Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.
“Bitcoin is a peer-to-peer version of electronic cash that allows payments to be sent directly from one party to another without going through a financial institution. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work.”– Satoshi Nakamoto
A website on which the user can receive bitcoins or altcoins at certain time intervals. Such resources are made available by advertisers (through banners, videos etc.). These sites are usually free to access, although they may require you to register an email address. On some of these sites, it’s enough to simply click on the link, while on others; you may have to perform a simple task such as filling a captcha. After a certain amount of time (generally about 2 minutes), a field will appear where you can enter the number of your BTC-wallet, which will then be credited with Satoshi (a subunit of bitcoin).
If you are new to Bitcoin, you may be wondering why you should invest in Bitcoin instead of using standard savings methods available to you through your bank. The blockchain technology behind Bitcoin creates an open, transparent system that has many advantages over a traditional banking system that you might not have considered. Bitcoin solves problems fiat currencies such as dollars and euros struggle with, such as the idea of ownership, asset transfer, fraud prevention and access to finance. These ideas are often hard to conceptualize, so in this article we’ll see how Bitcoin fundamentally improves our relationship with money.