What is Bitcoin? It is digital cash for the internet. With bitcoin, you can send money over the Internet directly to another person for the first time, without needing a credit card or bank.
Instead of the credit card company or bank, thousands of networked computers process bitcoin transactions and verify that they are legitimate.
You can download software called wallets on your smartphone or computer that store your bitcoin and work with the bitcoin network to let you send and receive payments.
You own your bitcoin by keeping track of a private key. It’s a digital signature that no one can forge or fake. Because you’re the only one who owns your password, there is no reset or recovery. You have total control and total responsibility.
Instead of entering all of your personal information when you pay, usually all you need to do is scan a QR code or copy and paste a string of letters and numbers to buy something with bitcoin. Then, with a swipe or the press of button, you can send value to anyone anywhere in the world in minutes.
What is Bitcoin? A Protocol, a Network, a Ledger, an Asset
What is Bitcoin? It is a protocol for transferring value over the internet. It involves a network of thousands of computers around the world verifying transactions in a shared ledger.
Bitcoin miners use an incredible amount of computing power to secure those transactions and make sure they are authentic.
Because people trust this expansive network of computers and the incredible computing power of the bitcoin miners, they see bitcoin as valuable and an asset.
How to get Bitcoin?
There are many ways to get bitcoin. A friend can send some to your bitcoin wallet. Your employer may be able to pay you in it. With a credit card, you can buy some on a bitcoin exchange. If you prefer cash, you can use a bitcoin ATM.