Month: December 2017

Satoshi Nakamoto is the name used by the unknown person or people who designed bitcoin and created its original reference implementation. As part of the implementation, they also devised the first blockchain database. In the process they were the first to solve the double-spending problem for digital currency.” (from Wikipedia)

Bitcoin is a “Peer-to-Peer” digital currency, which means individuals can transfer Bitcoin to and from their digital wallets without fees or regulation by banks or governments.  Since Bitcoin is available globally, it is outside of the fiat currency controls of any one government.

This is why most bankers and Governments openly criticize Bitcoin  – They can’t control or make money from it.

Here are some books on Bitcoin, for more detailed reading (much more detailed than this blog):

 

Bitcoin is unique in that all participants in the currency have access to the ledger that records all the transactions, known as the “Blockchain”  “A digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly.” – From Google Dictionary.  “We can actually have a look at the blockchain and see evidence of what’s going on”.

Bitcoin: The Ultimate Beginner Through Advanced Guide on Everything You Need to Know About Investing in Bitcoin, Blockchain, Cryptocurrencies, … Future of Finance

Now that we have a base understanding of Bitcoin and the Blockchain, You can get your own digital wallet (even if you don’t have Bitcoin – yet).  My preferred method is Coinbase. Here is my referral link: Bitcoin & Ethereum Wallet.  This link sends you to a Bitcoin sign up page. (Pardon my shameless promotion).

Coinbase allows you to link your bitcoin to your traditional credit card and bank accounts, and will sell you Bitcoin directly – and allows you to sell your Bitcoins with the Coinbase wallet or application.