What are Bitcoins?

 Bitcoin 101

Bitcoins are an all digital currency that is gaining a lot of popularity in 2013.

Bitcoins conceptually very different when compared to other currencies.  Some of the differences are:

  • decentralized universal currency
  • not backed by any government or central bank
  • secure
  • can be anonymous
  • all transactions are tracked in the p2p network

Here is a great video that summarizes what a bitcoin is and briefly explains how to use them:

 

Since bitcoins was released to the internet sometime in 2009.  There has been a ton of resources that provide in great detail to what bitcoins are and how they work.  Please see one of the following sites for more detailed look at bitcoins:

http://en.wikipedia.org/wiki/Bitcoin#Bitcoin_mining

https://en.bitcoin.it/wiki/Introduction

 

 

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