What Is Bitcoin?

There is virtual money, and then there is Bitcoin. The superb geeky Bitcoin is a mathematically-derived currency that promises to change the way individuals use money. Bitcoins aren’t real coins-they are sequences of code locked with military-level encryption-and those who use them to buy and sell goods and services are not easy to follow. Along with unattributable drug dealers, Ashton Kutcher and the Winklevoss twins have apparently jumped on the bandwagon. There is something to be said about using currency that’s not controlled by the government or banks, does not come with the normal trade fees and is impossible to counterfeit. Bitcoin also guarantees to be disaster-proof, since you can not ruin amounts in the same manner that you can ruin gold reservations or paper money.


What’s Bitcoin?
Bitcoin is a digital currency created in 2009 by programmer concealment underneath the pseudonym of Satoshi Nakamoto (allegedly a Japanese man that has perfect command of American English). Bitcoin is decentralized, meaning it isn’t commanded with a central authority just like a financial institution, state, authorities or person. It is peer to peer and open source, distributed from the other side of the internet from computer to computer, without need for middlemen. Compared to U.S. dollars, Bitcoin is essentially untraceable, making it appealing to libertarians fearful of government meddling and denizens of the underworld. It’s possible for you to use it to pay for purchases online and also away, from illegal substances on the Silk Road to legit restaurant meals.

Where to Get Bitcoins
You may get Bitcoins from friends, online giveaways or by purchasing them with real money from Bitcoin exchanges to get best bitcoin rate. Using real money to buy Bitcoins kills the whole purpose of anonymity, yet, as you will need to add your bank account to a third party site. You may also buy Bitcoins using your mobile phone or through cash deposit institutions.

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