Bitcoin User’s Guide: Understanding the World’s First Digital Currency

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Bitcoin technology will form the basis of money in the future. What the internet did for communication, Bitcoin is doing for finance. It is introducing a fundamentally different network centric and flat system that allows users to do transactions without recourse to authority and intermediaries. It derives trust from the collaboration and computation of thousands of nodes.

When we use the term “Bitcoin” we are referring to the following:

1. Decentralized peer to peer network of money
2. Unit(s) of digital currency
3. Computer software protocol (set of programmed rules) which is the framework needed for that digital currency to exist and function.

A Bitcoin is simply a digital record in an active and growing public ledger that keeps track of who owns what within the Bitcoin system. It is important to understand that there are no actual physical bit ‘coins’, only records of ownership of units of value.

This ledger is known as a ‘blockchain’ because transaction records are recorded in groups known as ‘blocks’ and the blocks are chained together. When a Bitcoin is sent from one person to another it does not actually move anywhere, there is only an alteration in the ledger’s ownership record for that ‘coin’.

Bitcoin Is the first blockchain. Bitcoin is the largest open global blockchain that exists today. Bitcoin is the first borderless, transnational, open system of access for financial payments and trust that enables innovation without permission with high resistance to censorship, coercion, and geopolitical manipulation. Bitcoin is a mathematical proof system that is fundamentally neutral to participants. It exhibits a principal that on the internet we call ‘net neutrality’ and brings that to finance.

With a market cap now over $10 Billion, and new users each day, the Bitcoin network is growing in usage and application. The list of high profile merchants and business includes Amazon, PayPal, Whole Foods, WordPress, Target, Tesla, Dell etc. and more companies continue to accept the currency every day. Those who embrace and learn to survive and thrive in this new world of digital currencies will become the movers and shakers of the future. So, those businesses and individuals who wish to stay ahead of the pack should endeavor to learn as much about it as possible.

It is my sincere hope that this book will help you to gain the valuable insight you need to help you along your upcoming Bitcoin journey.

Product Details

  • File Size: 2899 KB
  • Print Length: 116 pages
  • Simultaneous Device Usage: Unlimited
  • Publication Date: May 27, 2016
  • Sold by:  Amazon Digital Services LLC
  • Language: English
  • Text-to-Speech: Enabled
  • X-Ray: Not Enabled
  • Word Wise: Enabled
  • Lending: Enabled
  • Enhanced Typesetting: Enabled

Bitcoin Explained - A Simple Explanation - Easy To Understand Bitcoin Explained Video

Bitcoin Explained - A Simple Explanation - Easy To Understand Bitcoin Explained Video
How to make money with Bitcoins.
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Bitcoin is a new form of currency that seeks to change how online business is done.

Understanding Bitcoin

Why would you even bother using bitcoin? Isn't regular money enough? Well in some ways bitcoin can help people transfer funds easily in the digital realm.

First off Bitcoin is decentralized, there is no overarching controller of the currency, the information about the transactions are held by everyone in the network. Next bitcoin transactions are recorded anonymously. This means that people can see that bitcoins are being traded, but the recorded transaction does not have a name attached. Lastly bitcoin is a worldwide currency and has a constant rate between countries. This allows people regardless of borders to trade funds easily.

Bitcoin is a digital currency that exists almost wholly in the virtual realm, unlike physical currencies like dollars and euros. A growing number of proponents support its use as an alternative currency that can pay for goods and services much like conventional currencies. Bitcoin is the first and easily the most popular cryptocurrency, or currency that uses cryptography to control its creation, administration and security.

Bitcoin was set up in 2009 by a mysterious individual or group with the pseudonym Satoshi Nakamoto, whose true identity is yet to be revealed and who left the project in 2010. It rocketed to prominence in 2013, when the value of a Bitcoin soared more than 10-fold in a two-month period, from $22 in February to a record $266 in April. At its peak, based on more than 10 million bitcoins issued, the cryptocurrency boasted a market value of over $2 billion.

Definitions and Key Concepts

1 Cryptography refers to the practice and technique of using encryption for secure communication and transmission of data and information.

2 In a P2P network, a group of computers is connected to enable the sharing of resources and information by users, and there is no central location for the network. This is diametrically opposed to a typical client-server network, where the central server controls the level of access by users to shared network resources. Popular applications of the P2P concept are Skype and file-sharing services such as BitTorrent.

3 Bitcoin mining refers to the computationally-intensive task of generating Bitcoins. While any computer can be put to the task of Bitcoin mining by using a free mining application, in reality a great deal of computing power is required to solve the extremely complex algorithms involved and to share those solutions with the entire Bitcoin network. The mining process is quite complicated and involves advanced concepts such as cryptographic hashes and nonces.

In simple terms, Bitcoin miners use powerful computers to track and compile pending Bitcoin transactions every 10 minutes into a new block. These miners then set to work doing the intensive number-crunching required to verify all the transactions in the block. This is a competitive process, and the first miner to solve the algorithms and verify the transactions transmits the results to the entire Bitcoin network. Upon confirmation by the rest of the network, the block is then added to the block chain. Each block includes a certain number of Bitcoins in a "coinbase" transaction that is paid out to the successful miner. This reward was set at 50 Bitcoins when the system first commenced operations in 2009, but was halved to 25 Bitcoins in November 2012, and will reduce by 50% approximately every four years.

4 Public key encryption combines a public key and a private key. While the public key is available to anyone, the matching private key is stored securely in the digital wallet and is generally password-protected. Each Bitcoin transaction is signed by the private key of the initiating user, providing mathematical proof that it has indeed originated from the owner of the address, and preventing the transaction from being altered once it has been issued. Since the key pair is mathematically related, any data or information encrypted with a private key may only be decrypted or deciphered with the corresponding public key and vice versa.

5 Double-spending means spending the same digital currency twice, something that is impossible with physical currencies


Bitcoin has made significant progress in its adoption and usage since it was unveiled in 2009. Its evolution over the next few years will determine whether this leading cryptocurrency will become an integral part of the global financial system, or whether it is destined to remain a niche player.

How to make money with Bitcoins.
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Bitcoin Explained - A Simple Explanation - Easy To Understand Bitcoin Explained Video

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