Saturday, April 23, 2016

Where can i learn more about bitcoin ?

If we want to learn more about bitcoin we need to learn the basic stuff first.

We already know that bitcoin is a digital currency used for sending payments online ,but how does bitcoin actually work ?

First of all we need a bitcoin wallet to hold our bitcoins in ,it like a personal safe were you store your valuable bitcoins.

Bitcoin wallets are a collection of private keys or a database were you store bitcoin addresses,and in does addresses you store your units of bitcoins generated by miners.

How bitcoins are generated ?

Someone with a cpu/gpu or someone that has lot's of processing power solves hard mathematical problems and checks bitcoin transactions that are ok and after his cpu/gpu solves the problem or problems the computer gets rewarded with a few bitcoins.

Then the miner can sell those generated bitcoins on trading or exchange site or he can use them to buy different stuff from merchants that accept bitcoin as currency.

You can buy bitcoins from trading site,exchange sites or even individuals this days,but be careful people don't like selling bitcoins to people that try to buy using paypal.So if you want to join the bitcoin community and try to buy a few bitcoins don't use paypal.It's a nightmare buying bitcoins with paypal.

What is a bitcoin address ?

A bitcoin address is like your bank account number ,and it is made up of 2 things ,a private key and a public key ,the public key is similar to the bank account number and it made up of letters and numbers ,you send that to other bitcoin users so they can send you bitcoins or other user send those to you and you send payment to them.

A private key is like a password that gives you access to your bitcoins,don't ever show that to anyone if you want to keep your bitcoins.

You can learn more about bitcoin visiting or visiting forum even google what you need to find out about bitcoin.