What is Bitcoin?

What is Bitcoin?

Bitcoin is a digital currency created by someone under the alias of Satoshi Nakamoto in 2009. Essentially, it is a form of electronic cash designed to work in relative anonymity without a central bank. People can send Bitcoins to each other through their phone or computer.

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How are Bitcoins created?

Bitcoins are created by a process called, "mining". This is done using specialized computer hardware to solve complex math problems. The miners are processing transactions and securing the network which then potentially rewards them with Bitcoin. As of 2016, 12.5 Bitcoins are mined about every 10 minutes.

How do I get Bitcoin?

As mentioned above, Bitcoin can be mined using specialized computer hardware.

You can also purchase Bitcoin online. The most popular exchange to buy from is Coinbase. There you can buy, sell, store, or transfer it. Bitcoin can be bought in USD at whatever the going rate is. This price is constantly fluctuating. 

You do not have to buy a whole Bitcoin. You can purchase a fraction of a Bitcoin. 

How many Bitcoins are there?

Only 21 million Bitcoins can ever be created. Currently, there are 17 million in existence. The remaining 4 million should be mined by the year 2140.

Should I buy Bitcoin?

No one knows what the future may hold. But every day, more and more people are entering the cryptocurrency industry. Always remember to only invest what you can afford to lose.