A First Step Towards Understanding the Bitcoin

Bitcoins. You have heard about them on TV and online, but you know absolutely nothing about them. Do not feel alone. While a portion of the world is making a fortune on them and using them to purchase everything from groceries, to games to houses, many people still have no idea what they are. Here, to help you out, is the basic world of the Bitcoin Explained.

What are bitcoins?

Bitcoins are a form of currency which is not regulated by any banking system or any government. They are entirely virtual. You will never have a stack of bitcoins on your coffee table or hear them jingling around in your pockets. Instead they traded via a peer-to-peer method in which computers share them directly between each other. In this instance it is computing power which is traded.

What is mining?

Mining is the process of discovering new bitcoins. It requires the user to have a bitcoin wallet (a virtual wallet) to hold their new currency and set up a mining program to search for new coins. There are online tutorials and specific software programs you can use to begin the mining process. Most miners get their rewards by accepting bitcoin payments are verifying their validity. They then add these coins to something known as a “block chain” and receive bitcoins as a reward.

How do you use bitcoins?

If you are confused by the tech-speak required to begin mining, you can purchase bitcoins for use. The easiest way to have the Bitcoin Explained to the average consumer, is for them to purchase a small amount to use for shopping. To purchase, you can exchange cash for them at a bitcoin ATM or through an online broker. You will still need to have a virtual bitcoin wallet to store your currency. To use bitcoins, you only need to find a retailer who accepts them, then use them as the form of payment when you make your purchase.

Are there risks?

Like trading in a foreign currency, there are always risks. The bitcoins you purchase today could be worth less money tomorrow, however they could also be worth more. Additionally, there is no refund system or third-party protection when you use bitcoins. For this reason it is important to only conduct business with companies you know and trust. Because bitcoins are entirely virtual, your investment is only as secure as your bitcoin wallet. Be certain to choose your wallet carefully because of these security concerns.

Hopefully this little bitcoin 101 has helped to improve your bitcoin understanding. The bitcoin system is consistently undergoing changes as the kinks are worked out. As the popularity of this form of currency grows and more retailers take advantage of the opportunity, the system will eventually become more user-friendly.

Free Bitcoin 101 Training

There is a tremendous demand for Bitcoin knowledge however many folks find it difficult to take the first steps into the Bitcoin world and make a first transaction. To help, we decided to partner with Bitcoin-Economy and offer a Basic Bitcoin course FREE of charge, which was previously priced at $20 per month.

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