What is Bitcoin?

Bitcoin is a distributed peer-to-peer digital currency that can be transferred instantly and securely between any two people in the world. It's like electronic cash that you can use to pay friends or merchants. Since Bitcoin is both a currency and a protocol, capitalization can be confusing. Accepted practice is to use Bitcoin (singular with an upper case letter B) to label the protocol, software, and community, and bitcoins (with a lower case b) to label units of the currency.

What are bitcoins?

Bitcoins are the unit of currency of the Bitcoin system. A commonly used shorthand for this is 'BTC' to refer to a price or amount (e.g. '100 BTC'). There are such things as physical bitcoins, but ultimately, a bitcoin is just a number associated with a Bitcoin Address. A physical bitcoin is simply an object, such as a coin, with the number carefully embedded inside.

Using bitcoins?

When it comes to the Bitcoin network itself, there are no "accounts" to set up, and no e-mail addresses, user-names or passwords are required to hold or spend bitcoins. Each balance is simply associated with an address and its public-private key pair. The money "belongs" to anyone who has the private key and can sign transactions with it. Moreover, those keys do not have to be registered anywhere in advance, as they are only used when required for a transaction. Transacting parties do not need to know each other's identity in the same way that a store owner does not know a cash-paying customer's name. Each person can have many such addresses, each with its own balance, which makes it very difficult to know which person owns what amount. In order to protect his privacy, a person can generate a new public-private key pair for each individual receiving transaction.

What is bitcoin address?

Bitcoin address, or simply address, is an identifier of 26-35 alphanumeric characters, beginning with the number 1 or 3, that represents a possible destination for a Bitcoin payment. Addresses can be generated at no cost by any user of Bitcoin. Like e-mail addresses, you can send bitcoins to a person by sending bitcoins to one of their addresses. However, unlike e-mail addresses, people have many different Bitcoin addresses and a unique address should be used for each transaction. Creating addresses can be done without an Internet connection and does not require any contact or registration with the Bitcoin network. It is possible to create large batches of addresses offline using freely available software tools.

An example of bitcoin address: 1Pq7BF8LsnSadj1RUbfW1nSKMB5zXfx5br

What is bitcoin wallet?

To have a Bitcoin address you must first have a Bitcoin wallet. Bitcoin client software called a bitcoin wallet allows a user to transact bitcoins. While wallets are often described as a place to hold or store bitcoins, due to the nature of the system, bitcoins are inseparable from the block chain transaction ledger. Perhaps a better way to describe a wallet is something that stores the digital credentials for your bitcoin holdings and allows you to access (and spend) them.

Choosing the right wallet?

There are many ways to get a Bitcoin wallet depending on your needs. Here are some choices:
✔ Web wallets: Blockchain, Coinbase;
✔ Software wallets: Multibit, Armory, BitcoinQT;
✔ Mobile phone wallets: Coinbase, Blockchain;
✔ Hardware wallets: BitSafe.

How can I get bitcoins?

There are variety of ways to acquire bitcoins:
✔ You can buy bitcoins: Payza, Advcash, Payeer, Perfect Money, Coinbase;
✔ Accept bitcoins as payment for goods or services: Coinbase;
✔ Buy bitcoins on Bitcoin Exchanges : Coinbase, Payeer, Rchange;
✔ The easiest way: EARN FREE BITCOINS with faucets.

How to Earn free bitcoins with faucets?

Bitcoin faucets are websites that give out free bitcoins (BTC) in exchange for doing a simple task, such as clicking on advert, solving a CAPTCHA, or viewing a webpage for a certain amount of time. All you have to do is to fill your bitcoin wallet when asked and complete the capthca or the required task. You will see the amount you won and how much time you have until next request. Some sites give your coins right away, some keep them on your account until they reach the minimum to withdraw and others use another website with many faucets in which they keep your coins until the minimum is reached. All you have to do is to visit your faucet sites to win free coins. With the referral commission they give you (from 20% to 50%) for bringing new people in you can be pretty successful and make serious money.

Bitcoin units?

The main unit of account of the bitcoin system is bitcoin (BTC). Bitcoin can be broken up into small fragments:
satoshi (the smallest, atomic fragment of bitcoin) or 0.00000001 BTC;
millibitcoin(mBTC) or 0.001 BTC (100,000 satoshis, or 1,000 uBTC);
microbitcoin(uBTC) or 0.000001 BTC (one millionth of bitcoin, or 100 satoshis, or 0.001 mBTC).

Other cryptocurrencies

Cryptocurrencies are a subset of alternative currencies or specifically of digital currencies. The first decentralized cryptocurrency to be created was bitcoin in 2009. Since then, numerous cryptocurrencies have been created. Most popular among them are:
Namecoin (NMC);
Litecoin (LTC);
Peercoin PPC);
Ripple (XRP);
Mastercoin (MSC);
Primecoin (XPM);
Dogecoin (DOGE);
Darkcoin (DRK);
Blackcoin (BC, BLK);


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