What is a Bitcoin and how does it work ?

Many people who pay attention to the money market are convinced that Bitcoin is the new currency. Soon, that is. With the likes of Bill Gates, Al Gore and Leon Louw backing this new money, it may be sooner than later that it becomes the commonplace way to spend.

Let’s go over some of the basics when it comes to Bitcoin. If you’re not sure what Bitcoin is, you’re not alone. Bitcoin is the first decentralized digital currency, invented by Satoshi Nakamoto (a pseudonym) in 2008. You transfer Bitcoin from person to person without a bank account. Being that the transfer makes them cheaper on the fees.

Your accounts cannot be frozen either, on top of that there are no prerequisites or arbitrary limits set for you to follow. On the flip side, privacy and security issues can happen because of the currency transactions being publicly shared online. Some scripting issues that persist can make transferring difficult as well. You cannot be refunded or have them replaced and Bitcoin is not insurable. Where do they even come from? -I can hear you asking. – They come from anywhere on the internet where a Bitcoin miner application is running.
The maximum number of Bitcoins that can be mined is 21 million. It is estimated that they will have all been mined by the year 2140. There are a few ways to get Bitcoin.

Mine them with complex algorithms and super computers

Buy them at a kiosk (10 min wait) or online exchange (can takedays)

Sell a service or a product in exchange for Bitcoins

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Infographic by Shop Smart, a price comparison website