What is Bitcoin?
Bitcoin is the key to your financial freedom. It is a decentralized, virtual currency. Which means you no longer have strict regulations, high fees, or limits on your transactions. Bitcoin enables you to transfer money worldwide by peer to peer network without involving a central authority or clearing house. All the transactions are confirmed by the network itself. So your Bitcoins can never be frozen.
It doesn't matter where you live or how much you earn. You can easily participate in this global financial system using your computer, smart phone or any internet equipped device anytime you want. Bitcoin is very user friendly and treats everyone equally . Think of it as gold, but actually it's better. You can send Bitcoin via the internet, split it into many pieces, and carry it anywhere you go. Or, if you wish, you can exchange it for Dollars, Euro, Yen, and other regular currencies 24/7.
The rate is determined by supply and demand, therefore the fluctuation risks are determined solely by free market forces. The final number of Bitcoins is limited. In the future there will only be 21 million Bitcoins, so the value can not be inflated. Paying by Bitcoin is similar to the way we pay by cash because you don't have to disclose any personal information when making a transaction, but at the same time it is different as you don't have to meet the seller in person to purchase something.
Each Bitcoin user gets a generated public key, a public address similar to your email for receiving mail. Every single public key has a matching private key which is proof of ownership of the Bitcoins. Anyone checking the public key can see how many coins are in the jar but you'll have to have the private key to take the money out.
I love his stuff.
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