What Can I Buy With Bitcoin?

The Bitcoin is developing and there have recently been an increase in the number of places accepting Bitcoin. A few large businesses are accepting Bitcoin but also small businesses and are some of the first to start accepting the new currency. The number is still small but is growing.

http://coinmap.org lists some local businesses that […]

Getting Started with Bitcoin (Beginner #2)

Getting-Started-With-Bitcoin (Presentation from Video)

If you are new to Bitcoin this is what you need to know to get started. This is for new users who just want to get a small amount of Bitcoin to see how it works. Subjects such as long term storage/backups, anonymity, investing, Bitcoin mining, […]

Introduction to Bitcoin (Beginner #1)

Presentation from Video

Bitcoin is both a currency and a payment system similar to Paypal. It is “programmable money.” Bitcoin is similar to e-mail. Email: Get an e-mail address and you can send and receive e-mail with a e-mail program. A secret password allows you to send e-mail. Bitcoin: Get […]

Should I Sign Up for Free Bitcoin Sites?

Sites that offer free Bitcoins for doing things such as surfing the web or posting to Facebook. However, these sites often make very small payouts. The way the Bitcoin fees are structured if you try to combine many small payments into a larger payment you may trigger fees that are greater than the total amount […]

Who Controls the Bitcoin Software?

The Bitcoin software if “Open Source.” This means that anyone can read the software and anyone can participate in the development of the software. The software is found at https://github.com/bitcoin/bitcoin.

The original code was supplied by someone who called himself Satoshi Nakamoto but the actual identity is generally unknown. Some have suggested that since the […]

Can I Buy a Fraction of a Bitcoin?

Yes! A bitcoin is really just an entry in a database so it can be divided up into fractions. Currently, the system allows 8 decimal digits. As the price rises users will deal in milliBitcoins or even microBitcoins. Most wallets allow for changing the display from Bitcoins to milliBitcoins. If the exchange rate is $1,000 […]

What is Decentralized Consensus?

Decentralized consensus is the main “invention” of the Bitcoin system. The idea is that users can come to a consensus as to what information is accepted by “voting.” In the case of Bitcoin the public ledger, the Blockchain, is agreed upon by this consensus.

About every 10 minutes on average a new “block” is found […]

Who Owns Bitcoin?

This is hard to digest at first but Bitcoin is not operated by any single entity or company. It is operated by the thousands of people running the Bitcoin software all over the world who share a Bitcoin ledger of transactions in a database called the “Blockchain.” It is shared using peer-to-peer software, the same […]

What Backs Bitcoin?

Usually the first question people ask is what is backing Bitcoin? Bitcoin is backed by the faith of the people that use it but you can’t cash it in for anything or use it for something else if Bitcoin should fail to remain valuable. Many government-backed currencies are similar.

You may hear the term “Fiat” […]

What is a Bitcoin?

Bitcoin is a form of Internet or digital currency and a payment system similar to Paypal. Payments are sent person-to-person in a similar way to sending email. It is not the same because there is no central Bitcoin company or bank. It works because many people around the world run the software and they share […]