What is Bitcoin?

bitcoin logo

Hi everyone. It has been quite a long time since I blogged about the e-currency industry, so I figured I’d get back into it and write a brief introduction to a new and innovative e-currency called Bitcoin.

I came across a video on YouTube which explains what Bitcoin is so I though I’d best start this blog posting by sharing this video with you:

I for one believe Bitcoin is a really neat e-currency system! Checkout some of the numerous features of the Bitcoin system.

Decentralized:

Bitcoin is the first digital currency that is completely distributed. The network is made up of users like yourself so no bank or payment processor is required between you and whoever you’re trading with. This decentralization is the basis for Bitcoin’s security and freedom.

Very low fees:

Currently you can send Bitcoin transactions for free. However, a fee on the order of 1 bitcent will eventually be necessary for your transaction to be processed more quickly. Miners compete on fees, which ensures that they will always stay low in the long run. More on transaction fees

Worldwide:

Your Bitcoins can be accessed from anywhere with an Internet connection. Anybody can start mining, buying, selling or accepting Bitcoins regardless of their location.

No “smal print”:

If you have Bitcoins, you can send them to anyone else with a Bitcoin address. There are no limits, no special rules to follow or forms to fill out.

More complex types of transactions can be built on top of Bitcoin as well, but sometimes you just want to send money from A to B without worrying about limits and policies.

Own your money! :

You don’t have to be a criminal to wake up one day and find your account has been frozen. Rules vary from place to place, but in most jurisdictions accounts may be frozen by credit card collection agencies, by a spouse filing for divorce, by mistake or for terms of service violations.

In contrast, Bitcoins are like cash – seizing them requires access to your private keys, which could be placed on a USB stick, thereby enjoying the full legal and practical protections of physical property.

Features text taken from weusecoins

Where can I get some bitcoins?

You can see the bitcoin website for a list of various bitcoin exchangers.

Me and a buddy of mine have put together a site where you can buy/sell bitcoins for PayPal, so if that’s what you’re after I suggest you check out the link below:

http://www.bitcoinexpress.com/

The site is still in development but it pretty much works as it should. If you run into any problems please don’t hesitate to give me a shout.

I hope you found this brief introduction to the world of Bitcoin useful.

Cheers,

Alan

6 thoughts on “What is Bitcoin?”

  1. Please tell us the truth, what are you afraid of? Because fraud is not possible with Bitcoin. Did you get a phone call from the feds or Google.
    Todd

  2. In that last post I forgot to mention that I was referring to your site bitcoinexpress.com being taken down so quickly because of “improving our anti-fraud system”?

  3. Fraud is possible. Especially if you accept methods of payment that are REVERSIBLE , UNLIKE bitcoin. Paypal to bitcoin = bad idea, but sadly it is something that the bitcoin community needs it. The community needs a quick and convenient way to exchange fiat money for bitcoins and vice versa.

    Nah, nobody called me and there is no grand conspiracy to take me down..yet..lol just kidding. I’m going to bring the site back up once me and my coder buddy can think of a way to ensure that scammers don’t end up destroying the site by defrauding us. It’s not as easy as you think. We have some ideas but implementing them takes time.

    Umm, out of curiosity why would you think that Google would want bitcoin shut down?

  4. Bit coin is basically digital currency and one of the most popular one, but in recent times we have seen the massive dip that has come and it’s a dangerous signal. I do Forex trading using this but now even I have stopped doing it. That’s all due to my broker OctaFX, I have found better option with them in Skrill, it’s just fabulous payment processor to use and especially with this broker where all my payments are given instantly.

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