Bitcoin is a cryptocurrency and a payment system; it is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary.
These transactions are verified by network nodes through the use of 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.
NOTE: WARNING: Sending Bitcoin to someone can be risky and you should exercise caution when doing so. Make sure you double-check the address you are sending Bitcoin to, as this cannot be reversed. There is also a risk of theft, so take extra care when transferring large amounts of Bitcoin. It is important to use a secure wallet that keeps your private keys safe and provides two-factor authentication for added security.
Sending Bitcoin to someone is very easy. All you need is their Bitcoin address. A Bitcoin address is like an email address; it’s what you give to someone so they can send you Bitcoin.
You can get a Bitcoin address from a wallet like Coinbase or Blockchain.info.
Once you have their Bitcoin address, open up your wallet and click on the ‘Send’ tab. Enter their address into the ‘Recipient’ field and enter the amount of Bitcoin you want to send them in the ‘Amount’ field.
Then click ‘Send’ and confirm the transaction. That’s it! The person you sent the Bitcoin to should now have it in their wallet.
7 Related Question Answers Found
When you receive Bitcoin from someone, it is typically in the form of a transaction. Transactions are how Bitcoin is sent from one person to another and are recorded on the blockchain. In order to receive Bitcoin, you will need to have a Bitcoin wallet.
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.
When it comes to buying Bitcoin with cash, there are a few different options available. LocalBitcoins is one option that allows you to find local buyers and sellers of Bitcoin. There are also ATMs that allow you to purchase Bitcoin with cash.
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.
Assuming you already have a Bitcoin wallet set-up and you are looking to receive a payment, there are a few things you need to know. When someone wants to send you money, they will need two pieces of information from you in order to do so: your public Bitcoin address and your private key. Your public address is like your email address – it’s what people will use to send money to you.
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.
A Bitcoin card is a prepaid debit card that can be used to spend bitcoins. There are a few different types of Bitcoin cards, but the most common is the Bitcoin debit card. These cards are issued by companies that specialize in providing Bitcoin-based financial services.
