Dario
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Dario in Stack That Money,

What Are Bitcoins?

Bitcoins are a digital currency. It does not exist in the real world, only the digital world. This makes Bitcoin a great currency for someone who wants to take his business 100% online.

Bitcoins have grown so big, that people even offer jobs for Bitcoins. That's right, you work online, and your payment comes in Bitcoins.

This currency is stored in a very safe place, in addresses in your wallet! Better than Gringot, huh?

This form of money is called crypto currency.

Interesting Bitcoin facts:

- Bitcoin is 100 percent, decentralized. None of the existing institutions control the Bitcoin network.

-The guy who created Bitcoin is called Satoshi Nakamoto. A millionth piece of Bitcoin is named after him, and there are many mini faucets that people use to gather them.

-There are Bitcoin casinos, poker and betting sites.

-It is not printed at all. It only exists in the digital world, and you can not own it in real life.

Bitcoins get in the world because of the miners who mine them. They are building very, very powerful hardware to mine them, and, because the difficulty is going up more and more, only people with strongest wallets can afford to get some profits off of it.

-So, can you buy unlimited bitcoins? Yes and no.

There is a maximum of Bitcoin that can be mined. This number is 21 million(!!).

-Normal currencies are based on gold, silver and other precious metals. So, on something that is physically existent. Bitcoin is based on Mathematics!

Because of this, you have to encrypt your information very, very good to stay on the safe side. Bitcoins are let's say a hacker friendly pray.

They can steal in seconds, and turn the Bitcoin round a few times so it can never be traced.

-It's anonymous. Users can hold more Bitcoin addresses and they aren't linked to names, addresses or any personal information at all.

-This makes it easy for the online drug sellers to never be traced, with countless shippings per day. Yes, there are Bitcoin marketplaces on the

Internet where you can buy all sorts of drugs without the fear of being caught.

-There is no transaction fee at all! Unlike other currencies, that you can take in a bank and send, with a transaction fee that is sometimes 10 percent of the whole payment, with Bitcoin there is always 00.00% of processing fee. Because it is not handled or needs to come through the hands of a bank employee, this stays how it is.

-It's as fast as it can get! It arrives without limit to any account, in any wallet. Sometimes in milliseconds, and sometimes in just a minute or two, your Bitcoin will be in your wallet. The adress just needs to travel the blockchain and your money has arrived.

Spending your Bitcoin

There are a lot of stores that accept Bitcoin. Even some multi million dollar companies where you can pay in Bitcoin.

Microsoft, Dell, Overstock and similar companies have taken the risk and profited with the Bitcoin payment system. It seems that Bitcoin will eventually come everywhere in the world, and I hope that it can replace every existing currency.