Understanding Bitcoin

Bitcoin is a new form of currency that seeks to change how online business is done. This instructable seeks to not only get you to understand what bitcoin is, but how you can get started mining your own bitcoins at home! Check out this quick video for a better understanding of bitcoin.

Step 1 Why Bitcoin?

Why would you even bother using bitcoin? Isn't regular money enough? Well in some ways bitcoin can help people transfer funds easily in the digital realm.

First off Bitcoin is decentralized, there is no overarching controller of the currency, the information about the transactions are held by everyone in the network. Next bitcoin transactions are recorded anonymously. This means that people can see that bitcoins are being traded, but the recorded transaction does not have a name attached. Lastly bitcoin is a worldwide currency and has a constant rate between countries. This allows people regardless of borders to trade funds easily.

If you think you could benefit from bitcoins or just want to geek out on the next cool thing, setting up bitcoin is an easy process.

Comments

[bowmaster]

I don't know how to install it on my Ubuntu computer, and there Wiki won't help me!!

[bowmaster]

Wait, there's open-source money now!?!?

[Dr. Pepper]

Take a look at the video: Don't Buy Bitcoins. He brings up a really good point.