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What is Bitcoin?

Bitcoin is a revolutionary currency created in 2008 by a developer under the pseudonym Satoshi Nakamoto. A “decentralized” digital currency with no central bank or controller, Bitcoin’s circulation is provided by a network of its users, who have a financial incentive to make sure transactions are fulfilled, recorded and secured.

Its backbone is the blockchain; a publicly visible ledger which allows anyone to verify a Bitcoin transaction – from those made minutes ago back to the very first one ever made.

As time went by, Bitcoin gained recognition beyond a computer geek community. In the spring of 2013, Bitcoin’s value more than doubled in the wake of the Cyprus Banking Crisis. People began to worry that their money would not be safe in banks, and they began converting their bucks into Bitcoin. As investors from China and elsewhere began to realize the potential of the currency, its value went from just over US$100 per Bitcoin to a peak of currently almost $3000

 

You Control

Bitcoin and its blockchain technology give people control over their money, without needing consent from parents, banks, or governments.

Bitcoin wallets cannot be “frozen” like bank accounts.

With Bitcoin, transaction fees are extremely low. While there are sizeable fees associated with bank transfers, credit card payments, and PayPal payments, the fees associated with a Bitcoin transaction are miniscule.

Whereas credit card companies want to know much of your personal information, Bitcoin respects your privacy. Bitcoin is so secure that it would be far too costly for anyone to hack the entire network. Unlike credit cards, where there are known hundres of hacks and vunerabilities with them.

Bitcoin Doesn’t Care Who You Are

Bitcoin is decentralized in such a way that it does not matter who uses it. With it, you can buy things that you otherwise might not be able to, such as goods restricted by age. But Bitcoin also has plenty of legal uses. You can now buy clothes, electronics, gift cards and much more online with Bitcoin – see our separate article for more information.

Bitcoins are not limited to online use. Numerous small businesses and local restaurants, for example, accept Bitcoin for payment. There are several nonprofit organizations—such as Khan Academy, Wikileaks, Antiwar.com, and Sean’s Outpost—that accept Bitcoin donations. Wikileaks now receives the majority of its donations in Bitcoin.

Bitcoin Doesn’t Care Where You Are

Bitcoin is international. From China to Argentina to the United States, people all around the world are using Bitcoin. Anyone can easily send it over the internet and around the world, facilitating international business. There’s no need to worry about exchange fees.

There are no age restrictions for working for Bitcoin online. Since Bitcoin can be sent across the world, you may be able to work for someone who lives on the other side of the planet. Whether you are a programmer, Spanish teacher, or writer you can offer your services in exchange for Bitcoin over the internet.

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