Bitcoin is a rising star in the digital landscape today, despite only being created in 2008 many people all over the world now use it. Bitcoin grew in popularity so quickly that many people simply missed the opportunity to learn about it.
Getting access to Bitcoin is actually very easy but it wouldn’t do you much good if you don’t know or how it works. Thankfully we can help you there with our introductory guide to Bitcoin!
So What Is Bitcoin?
Bitcoin is a virtual currency, described on its website as an “open source P2P money” by downloading a Bitcoin wallet onto your computer you have access to trading and holding Bitcoin.
Unusually the creator behind Bitcoin is not exactly known, although people have come forward claiming to be the creator.
What is known is that a person or persons using the name Satoshi Nakamoto was behind the creation of Bitcoin. Whether this is a single person or a group of programmers is still a mystery and one which for now is unlikely to be solved.
Despite information being published about Bitcoin in 2008 it actually didn’t become available till early 2009 on January the 3rd. Bitcoin is open source software and is the first decentralized digital currency available
How Does Bitcoin Work?
While the mystery behind Bitcoin and its creation is interesting, you’re probably more concerned about how you can use it, aren’t you? Thankfully Bitcoin is actually very simple and easy to use and you don’t need to be overly tech savvy either.
Once you’ve downloaded your Bitcoin wallet, you will be able to buy Bitcoins using real money, these can be purchased through a separate company or other Bitcoin users could sell their Bitcoins to you.
Buyers can also place orders for Bitcoins from other users and trade them with each other, this is very similar to how trading stocks works.
Buying or trading Bitcoins is known as a Blockchain, these blocks are an essential part of how Bitcoin works. Before each payment or trade is verified the block will verify the details to the peer to peer network for validation.
This way users can ensure they aren’t scammed and it helps Bitcoin users trust the Bitcoin platform. So that’s basically how Bitcoin works, you can make payments and trades almost