Introduction
Bitcoin is a new form of internet currency. It allows for person-to-person payments that doesn't use a third party like a bank. Bitcoin is an experimental, decentralized digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: managing transactions and issuing money are carried out collectively by the network. All Bitcoins are digital. You need only your PC or mobile phone to use Bitcoins. There are no physical coins or bills.
The total number of Bitcoins in existence will never exceed 21 million. Bitcoins are created each time a user discovers a new block. The rate of block creation is constant over time: about 6 per hour. The number of Bitcoins generated per block is set to decrease with a 50% reduction every 4 years. This was chosen because it approximates the rate at which commodities like gold are mined. Users that search for bitcoins are therefore called miners.
One Bitcoin is divisible down to eight decimal places. There are really 2,099,999,997,690,000 maximum possible units (satoshi's) in the bitcoin design. The value of 1 BTC represents 100,000,000 of these. As the value of the unit of 1 BTC grows too large to be useful for day to day transactions, people can start dealing in smaller units, such as milli-bitcoins (mBTC) or micro-bitcoins (μBTC).
| Abbreviation |
Pronunciation |
Decimal (BTC) |
| MBTC |
Mega-BitCoin |
1,000,000 |
| kBTC |
Kilo BitCoin |
1000 |
| hBTC |
Hecto-BitCoin |
100 |
| daBTC |
Deca-BitCoin |
10 |
| BTC |
BitCoin |
1 |
| dBTC |
Deci-BitCoin |
0.1 |
| cBTC |
Centi-BitCoin |
0.01 |
| mBTC |
Milli-BitCoin |
0.001 |
| μBTC |
Micro-BitCoin |
0.000001 |
| Satoshi |
Satoshi |
0.00000001 |
Current exchange rates:
| 1 BTC=USD |
1BTC =EUR |
1BTC =GBP |
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Calculate your own currencies here
Create Your Own Wallet
In order to get started you first will have to create a wallet, your bitcoin wallet is your bank account, and you don't need any permission or paperwork to start using bitcoin. The wallet will create an address for you. This is basically a private/public key pair with the shown address being the public part. Now people can send bitcoins to this address.
A wallet can be created here:
- Coinbase
- Blockchain
- Armory
More information on wallets, keeping your bitcoins secure and creating backups in the wallet section.
Get yourself your first Bitcoins for Free!
A lot of sites give away free bitcoins, not huge figures but it all adds up :-) Check more here!
Earn bitcoins
You can also earn bitcoin by visiting websites, fill out surveys, watching videos and a lots of other uppertunities. more here.
Buying Bitcoins
A lot of places offer bitcoins. Check where you can safely buy Bitcoins: Here
Mining bitcoins
Ofcourse like mining gold, you can also start mining Bitcoins yourself.
Click here for Mining yourself.
How to spent your bitcoins?
Just like normal money you can spent in the number of shops accepting Bitcoins are growing daily.
- Shops
- Gambling
- XXX
- Marketplaces
- Donate
