What is Bitcoin?
The genesis of Bitcoin is the creation of a internet legend. In the year 2008 a person or maybe a group of persons are working under the pseudonym Satoshi Nakamoto. They published a document outlining the feasability of the bitcoin concept.
Satoshi Nakamoto mentioned the devistating impact the financial crisis of 2008 had. He also mentioned the failure of the government backed currencies and corruption of current banking systems.
Bitcoin could be perhaps viewed as a purer form of money and certainly a safer store of value in economical crisis.
What is The Blockchain?
The Blockchain as an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of vallue.
Blockchain technology is like the internet in that it has built-in robustness by storing blocks of information that are identical across its network. the blockchain cannot be controlled by any single entity and has no single point of failure.
Bitcoin was invented in 2008 Since that time the Bitcoin blockchain has operated without significant disruption. To date any of problems associated with Bitcoin have been due to hacking or mismanagement. In other words these problems come from bad intention and human error not flaws in the underlying concepts.
You can also monitor the blockchain in realtime @ https://www.blockchain.info/
How is a Bitcoin created?
New Bitcoins are generated by a Competitive and Decentralized process called “Mining”. This process involves that individuals (Miners) are rewarded by the network for their services.
Bitcoin miners are processing transactions and securing the network using specialized hardware, therefor they are earning Bitcoins in exchange.
This is called Proof-of-Work (PoW)
How to use a Bitcoin?
To use Bitcoins you need wallet software whichs Encrypts and maintains your Bitcoin Balance on your personal computer. First download and install the wallet software to your computer or your smartphone, we will talk about this on the next page. Then you can fill your wallet with Bitcoins by using your bank account, creditcard or other payment methods.
Please be aware that you will also need to provide them a copy of your ID when using any banking institution to pay for cryptocurrency.