What is 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.

If you want to know more then check out the full Bitcoin Wikipedia article or watch the YouTube video below.

 

Donations accepted:

BTC 12nKwdJ3jjDQCsU9tNwe6aEPUfky4HtXQX
LCT LQkPrfSwrFBh11bSa9Kc9p2ajSLyi8hTiG
DOGE D9HzsVueKALe9fQKHsUXVJupq2DABTcHE2

There are several ways to generate coins. The best way is FREE. Here is a list of ways you can earn free coins.

Enjoy

Bitcoin Faucets

bitcoinvisitor,com watch ads for five minutes and earn .1 to 18 micro bits

QoinPro.com Just need to register and you receive a few satoshi every day automatically ….. super easy

freeplaybitcoins.com Pays out approx 300 satoshi every hour

Moonbitcoin,com pays out every time you log in, the amount is based on the last time you logged in. The longer the time the more the Satoshi.

BitcoinClix pays out 100 to 300 Satoshi every hour

Freebitco.in Pays out approx 300 satoshi every hour

Luckycheckin,com Pays out approx 15 to 1200000 satoshi every 5 mins

Landofbitcoin.com is a multi – faucet (collection of bitcoin faucets) that payout 30 to 500 Satoshi with various times

bitchest.me is a multi – faucet (collection of bitcoin faucets) that payout 30 to 500 Satoshi with various times

LiteCoin Faucets

WinFreeLitecoin.com Pays out approx 300 satoshi every hour

DogeCoin Faucets

freeDoge.co.in Pays out approx 9.0 Dogecoins every hour

BTC Investment

Bitcoin-Trader.com You earn approx 1 to 3% every business day, on any share you buy, the minimum share price is $20, that you can buy with bitcoins.

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