The question is what a Bitcoin really is.
And to answer that question we start saying that Bitcoins is a special virtual coin, I mean a peer to peer digital currency, yes "Digital" this digital coin gets operated over a network of computers all arroun the world. Its an open source project and available for everyone who wants to involve and contribute the development. Bitcoins are generated in hash algorithms by a process called mining by computer hash power and get stored in blockchain which maintains all the transactions.
Algorithm - SHA-256
Algorithm - SHA-256
Trading Symbol - BTC
Established - 2009
Website - http:///www.bitcoin.org
Block Explorer - http://blockchain.info
There are many virtual currency but is Bitcoin just another Regular Currency?
The main fact that represents Bitcoins is that this cryptocurrency is not controlled by any centralized regulatory agency and it's the peoples currency managed by the network of computers, miners, exchanges, wallets and all those tied to the network. Also, Bitcoin doesn't get printed like any other currency as it gets created/stored electronically and you can buy them electronically using any other currency from crypto websites or by means of trading.
Then How Does Bitcoin Works
The Characteristics of Bitcoin are these.
The must relevant is a Decentralized Currency
Bitcoins are produced by mining with the effort of computer machines that are spread across the globe which form the network and collaborate each other with transactions. It's not governed by any single authority.
In second place is very Simple to set up
You can get bitcoin address in just few seconds. Just go to www.blockchain.info and get an address for you to use. You can use any mining pool to generate bitcoins or buy bitcoins to the newly generated address and voila, you are a bitcoin owner.
No matter who wants to buy or sell it because it has Anonymous Transactions
Bitcoins came into existence as a means of keeping your identity anonymous so no need to use your name/address etc to get your bitcoins. Also, you can have as many bitcoin address as possible
It's completely transparent
Blockchain stores all the transactions happens in network and everything is transparent as you can see all transactions going across the network.
Anybody can check the balance at blockchain but they can't relate an address it to a particular person as the transaction is anonymous.
Compare to any other currency Bitcoins has Minimum Transaction Fees and speedy process
Bitcoins are charged in a very little amount while you do any transactions and as soon as the blockchain confirms your transactions, it reaches the designated wallet in no time.
No matter where you are you can have an Online & Offline Wallets
Bitcoins can be stored online using various sites like blockchain.info etc and also you can store them at your computer or USB etc which provides extra security.
After all these, I just need to say, if you want some bitcoins, the first thing to do is go to a faucet, there are special pages where anyone can claim satoshis (1 BTC = 1.00000000 Satoshi). Here you have one to start with http://www.faucetfalls.com and if you like that you could go and claim from many diferent ones from this special rotator at: http://www.besfaucet.co.nf.
I also have placed some good information and sites to help you in the process to get huge amount of satoshis, all you need do do es click this links: http://www.mariomerejildo.chatango.com
Hope you like these informations, and comment, share an do what ever you want with you new knowledge regarding BITCOINS.
Thanks.
