What is Bitcoin?
Bitcoin is digital money used for secure and instant
transfer of value anywhere in the world. It is not controlled or issued
by any bank or government - instead it is an open network which is
managed by its users. Much in the way email improved communication by
making it fast and cheap, bitcoin is an improvement on existing payment
methods which were not designed for the internet era.
Is Bitcoin safe?
Bitcoin’s core protocol is viewable by anyone, has
been vetted by thousands of security researchers around the world, and
has proven to be robust and reliable after immense scrutiny. Using
bitcoin is similar to using other private applications on the Internet,
such as email or online banking. Just like these other web services, you
must access your bitcoin with a password in order to ensure only you
have access to your money.
Is it tied to the value of the dollar?
The value of a bitcoin is not tied or pegged to the
value of any other currency. Similar to stocks or property, bitcoin’s
value is determined by buying and selling in the open market. A
bitcoin’s price changes in real time based on the number of people who
want to buy or sell it at a given moment.
Why does it change value?
Bitcoin is traded for dollars, euros, yen, and other
currencies in real time 24 hours a day. Depending on the demand for
buying or selling bitcoin, the price can fluctuate from day to day. This
is similar to the manner in which the value of a stock or property can
go up or down based on supply and demand. Bitcoin’s value can be
volatile compared to traditional currencies such as the US dollar
because it is still an emerging technology.
Is it similar to a credit card or paypal?
Unlike credit card networks like Visa and payment
processors like Paypal, bitcoin is not owned by an individual or
company. Bitcoin is the world’s first completely open payment network
which anyone with an internet connection can participate in. Bitcoin was
designed to be used on the internet, and doesn’t depend on banks or
private companies to process transactions.
Why would I use bitcoin?
Bitcoin allows you to instantly send any amount of
money to anyone in the world without needing a bank. It allows you to
access your money without needing an ATM or credit card - bitcoin gives
you back control over your money. Plus you can pay friends back for
dinner, buy your next computer, and donate to charity, all using
bitcoin.
Where can i spend bitcoin?
Many large online businesses accept bitcoin, such as
Overstock, Expedia, and Dell. Non-profits such as Wikipedia and the
United Way also accept bitcoin donations. Look for a bitcoin payment
option at many of your favorite websites and you’ll be surprised how
many accept bitcoin! You can view a list of merchants here.
You are ready now to create your personal wallet . To get started i recommend you: Coinbase
And a standard one for Dogecoin
When you have created your Wallet, use your Bitcoin wallet address to start browsing some of the best faucets on the internet :
And the best Rotator: ePay
