Discover what is Bitcoin, and how to get BTC for free. Also, find out where to buy this cryptocurrency, how to generate passive income, and more.
What Is Bitcoin?
Bitcoin is a digital currency created 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. Therefore, transactions take place between users directly, without an intermediary. The network confirms these transaction nodes and records them in a publicly 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 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.
Bitcoin is created as a reward for verifying transactions. 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?
Take advantage of the new opportunities to earn Bitcoin easily. Start by exploring Bitcoin PTC Sites, where you can earn BTC for free simply by viewing websites. Take it further with Faucets, where solving captchas translates into additional earnings. Turn playtime into a rewarding experience by collecting Bitcoin through engaging games. Monetize your website by partnering with Ad Networks and displaying ads to boost your crypto stash.
If you’re looking to invest in Bitcoin, the options are diverse. Purchase Bitcoins seamlessly online using PayPal, a Debit Card, or your Bank Account. Diversify your income streams by participating in Affiliate Programs or installing a free Mining Browser for passive income.
How to Use Bitcoin?
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. With QR codes it is 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, Bitcoin was divided into smaller units. For example, the smallest denomination is called Satoshi. Below is a list where you can see all units of this cryptocurrency.
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