What is Bitcoin?


SUBMITTED BY: mrp1994

DATE: March 5, 2016, 1:06 p.m.

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  1. What is Bitcoin?
  2. Introduction
  3. Bitcoin is a digital currency
  4. Bitcoin came to life in January 2009
  5. The creation and transfer of Bitcoin is based on a cryptographic protocol
  6. All Bitcoin transactions are recorded in a public ledger called the block chain
  7. Bitcoins are transferred through a peer to peer network
  8. You can store your Bitcoins in a digital wallet
  9. Mining is the process by which new Bitcoins are created
  10. The number of Bitcoin is limited to 21.0 million
  11. Each Bitcoin has 8 decimals which means that in total there are 2.1 × 1015 or 2.1 quadrillion currency units
  12. Until today about 11.5 million Bitcoins have been mined
  13. More about the Bitcoin wallet
  14. Your Bitcoin wallet is the place where you store your Bitcoins
  15. Be careful with your wallet - it's where your money is
  16. You can either have a Bitcoin wallet installed locally on your computer or smartphone - choose one of these
  17. You can also use an online wallet such as the one from Blockchain.info
  18. There are also ways to create paper wallets but this requires more technological insight. I will post more links here later
  19. Generally it's good to have your money distributed over more than one place - but don't forget to keep track of where your Bitcoins are!
  20. Advantages of Bitcoin as a currency
  21. Fast money transfer
  22. Very low cost money transfer
  23. Frictionless international money transfer
  24. No charge-backs
  25. No double spending
  26. No money printing possible
  27. Resources
  28. The short list below is a collection of links to the most important Bitcoin websites. You can find a more comprehensive list of Bitcoin knowledge sources under Wiki Bitcoin.
  29. Official Bitcoin website - this is where you can download your wallet and find further information
  30. Dedicated Bitcoin wiki - one of the best detailed resources, covers also technical questions
  31. Bitcoin Foundation - is there to standardize, protect and promote Bitcoin
  32. bitcoin charts - price information of Bitcoin exchanges all around the world

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