Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.
Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.
As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
To give someone Bitcoin, you need to have a Bitcoin wallet first. There are many different types of wallets available, each with its own set of features and security measures.
Once you have a wallet, you can get Bitcoins by purchasing them from an exchange, accepting them as payment for goods or services, or earning them through mining.
Once you have Bitcoins in your wallet, you can send them to anyone else who has a Bitcoin wallet by entering the recipient’s address into your wallet and specifying the amount you want to send. The transaction will then be broadcast to the network and should be confirmed within a few minutes.