Bitcoin is money that works on a very secure network electronically and it has created a new
payment platform. Bitcoin is a currency that had the first decentralized peer-to-peer payment
network which is powered by users via the protocols set in the network and there is no need of any central authority (reserve banks or a financial institution) to make payments possible from point A - B.
As a user of Bitcoin, you only need a wallet that functions or recognizes the Bitcoin currency in the form of a unique address e.g 1B53musQfkA6mw5bvCm4Hvjkf6xzg7sut2
These wallets are available for free from various payment processors e.g CoinBase. Once you have your wallet you can use it to send or receive Bitcoins from an app or software on your computer.
The best part is that with other new successful cryptocurrencies now around popularly called
Altcoins for Alternative coins to the original which is Bitcoin, you can open 1 (one) cryptocurrency account for free and be able to receive many other cryptocurrencies with different wallets for each currency in the same account.
However, the Bitcoin network goes through a lot of processes in the background through a shared public ledger known as a Blockchain and the ledger has all transactions stored in it so that any wallet or computer can verify the validity, credibility and authenticity of each transaction. Bitcoin and cryptocurrency wallets come as cloud/online accounts and accounts that are installed on your device/computer or another option of the usb/card wallets.
payment platform. Bitcoin is a currency that had the first decentralized peer-to-peer payment
network which is powered by users via the protocols set in the network and there is no need of any central authority (reserve banks or a financial institution) to make payments possible from point A - B.
As a user of Bitcoin, you only need a wallet that functions or recognizes the Bitcoin currency in the form of a unique address e.g 1B53musQfkA6mw5bvCm4Hvjkf6xzg7sut2
These wallets are available for free from various payment processors e.g CoinBase. Once you have your wallet you can use it to send or receive Bitcoins from an app or software on your computer.
The best part is that with other new successful cryptocurrencies now around popularly called
Altcoins for Alternative coins to the original which is Bitcoin, you can open 1 (one) cryptocurrency account for free and be able to receive many other cryptocurrencies with different wallets for each currency in the same account.
However, the Bitcoin network goes through a lot of processes in the background through a shared public ledger known as a Blockchain and the ledger has all transactions stored in it so that any wallet or computer can verify the validity, credibility and authenticity of each transaction. Bitcoin and cryptocurrency wallets come as cloud/online accounts and accounts that are installed on your device/computer or another option of the usb/card wallets.
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