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How does Bitcoin work How can I store my bitcoinsHow do I buy and sell stuff with BitcoinsWhat is Bitcoin MiningWhat do I need to know to protect my BitcoinsWhat would be the disadvantages of BitcoinWhat would be the advantages of BitcoinWhat is Bitcoin: Conclusion

Little wonder that Bitcoin appeared in 2008 just after Occupy Wall Street accused big banks of misusing borrowers money, duping clients, rigging the machine, and charging boggling fees. Bitcoin pioneers wanted to place the seller in charge, eliminate the middleman, cancel interest fees, and make transactions transparent, to hack on corruption and reduce fees.

Bitcoin has come in a relatively brief time. All over the world, companies, from REEDS Jewelers, a massive jewelry chain in the united states, to a private hospital in Warsaw, Poland, accept its currency. Billion dollar businesses such as Dell, Expedia, PayPal, and Microsoft do, also. Websites encourage it, publications like Bitcoin Magazine publish its news, forums discuss cryptocurrency and transaction its own coins.

Problems include thieves hacking accounts, high volatility, and transaction flaws. On the other hand, people in third world countries might find Bitcoin their most reliable channel yet for giving or receiving money.

In its most straightforward, Bitcoin is either virtual currency or reference to the technology. You can make transactions by check, wiring, or money. You can also use Bitcoin (or BTC), in which you refer the customer for your signature, and this can be a long line of safety code encrypted with 16 distinct symbols.

Put another way; cryptocurrency is an exchange of digital information which allows you to buy or sell goods and services.The transaction gains its own security and trust by running on a peer-to-peer computer network that's very similar to Skype, or BitTorrent, a file-sharing system. .

1.) Irreversible: Following confirmation, a transaction cant be reversed. By nobody. And nobody means nobody. Not you, not your bank, not helpful site the president of the United States, not Satoshi, not your miner. Nobody. Should you send money, you send it. Period. No one can assist you, if you sent your funds to a scammer or whenever a hacker stole them from the computer.

2.) Pseudonymous: Neither transactions or accounts are connected to real world identities. You get Bitcoins on so-called addresses, which can be randomly seeming chains of around 30 characters. While it's usually possible to analyze the transaction flow, it is not necessarily possible to connect the actual world identity of users with those addresses. .

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3.) Speedy and international: Transaction is propagated nearly instantly in the network and are confirmed in a couple of minutes. Since they happen in a global network of computers they're completely indifferent of your physical location. It doesnt matter if I send Bitcoin to my neighbour or to someone on the opposing side of earth. .

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4.) Secure: Bitcoin funds are locked in a public key cryptography system. Only the owner of the private key can send cryptocurrency. Strong cryptography and the magic of large numbers makes it impossible to break this scheme. A Bitcoin address is more secure than Fort Knox.

5.) Permissionless: You dont have to ask anybody to use cryptocurrency. Its a software that everyone can download at no cost. After you installed it, you can receive and send Bitcoins or other cryptocurrencies. No one can prevent you. There is no gatekeeper.

The founder of bitcoin figured out a way to allow two entities confidently exchange directly with one another, without the need to rely on all these intermediaries. The key is mathematics. So long as we both trust in math, we can be confident the exchange to happen as expected.

Bitcoin utilizes public key cryptography and an innovative method of bookkeeping to attain the authorization, balance verification, prohibition on dual spending, delivery of resources and record inalterability described previously. And it happens in near real time at no cost.

Cryptography ensures authorization. You need a personal key to transact. And your secret is complex enough that it would take the very best computer longer than the earth has existed to decode it. In other words, its essentially unhackable.

A cryptocurrency exchange where you can exchange normal coins for bitcoins, or to get satoshis, which are like the BTC-type of cents. Resources:  Coinbase and Coinsquare in the United States & Canada, and BitBargain UK and Bittylicious in the UK.

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A Bitcoin ATM (or even cryptocurrency exchange) where you can change bitcoins or money for another cryptocurrency. Resources: Your best bets are BTER and CoinCorner

A classified service where you can find a seller who will assist you to exchange bitcoins for money. Resources: The definitive site is LocalBitcoins.