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What is "Bitcoin"?

  • Author:Esway
  • Source:www.eswaychina.com
  • Release on:2015-01-21

What is "Bitcoin"?

The Bitcoin is a form of electronic money which has been created specifically for use on the Internet. The Bitcoin doesn't operate like conventional currencies in that it isn't regulated by a central bank, and relies entirely on web-based networks. Bitcoins are 'minted' by a network of computers, which run specialized software designed to release new coins at a fixed and steady pace, currently around 25 Bitcoins every ten minutes. Bitcoins, unlike the cash in your pocket, are finite, and there are currently around 10.8 million of them floating around the system. Though notoriously unstable, the average value of one Bitcoin currently stands at around 35 US dollars. Like many traditional currencies, Bitcoins even have their own symbol (compare £, $, €, etc.) and also a currency code, BTC (compare GBP, USD, EUR, etc.).

So, how do Bitcoins work? To purchase them, users go to an online exchange service where they can convert their local currency into virtual money. This electronic cash is then stored in a user account, often described as a digital wallet, which can then be used to make online purchases anywhere where Bitcoins are accepted. Bitcoins can also be converted back into conventional currency at dedicated trading sites.

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