What is Bitcoin and how it works?

What is bitcoin?

Bitcoin is the first decentralized digital currency used by millions of people around the globe. Bitcoins are just digital coins that you can spend through the internet or turn it into real cash in your own currency. Like other cryptocurrencies, bitcoins have a number of advantages.

Bitcoins are transferred directly from person to person via the internet without going to a bank or clearing house. This means that the fees are much lower. You can use them in every country and your account cannot be frozen and there are no pre-requisites or arbitrary limits. 

How it works?

Several currencies exchanges exist where you can buy and sell bitcoins for dollars, euros and more. Sending bitcoins is as simple as sending emails and you can purchase anything with bitcoin.The bitcoin network is secured by individuals called miners. Miners are rewarded new generated bitcoins for verifying transactions. After transactions are verified they are recorded in a transparent public ledger. 

Bitcoins opens-up a whole new platform for innovation. The software is completely open source and anyone can review the code. Bitcoin is changing finances the same way the web changed publishing. When everyone has access to a global market, great ideas flourish! Bitcoins are a great way for businesses to minimize transaction fees. It doesn't cost anything to start accepting them and it's easy to setup. There are no chargebacks and you'll get additional business from the bictoin economy.