Bitcoin is a form of virtual currency, created in 2009 by an unknown person using the alias Satoshi Nakamoto. Yes! Only God and rumors know who created bitcoin. And no one cares. Our’s is to use if it taste good. And it really does.
With Bitcoin you can buy goods or services as you would with your credit or master card or Mobile Money. as long as the person as Bit coin wallet.
How it’s created and how it works is really complex. But how to get and use is very simple.
After all, that is the purpose of every technology. If it can’t be used, then its not worth creating
Bitcoins are used for electronic purchases and transfers. Every single purchase is immediately logged digitally on a transaction log that tracks the time of purchase and who owns how many bitcoins. This way every transaction is 100% transparent giving more safety to the whole process.
But will people know how much I am spending and on what? No, sir. Each transaction is recorded in the public log, and the names of buyers and sellers are never revealed – only their wallet IDs, keeping the transactions private.
Bitcoins are growing in popularity and there is a positive trend of businesses accepting Bitcoin as a form of payment. Many big companies like WordPress, , and Reddit accept Bitcoin. More than $1.5 billion worth of bitcoins are currently in circulation around the world, with millions of transactions occurring daily.
How does Bitcoin work?
This piece from weusecoins.com explains it better.
From a user perspective, Bitcoin is nothing more than a mobile app or computer program that provides a personal Bitcoin wallet and enables a user to send and receive bitcoins.
Behind the scenes, the Bitcoin network is sharing a massive public ledger called the “block chain”. This ledger contains every transaction ever processed which enables a user’s computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses therefore allowing all users to have full control over sending bitcoins.
Thus, there is no fraud, no chargebacks and no identifying information that could be compromised resulting in identity theft. To learn more about Bitcoin, you can consult the original Bitcoin whitepaper, read through the extremely thorough Frequently Asked Questions, listen to a Bitcoin podcast or read the latest Bitcoin news.