Bitcoin uses a new type of peer-to-peer technology called blockchain to operate with no central authority. Managing transactions and issuing money are carried out collectively by the network.
Anything you can do with old money you can do with Bitcoin. It can do many things old money cannot such as being sent instantly anywhere across the world just like email. It’s money, just a better version of it.
Ok, it’s better money, but is it safe?
Bitcoin is the first financial application of blockchain technology – a superior record keeping infrastructure.
Safety in Numbers
Users verify the history of all transactions constantly and create new bitcoins by having computers solve math problems that are impossible to counterfeit but easy to verify.
Since Bitcoin transactions are seen by the entire network they are secure, irreversible, and do not contain customers’ sensitive or personal information.
Ok, so how do I…?
We know, at this point you probably have a million question but hold tight!
it’s Valuable too
Bitcoin is a combination of a precious commodity (like gold), a spendable currency (like dollars, euro, or yen), and a technology (like email). It’s scarce, useful, and impossible to counterfeit.
Bitcoins are stored in a digital wallet app on your computer, tablet, or smartphone. Sending Bitcoin is as easy as sending an email! They can be purchased at a currency exchange just like American Dollars or British Pounds.