Understanding Bitcoins

by mikeisme 2 replies
Bitcoin is a digital currency. It is open-source and decentralized which means it isn't owned by any government or controlled by any bank.

Nothing can be hidden/manipulated due to how transactions are verified on a sort of global spreadsheet called the "Blockchain" (trying to keep things super simple but if you want to read the ins-and-outs you can find the full "bitcoin white paper" which goes into depth in how transactions are confirmed and "minded") in which 1000s of computers verify each purchase transaction and bitcoin send on the network.

This means that essentially this spreadsheet is duplicated and synced live all around the world by 1000s of people - similar to a peer-to-peer system which has no focused centralization to control (or manipulate) it.

You can send bitcoin from your computer, tablet, smartphone or other devices, to anyone, anywhere in the world, day or night.

The transaction fees are either 0% or a tiny fraction compared to the cost of a credit card payment or a bank transfer (especially internationally). And the time taken is dramatically reduced - on average, a transaction completes in 20-30 minutes (once it has been verified).
#off topic forum #bitcoins #understanding
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  • Profile picture of the author Jessica Amboos
    Thanks for this info. I was wondering what bitcoins meant. I encountered that word from a worker on our site who is saying that her employer is asking her to send money thru bitcoins. We don't allow jobs that require money transfers at OnlineJobs so we downgraded that employer's account.
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