Bitcoin

Anyone can send and receive Bitcoin with no restriction, freeing anyone in the world to earn or spend Bitcoin on goods or services.

Introduction

Let’s consider what we need to do in order to make an online payment. We take out our debit or credit card and enter it’s details when we want to purchase tickets or book rooms online. Even before we are allowed to do this we need to apply for such a card at a bank: paper forms are given to you and we are asked to sign where the banker has marked an ‘X’, skipping over the many pages of fine print. If our application for a card is successful and the bank issues you a card, we still need to contact the bank’s call center to enable features that we want, for example, the feature to make an online payment. No such permission is needed with Bitcoin. There is also no need for traditional institutions like banks to send or receive payments using Bitcoin.

What is Bitcoin?

Bitcoin is a better payment system. It doesn’t rely on a central authority to allow you to send or receive Bitcoin. It relies on a distributed ledger technology called blockchain to record, update, check and validate transactions. The value of a bitcoin is determined by a truly global market that is not limited by geographical boundaries unlike a currency issued by a country’s central bank. It was created to withstand any interference that may stop you from sending or receiving Bitcoin.

Benefits of using Bitcoin

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