What is Bitcoin?

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Bitcoin is a decentralised cryptocurrency, it is an efficient and robust way of sending and receiving money without the need for banks or centralised organisations controlling it. Bitcoin is starting to gain a lot of momentum both online and offline. Every day more and more businesses and individuals use Bitcoin. You can buy products and services with it both online and offline. Yes, Bitcoin is worth real money.

Sending and receiving Bitcoin

To send and receive Bitcoin you will need a Bitcoin wallet. Your wallet is virtual and in most cases is accessed by a small piece of software. There are many different software wallets you can use but one of the easiest is Electrum. Once you have installed the software, you will be given a wallet ‘address’ (you can find this under the ‘Receive’ tab on Electrum), which is a long string of alphanumeric characters. This is the address you enter on our website to start earning Bitcoin!

Alternatively you might like to use an online wallet provider, you can sign up for a free account and get a Bitcoin address with it.

Converting Bitcoin into real money

Bitcoin can be converted into real money at a number of different websites. Two popular and well used sites are Coinbase and Localbitcoins. These sites allow you to sell your Bitcoin and deposit your funds into your bank account for a very small fee. A host of other sites exist also and a quick Google search for “Sell Bitcoin” will give you plenty of options.

Bitcoin and Satoshi

You will notice on our site we use something called Satoshi when you are paid. A Satoshi is the smallest denomination of Bitcoin:

1 Satoshi = 0.00000001

10 Satoshi = 0.00000010

100 Satoshi = 0.00000100

1,000 Satoshi = 0.00001000

10,000 Satoshi = 0.00010000

100,000 Satoshi = 0.00100000

1,000,000 Satoshi = 0.01000000

10,000,000 Satoshi = 0.10000000

100,000,000 Satoshi = 1.00000000

http://www.financiallyfocus.com/2018/03/01/what-is-bitcoin/