What is Bitcoin?
Bitcoin is a new technology used by people and businesses. It is not owned by any company, but the technology is available for many companies to use. It is free and open-source, just like the internet. It was invented by a Japanese programmer in the year 2009.
How Was Bitcoin Created?
New Bitcoins are created using an openWhat Is Bitcoin And What Do I Need To Know About It? source software and this process of creating new virtual currencies are known as mining. Everyone can perform mining to create Bitcoins. But, one need high-speed Internet with high-performance computer power.
How do I get started using Bitcoin?
To be able to use Bitcoin, you need an account, called a Bitcoin wallet. It is similar to opening an email account. Just as there are many types of email accounts (Gmail, Yahoo, Hotmail), there are many types of Bitcoin wallets. You can download a wallet on your phone or computer by doing a simple search in your App Store, Play Store or online. I recommend the following Bitcoin Wallets: Mycelium for Android phones and Blockchain for iPhones. If you have any other type of phone, go to http://blockchain.info in your web browser.
Why do I need a Bitcoin wallet?
Just like you can’t send a written paper letter over your email account; without creating an electronic version, called an email. This is because only electronic mail can travel between email accounts. The same works for Bitcoin! You cannot send a Dollar or a Euro or Naira between Bitcoin wallets. Only an electronic or digital currency can move between Bitcoin wallets. By using Bitcoin you can send money cheaper, faster and easier than sending bank transfers internationally.
How Do I Buy Bitcoin?
Now that you have downloaded a free Bitcoin wallet from the internet, and received a Bitcoin address from your wallet, you can go ahead and buy Bitcoin to store and send from your wallet. Adding money to a Bitcoin wallet is similar to topping-up your phone account or adding money to your normal bank account.
You have to go to an online Bitcoin “store” or exchange and fund your wallet. The best Bitcoin store for you is the one located in whatever country you have a bank account.
Is Bitcoin legal?
Bitcoin is definitively legal in all African countries, in North America, Europe, and most of Asia and South America. Bitcoin is only illegal in Bolivia, Bangladesh, Ecuador, Iceland and Kyrgzstan. Elsewhere, governments, central banks, and regulators have all been issuing evolving statements on the use of Bitcoin as a means of payment and investment.