WHAT ARE BITCOINS?
To keep it simple, Bitcoins are a digital form of money that can be used to make purchases anonymously. There are currently a number of different currencies that can be used anonymously, but Bitcoins are the most well-known and widely circulated. Building upon the notion that money can be any object, or any sort of record, accepted as payment for goods and services and repayment of debts in a given country or socio-economic context, Bitcoins are designed around the idea of using cryptography to control the creation and transfer of money, rather than relying on central authorities.
HOW DO BITCOINS WORK?
Again, in the interest of keeping it simple, Bitcoins are held by any person who has purchased them off of one of the many Bitcoin exchanges on the web. They are stored in your own personal Bitcoin wallet, and can be used to purchase many things both on the Deep Web and the surface web. The basic idea of how to use Bitcoins is that if you want to purchase something from another anonymous person online, you gather that person's unique 'Bitcoin address', that can be acquired with your Bitcoin wallet account, and submit payment to them much the same way we currently use Paypal. The difference is that each payment transaction is broadcast to a network of users on the Deep Web and included in the blockchain (sort of a unique ID number chain) so that the included bitcoins cannot be spent twice. After an hour or two, each transaction is locked in time by the massive amount of processing power that continues to extend the blockchain. Using these techniques, Bitcoin provides a fast and extremely reliable payment network that anyone can use. Once the buyer receives the goods they purchased, they release the coins through the network of users on the Deep Web who are included in the blockchain.
MORE INFO:
If you are looking for more technical explanations of Bitcoins, start by checking out the Bitcoin Wiki: http://en.wikipedia.org/wiki/Bitcoin
If you are looking for links/recommendations on the various Bitcoin wallets, check out our forum area for community opinions.
**If you would like to help keep this informational website running, please consider donating a fraction of a bitcoin to 12UX95oJwt8AhoNrZZnRfJ8DRSUym1655J
To keep it simple, Bitcoins are a digital form of money that can be used to make purchases anonymously. There are currently a number of different currencies that can be used anonymously, but Bitcoins are the most well-known and widely circulated. Building upon the notion that money can be any object, or any sort of record, accepted as payment for goods and services and repayment of debts in a given country or socio-economic context, Bitcoins are designed around the idea of using cryptography to control the creation and transfer of money, rather than relying on central authorities.
HOW DO BITCOINS WORK?
Again, in the interest of keeping it simple, Bitcoins are held by any person who has purchased them off of one of the many Bitcoin exchanges on the web. They are stored in your own personal Bitcoin wallet, and can be used to purchase many things both on the Deep Web and the surface web. The basic idea of how to use Bitcoins is that if you want to purchase something from another anonymous person online, you gather that person's unique 'Bitcoin address', that can be acquired with your Bitcoin wallet account, and submit payment to them much the same way we currently use Paypal. The difference is that each payment transaction is broadcast to a network of users on the Deep Web and included in the blockchain (sort of a unique ID number chain) so that the included bitcoins cannot be spent twice. After an hour or two, each transaction is locked in time by the massive amount of processing power that continues to extend the blockchain. Using these techniques, Bitcoin provides a fast and extremely reliable payment network that anyone can use. Once the buyer receives the goods they purchased, they release the coins through the network of users on the Deep Web who are included in the blockchain.
MORE INFO:
If you are looking for more technical explanations of Bitcoins, start by checking out the Bitcoin Wiki: http://en.wikipedia.org/wiki/Bitcoin
If you are looking for links/recommendations on the various Bitcoin wallets, check out our forum area for community opinions.
**If you would like to help keep this informational website running, please consider donating a fraction of a bitcoin to 12UX95oJwt8AhoNrZZnRfJ8DRSUym1655J