About Bitcoin

What is Bitcoin?

This is the most watched Bitcoin introduction video ever and it explains how bitcoin works. Find more information at https://www.weusecoins.com

The Bitcoin Story

Bitcoin (BTC) as a digital decentralized cartographic currency is the fastest, cheapest and most secure way to transmit money internationally from one internet-connected device to another.

It is also used to store value due to the fact that the total number of bitcoins is democratically controlled and limited and furthermore no central authority can issue uncontrolled amounts of bitcoins and thus inflate the value of the currency.

Bitcoin as a world-wide distributed computing network of workers has by far the highest performance for calculating the SHA-algorithm which secures the network and transactions. The digital coins are cryptographically stored in a digital wallet, a file.

Workers (called miners) are rewarded in a fair way with new-generated bitcoins and the transactions fees. Bitcoin is developed and maintained all by ten-thousands of world-class programmers, security-specialists and IT admins.

The Bitcoin economy is booming because of the unique advantages of the Bitcoin network compared to the traditional central-banking system.

The Top Five Reasons why to use Bitcoin.

  1. Fast – Real time experience.

    Transactions are broadcasted in seconds around the world. After about 5 to 30 minutes no transaction can be reversed and no charge-backs are possible.

  2. Cheap – Transactions are free.

    This makes Bitcoin the cheapest payment network of the planet with practically no fee. However it is recommended to include a small fee in transactions in order to speed them up.

  3. Secure: Cryptographic algorithms secure transactions and storage.

    As no charge-backs are possible, merchants do need to trust their customers far less and can process the order immediately without requiring more than a shipping-address.

  4. Easy: In order to send coins to a wallet one only needs an address.

    No name, birthday, expiry dates or any other information is required. Bitcoin does not know politics, gender, social status, skin color or language.

  5. Open: The Bitcoin protocol is open source.

    Everybody with Internet access can participate and instantly receive and send money after downloading a client using the fundamental software stack. The Bitcoin platform might be the best tool to transfer value, money or currency.