What is Bitcoin – Definition for Beginners

Bitcoin values skyrocket!  Bitcoin drop slightly!   Now it’s up in trading again!  We’ve all heard these news headlines, but what does it mean?  What is bitcoin, anyway?  Some analysts say to buy, buy, buy.   Others are saying “get free bitcoins”.   Why all the controversy?  What is the definition of “bitcoin” that we are suddenly hearing so much about?  I will explain this and also how to get free bitcoin.  What is the definition of bitcoin?  Let me try to explain, in terms we all can understand.  I believe this will be a little confusing at first.  However, I will break it down for you.  .

Databases

Until now,  all information that flows through the internet has been stored in huge databases.  A database is a really huge computer system and there are many of these throughout the world.what is bitcoin However, the databases are a very easy target for those who are in the business of hacking into systems and stealing information

Blockchain

Blockchain is a new system of storing information that flows through the internet.  To begin with, the blockchain works opposite of how the database works.  Therefore, it is practically impossible for anyone to hack into the system and get our private information.  You see, the blockchain uses computers that are spread all over the world.  Therefore, there is no central point for a hacker to attack, unlike the database system we have used and are still using. All information that enters the blockchain is processed and updated every 10 minutes. Each 10 minute time interval is called a “block”.

What Is Bitcoin

Bitcoin is a cryptocurrency, also known as digital currency, that is created and distributed by the blockchain.  To me, this is where it gets confusing.  At first thought, we might feel like we don’t need to think about it.  After all, we have our regular money to use.  However, very soon we will all be in a position to need, and want cryptocurrency.  First of all, there are already businesses online that will accept payment in Bitcoin.  Of course, they will take the US Dollar too, but what if I told you there is a way to get free bitcoins?  There is and I’ll get back to that in a minute.

Further explanation of Bitcoin

Bitcoin is not a physical coin that you can put into your pocket. It is a digital currency.  Actually, I try to think of it like this.  Let’s use a debit card for example.  You know there is money what is bitcoindeposited into your account.  It’s not in your pocket and you cannot look at it.  However, you know it is there.  Therefore, you take your debit card and go buy things with it.  The money is withdrawn from your account without you ever seeing or touching it.

That is how bitcoin works.  Like I said, you cannot touch it or put it in your pocket.  However,  all you need is an online “wallet” to store and manage your bitcoin in. This wallet works just like your bank account.  Bitcoin is deposited, used to buy products and services, invested and also withdrawn and changed into currency, the US Dollar.  When you think of it in these terms, it’s pretty simple.

Also, 1 bitcoin is divided into 1 million pieces, or coins, which is similar to one US dollar being divided into 100 pennies.  What is bitcoin?  First of all, I believe you have a pretty good idea what bitcoin is by now.  If you read this a few more times, you can probably easily explain it to your family and friends.

Get Free Bitcoin

Let’s get back to the “FREE BITCOIN” I mentioned earlier.  Remember when I was explaining the chain of computers that process and store all the information and make up the blockchain? Thankfully, we are all being given the opportunity to allow our personal computers to become a part of the blockchain.   When we sign up our computers to be a part of the blockchain, our computer is called a “node”.  This is where the free bitcoin comes in.  As an incentive to sign up your computer, you are givwhat is bitcoinen a thousandth of a bitcoin.

All you need to do is install the blockchain program on your computer.  It is absolutely harmless and it runs in the background when you are not using your computer.  GUARANTEED no virus or other problem with this program. I downloaded it on my computer a month ago.  You don’t even know it’s there, except for the fact that as the program continues to run you earn more free bitcoins.

Sign up others to earn even more

Computta, the company responsible for the blockchain and who is issuing the free bitcoin, has created a way for us to earn even more free bitcion.  Simply explain this to your friends, family, co-workers or anyone and have them sign up their computer.  You will earn more free bitcoin for each person who signs up.

GO HERE to download the blockchain program and get your FREE BITCOIN.

To Learn More about Bitcoin, the Blockchain, Cryptocurrency and where you can get your own Wallet, you can check out these other pages on my site:

Blockchain Details:  Get an education from our blockchain details and information page.  We have compiled a resource page to help anyone to get a grasp of what this is.  More importantly what it all means.  We also have resources on how you can benefit from the blockchain.  Get informed here:

Cryptocurrency Information and Support: We have a beautiful resource page created to explain and inform you about Cryptocurrency.  You will also gain resources to an amazing solution for a Crypto Wallet and System for purchasing and exchanging Cryptocurrencies.  See the information here:

Cryptocurrency Mining: While you can go “all-in” and become a Cryptocurrency Miner.  You can learn about mining for BTC, ETH, or any of the various Cryptocurrencies.  Or you can literally follow the easiest system to date by joining in our Mining Community to turn your non-used time and resources on your personal computers into Micro-Mining machines allowing you to earn BTC (Bitcoin).  Start earning Cryptocurrency Here:

CRYPTCURRENCY WALLET:  We have the only blockchain Wallet you will ever need. Not only can you become an accredited investor for purchasing ICOs; but end users of Crypto-Currency can have access to the best and most available Blockchain Wallet for the Cryptocurrency Phenomenon.  Get your OMINEX Wallet here