What is Bitcoin and What Can I Buy with Bitcoins?

Bitcoins are in news these days. What is Bitcoin is what everyone seems to be interested in knowing.

Bitcoin is a virtual, digital currency that can be used to buy goods and services from many vendors today. However, most of these vendors are online.

This is a currency that is not the legal currency of a country. This means that this digital currency is not regulated by the laws of any country and you can even make international payments without any transaction fees charged by a middleman like a bank. It was actually introduced by an unknown person in 2009. This individual used an alias of Satoshi Nakamoto.

This Digital Currency Has Become Valuable These Days

Bitcoins, when they were launched, did not arouse any curiosity among the people and their value remained quite low for a long time. But today, the value of Bitcoins has risen sharply and there are people who see it as an investment opportunity. These people are making investments in Bitcoins in the hope that their value goes up in near future. Bit coin is a currency that is very different from what you use in everyday life. This is why you need to understand a few things before you start using this virtual currency.  How do I get Bitcoins is a question often asked by people who do not know everything about this currency. You can acquire Bitcoins in several ways.

How to Acquire and Use Bitcoins

You can start using Bitcoins by adding a Bitcoin wallet in your everyday life through your mobile or you can add it to make online payments using your computer. You have the option of choosing a Bitcoin wallet of your liking. But how do you begin buying things when you do not have Bitcoins? You can buy this currency on an exchange.

But how do you begin buying things when you do not have Bitcoins? You can buy this currency on an exchange. There are several exchanges on Internet to allow people to buy this virtual currency using their normal currencies with Mt. Gox being the most popular of these exchanges. It is possible to transfer this currency to other individuals and companies by using mobile apps or by your computer. This is similar to sending dollars or any other currency into the account of any other person.

Mine This Currency by Solving Math Puzzles

There is another very interesting manner in which you can acquire this virtual currency. This is called Bitcoin mining. You can mine them if you can solve math puzzles using your computer. This is a unique way of creating this digital currency. People are being rewarded with 25 Bitcoins every 10 minutes at present if they can solve complex math puzzles on their computers.

After acquiring this digital currency, you hold it in your wallet and you can transfer it or you can use it to buy products and services online.