Bitcoin: All the facts

Hello Dear, Steemians!

Just as the US has the dollar Japan has the yen and the UK has the pound the internet has the bitcoin.

Bitcoin is digital money used directly between peoples any where in the world to buy online goods and services. to get started create online your bitcoin wallet like a real wallet it stores your bitcoins and is used to sent and receive payments using unique addresses.

Any time a transaction is made between bitcoin users it recorded on the publically shared log called the blockchain these transactions are checked and confirmed by miners.

Miners are peoples with powerful computers who an exchange for newly created bitcoins use bitcoin software to verify the transactions are correct with thoushands of miners contributing transactions went smoothly and the network is constantly secured thanks to miners and bitcoins large network no coin can be reproduced or double spend.

Cryptography is use to make impossible to anyone can spend funds from other users wallet and bitcoins are stored in wallet so they can't be spend without password this type of security is also use for credit cards transactions and electronic bank transfers there is no company or central bank controlling bitcoins so it can't be inflated like a dollar in fact the embedded code has been preset so that only 21 Million bitcoins will ever be in circulation.

To ensure a study rate of distribution bitcoin production was model after gold mining just like mining for a gold cruising difficult over time so does creating new bitcoins right now 25 bitcoins are generated every 10 minutes this rate will half every four years until the final bitcoins are created in 2140 and no central bank can add trillions more to the system for their own advantage and destroy its value.

How can i Acquire bitcoins

One way to get bitcoins is by mining them but it required specialized equipment's and time so most of us buy them several exchanges exist online where you can buy and cash out bitcoins for major currencies.

I always appreciate your feedback and support.