Here you can discover what is bitcoin, how to get BTC for free. Also, where to buy bitcoins, how to generate passive income, and more
What Is Bitcoin?
Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Nakamoto introduced the idea on 31 October 2008 to a cryptography mailing list. He released it as open-source software in 2009. There have been several high profile claims to the identity of Satoshi Nakamoto. However, none of them have provided proof beyond doubt that backs up their claims.
It is a decentralized digital currency without a central bank or a single administrator. Nobody owns the Bitcoin network. Above all, the system is peer-to-peer. Therefore, transactions take place between users directly, without an intermediary. The network confirms these transaction nodes and recorded them in a public distributed ledger called the blockchain. It uses bitcoin as its unit of account. For each transaction, you can generate a new BTC address. Transactions are secure and do not contain customers’ personal information. Since the system works without a central repository or single administrator, the U.S. Treasury categorizes BTC as a decentralized virtual currency. Meanwhile, people call often Bitcoin the first cryptocurrency. Although, prior systems existed and it is more correctly described as the first decentralized digital currency. Certainly, this cryptocurrency is the largest of its kind in terms of total market value.
Bitcoins are created as a reward for payment processing work. Users offer their computing power to verify and record payments into a public ledger. So, this activity is called mining. Miners are rewarded with transaction fees and newly created bitcoins. Of course, you can by mining obtained BTC exchange for other currencies, products, and services. Also, when sending this cryptocurrency, you can pay an optional transaction fee to the miners.
How To Get Bitcoin?
Firstly, you can get BTC for free from Bitcoin PTC Sites by viewing websites. Secondly, you can earn from Faucets by solving captchas. Thirdly, you can collect this cryptocurrency by playing Games. Also, from Ad Networks for displaying ads on your website. Finally, you can Buy Bitcoins online with PayPal, with Debit Card, or with Bank Account. In addition, you can get passive income by participating in Affiliate Programs or by installing a free Mining Browser.
How to Use Bitcoin?
The number of companies and individuals using Bitcoin is growing. People use this cryptocurrency to pay online and in physical stores. Most of the best online stores and services accept this currency. Each user can send and receive payments in much the same way as cash. You can store, send, and spend Bitcoins with a Bitcoin Wallet. QR codes make it easy to pay from a bitcoin wallet app on your smartphone
Denominations
Meanwhile, the price of 1 Bitcoin is very high. Therefore, to make it easier to use this cryptocurrency, it was divided into smaller units. For example, the smallest denomination is called Satoshi. The list below will help you better understand the smaller units.
SAT Satoshi 0.00000001 BTC
µBTC Microbitcoin 0.000001 BTC
mBTC Millibitcoin 0.001 BTC
cBTC Centibitcoin 0.01 BTC
dBTC Decibitcoin 0.1 BTC
BTC Bitcoin 1 BTC
daBTC Decabitcoin 10 BTC
hBTC Hectobitcoin 100 BTC
kBTC Kilobitcoin 1000 BTC
MBTC Megabitcoin 1000000 BTC
