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What is bitcoin ?
Bitcoin is the first decentralized digital
currency.
Bitcoins are digital coins you can send through
the internet.
Compare to other alternatives
Bitcoins have a number of advantages:
Bitcoins are transfered directly from person
to person within the net
without going through a bank or a clearing
house.
This means that the fees are much lower.
You can use them in every country.
Your account cannot be frozen.
and there are no prerequisits
or arbitrary limits.
Let's look at how it works:
Bitcoins are generated all over the internet
by anybody running a free application
called a "bitcoin miner".
Mining requires a certain amount of work
for each block of coins.
This amount is automatically adjusted by the
network
such the bitcoins are always created
at a predictable and limited rate.
Your bitcoins are stored in your digital wallet
which might look familiar
if you use online banking.
When you transfer bitcoins
an electronic signature is added.
After a few minutes, the transaction is verified
by a minor and permanently and anonymously
stored in the network.
The bitcoin software is completely open-source
and anybody can review the code.
Bitcoin is changing finance
the same way the web changes publishing.
When everyone has access to a global market,
great ideas flourish!
Let's look at some examples
of how bitcoins are already used today:
You can purchase videogames,
gifts,
books,
servers,
and alpaga socks!
Several currency exchanges exist
where you can trade your bitcoins for dollars,
euros and more.
Bitcoins are a great way for small businesses
and free-lancers to get noticed.
It doesn't cost anything to start accepting
them,
there are no charge banks or fees,
and you get aditionnal business
from the bitcoin economy.
01:37 → 01:39 For your first bitcoins and more information
visit weusecoins.com.