Bitcoin is a cryptocurrency
and a payment system invented by a programmer, or group of
programmers, under the name of Satoshi Nakamoto.
Bitcoin was introduced on 31 October 2008 to a cryptography mailing list and
released as open-source software in 2009.
There have been
various claims and speculation concerning the identity of Nakamoto, none of
which are confirmed. The system is peer-to-peer
and transactions take place between users directly, without an intermediary.
These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain, which
uses bitcoin as its unit of account.
Since the system works without a central repository or
single administrator, the U.S. Treasury categorizes
bitcoin as a decentralized virtual currency.
Bitcoin is often called the first cryptocurrency, although prior systems existe
and it is more correctly described as the first decentralized Digital Currency.
Bitcoin is the largest of its kind in terms of total market value.
In February 2015, the number of merchants accepting bitcoin
for products and services passed 100,000. Instead of 2–3% typically imposed by credit card
processors, merchants accepting bitcoins often pay fees in the range from 0% to
less than 2%.
Details about Bitcoin
- Blockchain
The blockchain is a
public ledger that records bitcoin transactions. A
novel solution accomplishes this without any trusted central authority:
maintenance of the blockchain is performed by a network of communicating nodes running bitcoin
software. Transactions of the form payer X sends Y bitcoins to payee Z are broadcast to this network
using readily available software applications.[44] Network nodes can validate
transactions, add them to their copy of the ledger, and then broadcast these
ledger additions to other nodes.
- Wallets
A wallet stores the
information necessary to transact bitcoins. While wallets are often described
as a place to hold or store bitcoins, due to the nature of the system, bitcoins
are inseparable from the blockchain transaction ledger. A better way to
describe a wallet is something that "stores the digital credentials for
your bitcoin holdings" and allows you to access (and spend) them.
How to
Get Bitcoin
To make use of
bitcoin you must have a wallet, there are several cyptocurrency wallet company,
just like your normal traditional Banks. Here your money is kept digitally and
you have access to it and transact with it any time.
Blockchain is the
most reliable I have used and keep using it, create a wallet in Blockchain
click on the link https://blockchain.info/wallet when you create
account successfully in blochchain an Email will be sent to you to confirm your
wallet/registration.
- When you login to your mail click on verify email to verify your account
- When you are at the block chain home page. There are two button Send and receive button. To send money use the send button.
- To receive money click on receive button, the system generates account number for you. Save it because that’s your block chain account number. Note if you click on receive button five times five different account number will be generated for you but all are liked to your account.
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