What is Bitcoin?

What is Bitcoin?

Bitcoin is a peer to peer digital money that is decentralized, meaning that is not regulated by any bank or government. Bitcoins are sent and received through the Internet for goods and services to other people or businesses for relatively no transaction fee.

All you need to start transferring bitcoins is a free digital wallet.

What is The Blockchain?

Because Bitcoins are an open-sourced digital money, all transactions are public. At any time, you can view thousands of Bitcoin transactions in a public ledger called the blockchain.Each transaction is encrypted by a Bitcoin address, which is a combination of letters and numbers that acts as your personal address for sending and receiving bitcoins. Check your transaction on the blockchain at blockchain.info.

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What are the other types of Digital Money?

There are several types of digital money available today, such as bitcoin, litecoin, dodgecoin and feathercoin.

How many Bitcoins are in circulation?

Unlike USD and other currencies that can be created out of thin air, the Bitcoin network is programmed to never exceed 21 million bitcoins. The cost of one bitcoin fluctuates within the market.

There is a very small transaction fee to send, store, and receive bitcoins, and other digital money, however it is much lower than traditional financial institutions.