What is bitcoin you ask? It’s basically internet money. You can use it to buy products and services online or to trade and convert them to your currency.
Thousands of online services accept bitcoin as an alternative mode of payment. It has been such a hot commodity since its release in 2009 that 1 unit of it right now costs $8027 (updated as of 3/18/2018). Another unit of bitcoin is called a Satoshi which is the smallest amount.
Another unit of bitcoin is called a Satoshi which is the smallest amount of bitcoin. It is 0.00000001 or one hundred millionth of a bitcoin – like cents in $US or centavos in PHP. To put it in perspective, 50 US cents right now is around 6,235 Satoshi.
What makes it so appealing other than its current value is that no one owns it. All transactions are secure and recorded in a public ledger called the blockchain for everyone to see, and your transactions are made with no middlemen so there are no banking or transaction fees. Check out the video below:
Bitcoin, Where Art Thou?
There are numerous sites where you can buy and trade them and Satoshi. If you want to start accumulating some every 5 minutes for free, Click Me!
You can also “mine” for bitcoins and satoshis using your computer. Note that you will need a powerful computer, like a gaming PC, to get good results. Your electricity bill may also go through the roof since bitcoin mining uses a lot of computing power to mine.
If you’re interested in mining, visit Eobot. They make it really easy for you to get started. You could also let them do all the work for you for as little as $10. You won’t have to worry about the high electricity costs of mining and your PC crashing.
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