What are bitcoins? The world’s first investment that you can frictionlessly spend and send!
Whether you want to buy a chai latte or send money to family overseas, only bitcoin allows you to effortlessly and instantly do so at the touch of a button. No more bank drafts, wire transfers, and credit card fees. Welcome to the 21st century!
Bitcoin is here, and Bitconomy is here to get you ready.
Bitcoin is part currency, part commodity, and part digital asset class. It’s a pandora’s box of global exchange.
Bitcoin transactions occur on the world’s largest peer-to-peer network to give people complete control over their money. No one owns Bitcoin and the software is open-source, making it transparent and accountable for everyone. It was created in 2008 by an anonymous group of programmers who went by the pseudonym “Satoshi Nakamoto”. There is no central bank and no central regulating authority.
bitcoins are finite and therefore scarce. There will only ever be 21 million bitcoins generated and more than half of those are already in existence. bitcoins are currently generated at an average rate of 25 coins every 10 minutes. No more, no less. This number of coins generated every 10 minutes halves every 4 years until the last coin is generated about 100 years from now. Twenty-five new coins might not sound like much, but each one can easily be broken down into very small pieces, each of which is called a “Satoshi” and acts like a bitcoin penny. Unlike the penny, however, there are far more than 100 Satoshis in every bitcoin, there are 100,000,000 Satoshis in every bitcoin.
New bitcoins are generated by specialized computers called “miners”. Miners contribute their computing power to the network to facilitate transactions. To incentivize the miners to do this, the 25 bitcoins generated every 10 minutes are issued via lottery to one lucky miner. The more computing power a miner has relative to the other computers in the network, the more lottery tickets they have, and the better their chances of winning the next reward.
bitcoin’s scarcity is mathematically ensured – unlike other currencies that are subject to political intervention. bitcoin can also be purchased and sent to anyone in the world with an internet connection, uniting 2 billion people in one marketplace.
Bitcoin (capital “B”) is a global payment system that instantly and securely transfers value in the form of bitcoin (lowercase “b”).
Bitcoin (“BTC”) has no central bank, and no regulating authority – instead, it uses peer-to-peer technology (similar to Bittorrent) to perform and verify transactions, and has been hailed by some as a solution that could revolutionize global finance. (Source)
For more on the history and technical features of Bitcoin, check out Bitcoin.org.
How do you start using bitcoin?
2. Accept Bitcoin as a payment option at your business. Ask us how!
3. Pick up the tab at the restaurant and have your friends pay you back in bitcoin
4. Mine bitcoins (for advanced users only)