What is Bitcoin?

Bitcoin is the best embodiment of peer-to-peer electronic cash. It Is one of many cryptocurrencies that is founded through a combination of cryptography, computer networking and open source software. It was created by an anonymous entity known only as Satoshi Nakamoto. Through bitcoin, it is possible to send electronic cash via the Internet or through many innovative means electronically without a third party.

Unlike other digital currencies, Bitcoin stands out as unique because of its tamper and censorship-resistance. Its main feature is an immutable digital ledger that is also known as the blockchain. This digital ledger is secured through cryptography and ensures that transactions are not prone to double-spending or other network attacks.

The immutable and decentralized ledger is made available to every Bitcoin client with a full node. This adds another layer to its security.

How to get free Bitcoins?

One of the best ways to get bitcoins is through work or business. If you are an online seller, you can opt to use bitcoins as a mode of payment for your goods.

Another way is through promotions. Some websites offer free bitcoins if you join their websites and their promotions.

Finally, you can sign up and register on this website, to do microtasks in exchange for bitcoins. These microtasks are so easy that you can finish quite a number of them within a short period of time. What are you waiting for? Register and sign up, to get started with earning your free bitcoins now!

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How does Bitcoin work?

The way that Bitcoin works is a technological marvel. One of the main problems for centralized digital money is that once a centralized server is compromised, the records for how much money each person has is also compromised.

Bitcoin works because most people, if not all, who use Bitcoin have a copy of the decentralized ledger. This decentralized ledger is secured by cryptography. If a hacker wants to change the balance in his wallet, he would have to change all the records across all computers that have a copy of the blockchain.

The record of a Bitcoin transaction is also validated by full nodes (computers or devices that have a complete copy of the blockchain) before they are broadcast and become part of the blockchain.

How to use Bitcoin?

It depends on what category or tier of user you want to be. The casual Bitcoin user, simply wants to send and receive bitcoins. For this level of user, they can opt to use low level security web wallets.

More sophisticated and security conscious users can use medium security desktop wallets or phone apps.

High security, high value users, custodial services and exchanges can opt to use cold wallet storage facilities and device specific wallets such as Ledger Nano.

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