ARE ALREADY HERE AT YOUR FINGERTIPS
Bitcoin is a form of digital currency, it is decentralized, and created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars, rands or euros – they’re produced by lots of people running computers all around the world, using software that solves mathematical problems. These people and their computers are called ‘bitcoin miners’. It’s the first example of a growing category of money known as cryptocurrency.
Bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.
Bitcoin was invented by anonymous user ‘Satoshi Nakamoto’, who published his invention in 2008, and released as open-source software in 2009.
Satoshi Nakamoto proposed bitcoin as an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.
No one. This currency isn’t physically printed in the shadows by a central bank, unaccountable to the population, and making its own rules. Those banks can simply produce more money to cover the national debt, thus devaluing their currency. Instead, bitcoin is created digitally, by a community of people that anyone can join. Bitcoins are ‘mined’, using computing power in a distributed network. This network also processes transactions made with the virtual currency, effectively making bitcoin its own payment network. The Bitcoin protocol – the rules that make bitcoin work – say that only 21 million bitcoins can ever be created by miners. However, these coins can be divided into smaller parts (the smallest divisible amount is one hundred millionth of a bitcoin and is called a ‘Satoshi’, after the founder of bitcoin).
Conventional currency has been based on gold or silver. Theoretically, you knew that if you handed over a dollar at the bank, you could get some gold back (although this didn’t actually work in practice). But bitcoin isn’t based on gold; it’s based on mathematics. Around the world, people are using software programs that follow a mathematical formula to produce bitcoins. The mathematical formula is freely available, so that anyone can check it. The software is also open source, meaning that anyone can look at it to make sure that it does what it is supposed to.
Once you have decided to start using Bitcoins, you need to get a unique bitcoin address or wallet to store your bitcoins. Your bitcoin wallet address more similar to a bank account, people will send bitcoin to your bitcoin wallet address. You can share or publish your bitcoin address so that people can send you money at that address.
NOTE: There's a Bitcoin Wallet (more like a bank for your bitcoins) and Bitcoin Address ( as an account number to where you receive your bitcoins/e-mail address)
On the there are many bitcoin exchange platforms that offer bitcoin wallets. We currently recommend you to use coins.ph, luno.com and blockchain.info
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