Bitcoin is a decentralized digital currency that operates without a central bank or single administrator. It was created in
2009 by an anonymous person or group of people using the name Satoshi Nakamoto.
You can buy Bitcoin through cryptocurrency exchanges like Coinbase, Binance, or Kraken, or through peer-to-peer platforms. You'll need a digital wallet to store your Bitcoin after purchasing it.
Bitcoin uses blockchain technology to secure transactions and control the creation of new units. Transactions are
verified by network nodes through cryptography and recorded in a public distributed ledger known as a blockchain.
Bitcoin mining is the process of validating transactions on the Bitcoin network and adding them to the blockchain. Miners use computational power to solve complex mathematical problems, and in return, they are rewarded with new bitcoins.
This is a yet another controversial topic. Because of the freedom and the degree of anonymity that the use of Bitcoin offers, many users who were seeking to purchase or solicit illegal goods or services initially turned to the use of Bitcoin as a method of payment.
Again, when a user decides to use a specific type of software for their Bitcoin wallet, they are deciding what direction the Bitcoin network is heading towards. In other words, you need the cooperation of nearly every single user in order to modify any aspect of the Bitcoin protocol.
Bitcoin transactions are secured by cryptography and a consensus mechanism called proof-of-work. The
Bitcoin network is considered to be very secure, but users must be careful about phishing, wallet theft,
and other risks.
Bitcoins can be sold locally using LocalBitcoins, on Bitcoin brokerages / exchanges, using two-way Bitcoin Teller Machines (BTM’s) or you can pay for a good or service with them. Bitcoins can be sold to just about anyone as long as they have a Bitcoin address, and can be sold for any fiat currency in the world or traded for a physical good. Feel free to check out our recommended list of exchanges and brokerage services to sell your bitcoins online.