What is Bitcoin

New to Bitcoin? At Best Bitcoin Blackjack, we will answer the most commonly asked questions about the virtual currency; including the most basic question of them all: “What is Bitcoin?”

We are here to help you understand everything you need to know about the “trending” virtual currency. No longer do you need to search for other sites to look for answers. We will explain what Bitcoin is, how it works, and other essential facts about this digital currency.

What is Bitcoin?

Bitcoin is peer-to-peer, decentralized crypto-currency and was introduced in 2009 by a pseudonymous developer named Satoshi Nakamoto. It has no central authority and has also a finite number of bitcoins, with a limit of 21 million set to be reached by 2014. The virtual currency has shot to prominence after its value increased by up to 1000% since the start of the year.

Where do Bitcoins come from?

Since Bitcoin has no central authority, the next question that comes in your mind is, “Who keeps track of its transactions?” Bitcoin is an open source, peer-to-peer network where every user has access to its transaction data known as the “block chain.” These users help to process and verify this data by providing raw computing power, and get rewarded with new bitcoins for their service. This process is called “Bitcoin mining.” With every new bitcoin generated, it becomes more difficult to generate the next one, which basically slows down the generation process.

Can I buy Bitcoins directly?

Yes. The most popular way to do so is via Bitcoin exchanges such as Mt. Gox and Coinbase. Sellers can also be found directly online or even meeting them in person.

What can I buy with Bitcoins?

Due to its growing popularity, you can almost buy anything from thousands of online shops accepting bitcoin. You can buy computer hardware, domains, a popular electronic product, or even a freelancer for his service! The list is growing every day; all you have to do is get your Bitcoin wallet and get started with bitcoins.

“What is Bitcoin?” is definitely the most common question asked by newbies and starters alike. You can do a lot of things with this premier cryptocurrency. Know more about how to play Blackjack with Bitcoin. However, if you’re armed with the right set of information, you will get the concept in no time.