What is Bitcoin?

Share on FacebookTweet about this on TwitterShare on StumbleUponShare on TumblrPin on PinterestShare on Google+Share on Reddit

You might be hearing about Bitcoin recently like Bitcoin registers with European regulators or WordPress.com now excepting Bitcoins for upgrades and much more.

So What Are Bitcoins?

Bitcoin is an new experimental Digital currency which uses the peer-to-peer technology for instant payments to anyone in the world. There is no central authority around this currency. Managing transactions and issuing money are carried out collectively by the network. Bitcoin is designed around the idea of using cryptography to control the creation and transfer of money, rather than relying on central authorities.

Getting Started

To start using Bitcoins you need to get a suitable client for your type of operating system from HERE. After installing the software it will automatically create a wallet for you and start downloading the transaction history. ALTER: If you Don’t want to install the software on your computer Another way to get a wallet is to get one online at flexcoinInstaWallet or MyWalletAs soon you setup your wallet you will get a Bitcoin address, which you can use for your transactions.

An example of a Bitcoin address is 31uEbMgunupShBVTewXjtqbBv5MndwfXhb.

Getting Bitcoins

The Official wiki page states some bonus programs which will allow you to earn Bitcoins by completing surveys or for making purchases like points you get for credit card.

Turn your Bitcoins into gift cards from Amazon, Barnes & Noble, iTunes and many more at SpendBitcoins.com. Or get gift codes for services like XBoxLive, PSN or iTunes instantly online at Bitcoincodes.com. Buy music, ebooks, wallpapers and other downloadable content at CoinDL!