What is Bitcoin | Tutorial Freak – Online Tutorials

What is Bitcoin

Bitcoin

Bitcoin is a payment system introduced as open-source software in 2009 by developer Satoshi Nakamoto. The payments in the system are recorded in a public ledger using its own unit of account, which is also called bitcoin. Payments work peer-to-peer without a central repository or single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency. Although its status as a currency is disputed, media reports often refer to bitcoin as a cryptocurrency or digital currency.

Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into the public ledger. Called mining, individuals or companies engage in this activity in exchange for transaction fees and newly created bitcoins. Besides mining, bitcoins can be obtained in exchange for fiat money, products, and services. Users can send and receive bitcoins electronically for an optional transaction fee using wallet software on a personal computer, mobile device, or a web application.

Bitcoin as a form of payment for products and services has seen growth,and merchants have an incentive to accept the digital currency because fees are lower than the 2-3% typically imposed by credit card processors. The European Banking Authority has warned that bitcoin lacks consumer protections. Unlike credit cards, any fees are paid by the purchaser not the vendor. Bitcoins can be stolen and chargebacks are impossible. Commercial use of bitcoin is currently small compared to its use by speculators, which has fueled price volatility.

Bitcoin has been a subject of scrutiny amid concerns that it can be used for illegal activities. In October 2013 the US FBI shut down the Silk Road online black market and seized 144,000 bitcoins worth US$28.5 million at the time. The US is considered bitcoin-friendly compared to other governments. In China, buying bitcoins with yuan is subject to restrictions, and bitcoin exchanges are not allowed to hold bank accounts.

Try these totally free BTC Faucets, just copy and paste the links into your browser:

http://www.thebtcgenerator.com/?id=795148

http://freebitco.in/?r=2985165

http://moonbit.co.in/?ref=2196a5e9330d

http://bonusbitcoin.co/?ref=04B6CD4202D0

http://claimbtc.com/?r=3d4fcfe352

http://easybitcoinfaucet.com/?r=f5250d15c3

All these have been tried and tested by TutFREAK & are 100% safe and paying..

If you don’t have a BTC Wallet/Address try this one:

www.xapo.com

KeithM..

Pro Photographer, WebMaster & Writer.. Please follow us on Facebook

KeithM.. – who has written posts on Tutorial Freak – Online Tutorials.


Help keep us alive & kicking, we need coffee 24/7, please donate, thanks!
Embed

Leave a Reply

      
      
      
      
      
      
      
      
             
Save Now! $1.99 .COM at GoDaddy!
             
      
  • vBulletin 5 Connect: Customizing Page Layout