What is bitcoin?

What is bitcoin?

Seems like more or less everyone are talking about bitcoins nowadays.

But what is bitcoin?

Bitcoin or bitcoins is a kind of digital currency, a crypto currency that can be used as regular money. morea  and more people are investing in bitcoins because they realize its potential when it comes to making money online. Because the value of bit coins are increasing pretty often. Don’t forget to grab your free newsletter by the way…

But now back to the question, what is bitcoin really?  Bitcoins were invented by Satoshi Nakamoto. What bitcoins are not is a joke or some scam or such. Bitcoin is a global payment system that are getting more and more used, although it iss under debate if bitcoins is a currency or not among some pople… However bitcoins are getting more and more offered as an What is bitcoinpayment option through out the world. Bitcoins are created through so called bit coin mining. They can be “changed” into other forms of currencies, they can be exchanged for products as well as different types of services. During 2017, there will be 2.9 to 5.8 million users using a cryptocurrency wallet, most of them using bitcoin. The amount of bitcoin user has increased rapidly since the year  of 2013. Besides bitcoins there are currencies like litecoins for instance. When it comes to bit coins maybe you have heard the word blockchain? What that is is a  ledger that records bitcoin transactions  A novel solution accomplishes this without any trusted central authority: the maintenance of the blockchain is performed by a network of communicating nodes running bitcoin software. (Source; Wikipedia).

 

The ownership of bitcoins.

In the blockchain, bitcoins are registered to different  bitcoin addresses. Creating a bitcoin address means that you just are picking a random valid private key and computing the corresponding bitcoin address. This can be done in an instant however,  make sure to never loose your private key! This because the key are very important to verify that you are the owner,other wise you can’t be recognize of the owner.

Bitcoin wallets.

What is bitcoin

You need a bitcoin wallet to handle your bitcoins and the profits from them. A bitcoin wallet so to say are storing your bitcoins.

Is it legit?

Many  people are involved with buying bitcoins as an investment and many people have been made large profits by buying and selling bitcoins, while some people investa in bitcoins and save them for the future. You are able to buy bitcoins on digital currency exchanges, and also through person to person transctions through several escrow companies.  Some people are suscpicious of bitcoins, and I used to be that way as well. But I  have changed my opinion lately, because i have seen so many making big profits with bitcoins and I have realized its potential.. I hope you have a clear picture now regarding what bitcoin is. I hope this information hasn’t been too confusing.

 

Cheers,

Tommy Olsson.

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