What is bitcoin?
So, what is a Bitcoin wallet ?
A Bitcoin wallet is a service that holds your Bitcoin for you. Unlike bands, Bitcoin wallet firms don't generally invest the money you deposit with them. But there's a catch -- Bitcoin wallets don't have the FDIC (Federal Deposit Insurance Corp.) backing that insures American's bank deposits up to $100,000.
How to mine Bitcoin?
Finding the Bitcoin solution involves an incredible amount of processing power, and so users of ten band together in "pools" in order to find the solution and to ern Bitcoin more regularly.
How much a Bitcoin worth ?
In 2012, the exchange rate for 1 Bitcoin = $10 April 4, 2013 = $140 April 10 = $234
Is Bitcoin legal?
In the US, the answer is probably yes, but it still depend on what state you're in. Doing something illegal with Bitcoins---like bringing someone of buying drugs -- is still illegal.
Why Bitcoin? Why do people use Bitcoin?
People seeking privacy in their financial transactions-- for legitimate or illegitimate reasons -- might also use Bitcoin because it's more anonymous that financial transactions using credit or debit cards.
How many Bitcoin are there?
The Bitcoin foundation states that there will never be more tahn 21 M Bitcoin at a time. That could create problem for the currency, however, becasue people might sit on their Bitcoins rather than buy things with them, hoping that they appreciate in value?
How do I convert dollar to Bitcoins ?
The major Bitcoin exchanges don't accept credit cards-- because that whole anonymity problem-- so instead, youre concourage to purchase Bitcoin by adding your bank account information to a site like Coinbase, and transferring money that way. You can also get Bitcoin by using your phone, the virtual program Second Life, wire transfer, or at a cash deposit location like CVS.
What can you buy with them?
You can buy anything from any company that accepts Bitcoins as currency. --- Bitcoin offers the potential for a censorship-resistant currency. One of more popular uses for bitcoin, however, seems to be the purchase of illegal drugs, because like cash the transactions are harder to trace, but like cash they can take place over long distances
A Bitcoin is a unit of currency, launched in 2009, that only exists online and isn't controlled by any kind of central authority, like US Federal Reserve.
You can send Bitcoins to anyone who has a web connection (or hand some one your hard drive cotaining the currency.)
How Bitcoin stored?
You hold on to Bitcoins by setting up a virtual wallet, either on your computer-- Although storing you Bitcoin wallet only on your computer is about as secure as stuffing hundred dollar bills under your mattress....
The question is......?! "When you're talking about normal American consumers, is there anything legal they can get with Bitcoin that they can't get with dollars or with their credit card? "
the answer is "No"
Who Invented Bitcoin?
Bitcoin's founder is Satoshi Nakamoto, which is a *Pseudonym*. Nakamoto "released Bitcoin to the world at the beginning of 2009, but said he had been working on it since 2007,"
Where do Bitcoin come from?
New Bitcoins are created in a process called "mining," which involves Bitcoin users attempting to figure out a complex mathematical solution related to the cuttent number of Bitcoins. Like finding a missing piece of a puzzle. Whomever finds the puzzle piece wins a certain number of Bitcoins, and the process starts all over again.