from user to user in the Bitcoin Blockchain network point to point in what would be a transaction without the need for intermediaries.
Bitcoin has come a long way in a relatively short time. Companies all over the world, from REEDS Jewelers, a large jewelry chain in the US, to a private hospital in Warsaw, Poland, accept your currency. Billions of companies like Dell, Expedia, PayPal and Microsoft do too. Websites promote it, publications like Bitcoin magazine publish its news, forums discuss cryptocurrencies and trade its coins.
Features of Bitcoin transactions:
After confirmation, no one can reverse a transaction. Not you, not your bank, not the President of the United States, not Satoshi, not your miner.
Neither the transactions nor the accounts are connected to banking entities and their identity is not revealed or relevant to the transaction, since the Bitcoins are received in the personal addresses of the Digital Wallet of each person, which are addresses of around 30 characters random.
Fast and Global
The transaction takes place almost instantly on the network and is confirmed in a couple of minutes. Since they take place on a global network of computers, they are completely indifferent to your physical location. It doesn’t matter if I send Bitcoin to my neighbor or to someone on the other side of the world, the transaction is done just as quickly.
Bitcoin funds are locked in a public key cryptography system. Only the owner of the private key can send cryptocurrencies. therefore it is an almost impossible system to hack.
You don’t have to ask anyone to use cryptocurrencies. It is just a software that everyone can download for free. After installing it, you can receive and send Bitcoins or other cryptocurrencies.
Where can I buy Bitcoins?
You can get your first bitcoins or Satoshis, which are like pennies similar to BTC at any of these places:
How to buy things with Bitcoins?
After acquiring your Bitcoins and having them stored in your digital wallet, the next task is to spend them in businesses that receive this means of payment, the procedure is very simple, it consists of scanning the QR code, which the establishment indicates with the value suggested by the product or service and send the value.
To facilitate the purchase of articles with cryptocurrencies, there are several online stores that receive bitcoins as a means of payment, thus offering virtual or physical products that arrive at the door of the house, among the most prominent we find: