Understanding Bitcoins

Bitcoin is a digital monetary system. Instead of “dollars,” the unit of currency is referred to as a “Bitcoin.” Like traditional money, bitcoins can be used to store and transfer value among other bitcoin users within the bitcoin community. Bitcoin is considered a cryptocurrency. The currency utilizes cryptography for management and creation of the currency.

There is a bitcoin protocol, which resides primarily on the internet. It’s possible to utilize the protocol on your smartphone, computer, tablet, and other computing devices. It’s easily accessible to anyone with common available technology.

Essentially, anything that can be done with conventional currencies can be done with bitcoins. It’s possible to buy and sell goods and services, give money to other individuals or organizations, or even provide credit to others. Bitcoins can be bought, sold, and exchanged for other currencies.