What is Bitcoin?
Bitcoin is the first of now many decentralized digital currency.
Bitcoins are digital coins sent through or over the internet with several advantages.
You can transfer coins from person to person over the internet without going through a bank .
So the charges are low and you can transfer them to every country without limits.
So how does this work.
First let’s look outside the United States. In most countries goods and services are traded without money .. Its called bartering. For example you do a job for me and I will give you my piece of art.
In the bitcoin world….many type of currency’s have sprung up .
Several currency exchanges exist where you can buy and sell not only bitcoins but other types of digital currency for dollars, euros, pounds, rubies, or other currency.
After you bought these currency you store them on your computer with a pass word that you do not want to forget ….and then to a vault…a device external to the computer similar to a jump or flash drive.
To sum it up Bitcoin are currency traded by people over the internet.
So the big question is how are the coins secured.
The Bitcoin network is secured by many thousand of people called miners.
Miners make money by verifying the transactions and are then recorded in a digital ledger.
By using open source software anyone can review the code and every one can check each other.
After everyone agrees on or that the transaction is real it is recorded…and the purchase is complete.
Businesses are using Bitcoin to minimize transaction fees. Since the are no chargebacks or other hidden fees it allows other customers from the Bitcoin economy to help fuel the world growth.
So beside Bitcoin what other currency are there?
Just to name a few.
And Yes we accept Bitcoin?