What is Bitcoin

One of my classmates mentioned bitcoins in class last Monday – and I realized it was a topic I was very unfamiliar with. I figured I would start reading up on what it was and came across this blog which gave me a basic understanding. Anything else I need to know? Let me know 🙂

Bitcoin for free

Bitcoin is an open-source currency that uses peer-to-peer technology to operate with no central authority or banks. This decentralization is possible because the users themselves manage the transactions and the issuing of bitcoins, in accordance to the number of users/hash-rate. If you are interested in trying it out you have to create a wallet. You can use your computer has one or you can use an online one. There are several in the sidebar links. Still, nothing beats the good old paper or the hardware wallet in terms of security. (read more here)

If you are really fascinated by the concept of Bitcoin i suggest you access the original pdf, written by Sakamoto, here. And watch the foundation’s introductory video presentation:

An interesting feature of the Bitcoin is, like said earlier, that the users themselves create new coins, at a proportional rate of the interest of new users…

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