Bitcoin is probably a word you have been hearing a lot lately. Whether you are buying food, paying for services, using Bitcoins for sportsbetting, there are many uses for this currency that are popping up all over the world. However, you might not know what exactly it is.
What exactly is Bitcoin?
Bitcoin was created in 2009 and is meant to be a new form of currency. There are no middle men, no banks, no transaction fees, and you can remain anonymous. Bitcoin is pretty much just digital money that you can treat just like cash at many businesses.
Like I said earlier, Bitcoin has no middlemen or authority control person. Instead, this new form of currency is controlled by all of the people who hold Bitcoins.
Why would I want to use Bitcoin?
You might be wondering “But why don't people just use cash or their credit card?” Well, there are many reasons for this.
Bitcoins are becoming increasingly popular because you can remain anonymous when it comes to anything you buy. You can also buy things in any country without having any trouble. You also will not make a company pay any transaction fees because unlike credit cards, there are not transaction fees.
Where can I use Bitcoin?
More and more businesses are starting to accept Bitcoin as a way of paying for products and services. It's not accepted everywhere, but you may be able to pay for an apartment with it, food at certain restaurants, and more.
According to Bitcoin.org, by the end of August of 2013, “the value of all bitcoins in circulation exceed $1.5 BILLION U.S. dollars. This means a lot of people are using Bitcoin currently!
Where do I get Bitcoins?
You can get bitcoins in a few different ways. You may receive it as payment for something. You can also buy bitcoins at a Bitcoin exchange. You may also exchange bitcoins with a person as well.
Do you use Bitcoin? Why or why not?
What questions do you have about Bitcoin?
Image via Flickr by BTC Keychain
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