Bitcoin is a digital currency (also called crypto-currency) that is not backed by any country's central
bank or government. Bitcoins can be traded for goods or services with vendors who accept Bitcoins
Bitcoin-to-Bitcoin transactions are made by digitally exchanging anonymous, heavily encrypted hash codes across a peer-to-peer (P2P) network. The P2P network monitors and verifies the transfer of Bitcoins between users. Each user's Bitcoins are stored in a system called a digital wallet, which also holds each address the user sends and receives Bitcoins from, as well as a private key known only to
The Bitcoin network is designed to mathematically generate no more than 21 million Bitcoins and
the network is set up to regulate itself to deal with inflation. Bitcoins can be spent by initiating a
transfer request from a Bitcoin address in the customer's wallet to a Bitcoin address in the vendor's
wallet. As of this writing, one Bitcoin (also called a BTC) is now worth more than $1000 -- but just as with stocks , shares and currencies, the value of Bitcoins can fluctuate quickly.
In the United States, Bitcoins are controversial because they can be used to anonymously transfer
illicit funds or hide unreported income from the Internal Revenue Service (IRS). Bitcoin policy now
requires transactions that involve traditional, government-backed currencies to be attached to an
At the end of the day though Bitcoins along with the other crypto-currencies are only based on fresh
air and open to speculation, but isn't that also so of the vast majority of currencies any way? these in
the past being supported by gold reserves but seemingly not any more!
See here, here and here for further information. Click here, here and here for information about cryptocurrencies in general.
To use Bitcoin and others, a wallet is needed and this can be created here.
You can even get free Bitcoins and others here and here, this one being a raffle!
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