Bitcoin - What is it?
Bitcoin. It's all you hear about nowadays. but what is it?
Thanks to the kind folks at Bitcoin.com I may be able to shed a little light for you. However, a little story first.
I first heard about Bitcoin about 4 years ago. Do you know how much I invested in it back then? Almost £100 or $150 depending on what side of the pond you are on. How much am I worth now?
Drum roll please! Nothing.
I "almost" invested in it. However, I did what most people did when hearing about Bitcoin back then. I wrote it of as some kind of fake digital money. (please don't comment reminding me how much I could have made as I am very aware.)
So lets get back to the task at hand. What is Bitcoin?
Here's Where To Begin. It's Easy!
Bitcoin is different than any currency you’ve used before, so it's very important to understand some key points. Unlike government issued money, that can be inflated at will, the supply of bitcoin is mathematically limited to twenty one million bitcoins, and that can never be changed.
Bitcoins are impossible to counterfeit or inflate. You can use them to send or receive any amount of money, with anyone, anywhere in the world, at very low cost. Bitcoin payments are impossible to block, and bitcoin wallets can’t be frozen. Short of turning off the entire world's internet, and keeping it turned off, the Bitcoin network is unstoppable and uncensorable.
While Bitcoin brings unparalleled freedom, it also requires increased user responsibility, but the rewards are well worth your time. Read on to learn how to save 20% on everything from Amazon thanks to Bitcoin. Or you can direct questions to lots of other Bitcoin users in our Bitcoin forum.
Choose a Wallet
Choosing a wallet is easy, but there are lots of different options. The most important distinction is whether you control your own bitcoins just like a physical cash wallet or you have to trust someone else to hold your bitcoins for you. There are advantages and disadvantages of both approaches, but in general we think it is best for users to hold their bitcoins themselves. You can have as many different Bitcoin wallets as you want, but it’s easiest to get started with a wallet for your iPhone or Android device so you will have your bitcoins with you wherever you go. Choose your wallet here.
Obtaining bitcoins works just like obtaining any other currency. You can sell something you already have for them. You can ask your existing employer to pay you in Bitcoin. You can use a Bitcoin based payroll service like Bitwage without your existing employer even needing to know. You can start accepting them as payment at your current business. But the easiest way is simply to buy them on one of our trusted Bitcoin exchanges.
Why would you want to spend bitcoins? How about 20% off everything at Amazon using Purse.io? Or how about 20% off every purchase you make at Starbucks thanks to Foldapp.com? Or you can find a local place near you that already accepts Bitcoin at coinmap.org The possibilities are endless, so get started today!