What is Bitcoin?
Bitcoin is a type of cryptocurrency (or crypto currency), which is a form of virtal currency. In our digital age where money is being transferred all over the globe, it makes sense to have a currency specifically designed to handle these transactions.
Bitcoin and other cryptocurrencies have value like physical currency, but have unique properties that separate them from currencies from other countries. These include:
- Decentralized (not controlled by any country)
- Distributed Ledger or Blockchain (to prevent fraudulent transactions)
- No middleman (not controlled by large banks)
- Impossible to counterfeit
- No or lower transaction fees
- Available to all
- Anonymous transactions (protects identity theft)
Although many people in the past have used the anonymity of cryptocurrency to do less-than-honest transactions, the other benefits have started to become a majority of it’s usage.
What are other types of Cryptocurrency?
There are a large number of alternatives to Bitcoin. These coins are referred to as “AltCoins,” meaning all cryptocurrencies that aren’t bitcoin. There are new coins coming out everyday, most are not worth dealing with. Types of Coins explains the best and most solid coins to be involved with.
How do I get Bitcoins and other Cryptocurrency?
The main ways to acquire cryptocurrencies are: Buying, Mining, Selling something for coins, and faucets. Step by step instructions can be found in the Getting Started section.