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What is Bitcoin?

Bitcoin is both a digital currency as well as a decentralized payment network that enables anyone in the world to send and receive money instantly with practically no transaction fees.


Why would I need Bitcoin?

Everyone requires some method of storing value. Most people opt for a savings account or simply storing money in the bank for a rainy day. The issue here is with inflation; your money is constantly being devalued at an unprecedented rate! With Bitcoin, the USD equivalent can change - but you will always know that only 21 Million Bitcoin will ever be in existence. Compare this to USD which prints off more and more money every year.

Where is Bitcoin accepted?

Thousands of merchants are using Bitcoin right this very moment. Merchants love Bitcoin because they are guaranteed to receive the funds when they accept a payment - unlike with Credit and Debit Cards which can have chargebacks tied to the payments. What this means for you is that merchant adoption is on the rise. Soon almost every company you can imagine will be using Bitcoin - and a lot of them already are.

Where do the Bitcoins come from?

Bitcoins are generated via "bitcoin miners". A miner is someone who is using computer power to try and solve increasingly difficult math problems. Every 10 minutes 25 Bitcoins are given as a reward to whichever "bitcoin miner" solves the math problem. Most of the time this reward goes to a pool of hundreds if not thousands of miners which is split up equally among the group based on the computer power they bring to the group.

How can I mine Bitcoins?
You can join one of the many bitcoin mining pools. If you want to do it seriously you will want to buy a bitcoin miner. For as little as $25 you can buy a small USB stick miner to plug into your computer to start mining. Or you can research the much larger options which get up into the thousands of dollars. Make sure you do your research, bitcoin mining requires a lot of electricity and plenty of technical know-how.

Where do I buy Bitcoin?
If you are living in the United States you can check out Coinbase, but there are literally dozens of other options out there. You can even find people locally to buy bitcoins from at LocalBitcoins. Doing a quick google search will net you loads of results, just make sure to do your research on reviews and such.


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