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Bitcoin Is A Digital Currency

Digital currency means that it is created and stored electronically; Bitcoins are not minted or printed like traditional currency such as the U.S Dollar, Euro, or Japanese Yen, they are mined. Mining bitcoin is done by connecting computers that run special software to the network. They solve mathematical problems and as a reward for solving these problems they receive Bitcoin

Bitcoin can be used to by things just like fiat currency so in that sense, it is the same as the U.S Dollar, Euro, or Japanese Yen. However, where Bitcoin is unique to any other currency is that it is decentralized. This means that no single country or money institution controls Bitcoin. For most people that is a big plus because it is a fact that today when you deposit your money in the bank, you no longer have control over it, they do.

how bitcoin works infographics

 

Who Invented Bitcoin

Bitcoin was invented by an anonymous person that calls him self Satoshi Nakamoto. He wanted to solve the problem of being able to make a transaction electronically between two parties,  almost instantaneously and with out the need for trust.

What does Decentralized mean?

It means that Bitcoin is not controlled by a country or a institution. Every computer that is connected and mining Bitcoin makes up the network. Which means that there is no central place with a monetary policy that can disrupt or influence the Network. It also means that accounts can’t be frozen, like we have seen in recent time with banks in Greece. There are thousands of computers connected to the network all over the world, and if part of that network goes offline the Bitcoins still keeps flowing.

Is Bitcoin really anonymous?

The answer to that question is both yes and no. Some bitcoin wallets unlike bank accounts can be set up in minutes with no need for KYC’s (Know Your Customer). However, many wallets have gone more mainstream and require ID. You can open as many wallets with different companies as you want, there is no limit. We recommend that you do you due diligence just by checking them out on Google.

Bitcoin is transparent

Every transaction placed is stored on a general ledger called the Blockchain.  You can confirm that Bitclub Network is one of the ten biggest mining companies in the world by checking Blockchain.

Investing in Bitcoin is the single most transparent investment opportunity that we have ever experienced. There is an old saying “the numbers don’t lie” so we invite you to check out the numbers with any third party company like Blockchain or Bitcoin Chain

Bitcoin is inexpensive

Banks will charge you up to USD$50 for a single transaction and companies like Western Union up to 30% of the total amount. Bitcoin transactions are generally free or fractions of a percent. The only time it will cost you to use bitcoin is when you are buying or selling bitcoin for cash. Once you have your bitcoin it’s easy sailing.

Bitcoin is fast

When you send Bitcoin to someone it arrives in seconds or minutes later as there are no intermediaries.  It is as quick as sending an email.

Bitcoin transactions can’t be undone.

Once you send bitcoin to some one else you can’t get them back unless that person sends them back to you

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