Simply put, Bitcoin is the Internet’s version of money. Bitcoin is
a digital asset and a payment system
Bitcoin is at its core a cryptographic protocol, which is why it
is also referred to as a “crypto-currency.” The protocol creates unique pieces
of digital property that can be transferred from one person to another. The
protocol also makes it impossible to double-spend a Bitcoin, meaning you can’t
spend the same Bitcoin twice.
Bitcoins are generated by using an open-source computer program to
solve complex math problems in a process known as mining (more on that
shortly). Each Bitcoin is defined by a public address and a private key, which
are long strings of numbers and letters that give each a specific identity.
This means that Bitcoin is not only a token of value but also a method for
transferring that value.
In addition to having a unique digital fingerprint, Bitcoins are
also characterized by their position in a public ledger of all Bitcoin
transactions known as the blockchain. Buying a Bitcoin can be thought of as
buying a spot in the blockchain, which then records your purchase publicly and
permanently.
The blockchain is maintained by a distributed network of computers
around the world. This decentralization means no one entity, such as a
government, controls it. Transactions happen digitally from person to person,
without middlemen such as banks or clearinghouses. The public Bitcoin network
is the official record for all of these transactions. You can also transfer
Bitcoin in person (more about this below).
The direct approach significantly reduces the fees involved with
transferring traditional money and makes it much easier and faster to send and
receive money across the globe. Bitcoin gives an efficiency increase relative
to banking transactions comparable to the efficiency of email versus physical
email.
People primarily buy and sell Bitcoins through online exchanges.
The public address and private keys are both required to trade, sell, and spend
Bitcoin.
Since transactions are done using the public keys, the identities
of the buyers and sellers are veiled to each other and to the public, even though
the transaction is recorded publicly.
As with paper money, you can save Bitcoins in a wallet, which
stores the public and private keys needed to identify the Bitcoins and execute
a transation. These can be digital wallets that exist in secure cloud
environments or on a computer, or they can take physical form. If a wallet is
hacked or you lose your private Bitcoin key, you no longer have access to that
Bitcoin. Possession of the public address and private key amounts to possession
of the Bitcoin.
Bitcoin can either be used to buy things online from merchants and
organizations that accept Bitcoin, or it can be cashed out through an exchange,
broker, or direct buyer.
This is a general explainer, but provides a good basis to dive
further into the various elements of the ecosystem.
How Can you take advantage of Bitcoin popularity?
A number of companies
gives you an opportunity to get involved and benefit from Bitcoins. One such
company is Coinomia .
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has been mining bitcoins and Etheriums since 2014. They have now decided to launch an
MLM where you can benefit.
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