WHAT IS BITCOIN?
NB: 1 Bitcoin = $9217.13 as of the time of this publication. Links are provided at the end of this article to help you get free Bitcoins for a start.
Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
It’s the first example of a growing category of money known as cryptocurrency.
What makes it different from normal currencies?
Bitcoin can be used to buy things electronically. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally.
However, bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.
Who created it?
A software developer called Satoshi Nakamoto proposed bitcoin, which was an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.
Who prints it?
No one. This currency isn’t physically printed in the shadows by a central bank, unaccountable to the population, and making its own rules. Those banks can simply produce more money to cover the national debt, thus devaluing their currency.
Instead, bitcoin is created digitally, by a community of people that anyone can join. Bitcoins are ‘mined’, using computing power in a distributed network.
This network also processes transactions made with the virtual currency, effectively making bitcoin its own payment network.
So you can’t churn out unlimited bitcoins?
That’s right. The bitcoin protocol – the rules that make bitcoin work – say that only 21 million bitcoins can ever be created by miners. However, these coins can be divided into smaller parts (the smallest divisible amount is one hundred millionth of a bitcoin and is called a ‘Satoshi’, after the founder of bitcoin).
What is bitcoin based on?
Conventional currency has been based on gold or silver. Theoretically, you knew that if you handed over a dollar at the bank, you could get some gold back (although this didn’t actually work in practice). But bitcoin isn’t based on gold; it’s based on mathematics.
Around the world, people are using software programs that follow a mathematical formula to produce bitcoins. The mathematical formula is freely available, so that anyone can check it.
The software is also open source, meaning that anyone can look at it to make sure that it does what it is supposed to.
Where to earn Bitcoins for free?
Follow any of the links below. Click on any of them and then register an account on the site and start earning some free Bitcoins today. But first you need to create a wallet, where your Bitcoins will be saved. From your wallet you can buy, sell and use your Bitcoins for online transactions. The two most popular Bitcoin wallets are Blockchain and Coinbase. You can use either of them to create a wallet. Upon creation of the wallet, you’ll be given an address to use. This address is what you use for sending and receiving Bitcoins online. The links below are websites that give you free Bitcoins by performing simple tasks. Use any of them to start earning today.
If you need any help or further clarification, kindly send us a mail at info@geniustechhub.com.
Where to Buy and Sell Bitcoins?
In Ghana it’s easier to purchase Bitcoin using Mobile Money. These sites support purchasing using your mobile money account. You can as well email me at me@adjeikofi.com if you want to buy from me personally.
Check out these sites as well:
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