A Bitcoin is an online digital currency that is used to send payments from one to another!
Today’s post is by Troy Lowe; Vice President of Development at SafeSourcing.
A Bitcoin is an online digital currency that is used to send payments from one to another. Think of Bitcoin as a type of payment such a credit card or Paypal. The currencies price is very volatile and has had an upward trend since its creation. It has increased from around $6 in 2012 to over $600 to date.
Bitcoins are created by computers that are connected to the internet. These computers, called miners, work together to process mathematical equations called mining. Miners use software to complete these equations and are paid with Bitcoins for the processing. The Bitcoins are rewarded based on computing power so fast computing will equal more Bitcoins rewarded. The mining software is free to download and there are multiple programs to choose from.
Bitcoins are stored in what is called a Bitcoins wallet. A wallet is like a bank account and without one you cannot send or receive any Bitcoin payments. There a several types of wallets including software, that can be installed on your computer or mobile device and a web wallet that is hosted online.
Below are some companies that accept Bitcoins:
- Home Depot
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