WHAT IS BITCOIN?

Bitcoin is a crypto-currency and a payment system invented by a group of programmers, under the name of Satoshi Nakamoto. Bitcoin was introduced on 31 October 2008 to a cryptography mailing list, and released as open-source software in 2009. 

Bitcoin is a consensus network that enables a new payment system and completely digital currency. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin can be considered to be cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence. While there are or have been at least 110 other digital currencies, Bitcoin accounts for 77% of the market value of all digital currencies and an even higher percentage of digital currency users.

BITCOIN PRICE

Like everything, Bitcoin’s price is determined by the laws of supply and demand.
Because the supply is limited to 21 million bitcoins, as more people use Bitcoin the increased demand, combined with the fixed supply, will force the price to go up. Because the number of people using Bitcoin in the world is still relatively small, the price of Bitcoin in terms of traditional currency can fluctuate significantly on a daily basis, but will continue to increase as more people start to use it. For example, in early 2011 one Bitcoin was worth less than one USD, but in 2015 one Bitcoin is worth hundreds of US Dollars, check hear for the present conversion of bitcoin to dollar. In the future, if Bitcoin becomes truly popular, each single Bitcoin will have to be worth at least hundreds of thousands of dollars in order to accommodate this additional demand. 

WHY DOES BITCOINS HAVE VALUE?

Bitcoins have value because they are useful as a form of money. Bitcoin has the characteristics of money (durability, portability, fungibility, scarcity, divisibility, store of value, and recognizability) based on the properties of mathematics rather than relying on physical properties (like gold and silver) or trust in central authorities (like fiat currencies). In short, Bitcoin is backed by mathematics. With these attributes, all that is required for a form of money to hold value is adoption. In the case of Bitcoin, this can be measured by its growing base of users, merchants, and startups. As with all currency, bitcoin's value comes only and directly from people willing to accept them as payment.

NO CENTRAL COMMAND 

Bitcoin isn’t owned by anyone. Think of it like email. Anyone can use it, but there isn’t a single company that is in charge of it. Bitcoin transactions are irreversible. This means that no one, including banks, or governments can block you from sending or receiving bitcoins with anyone else, anywhere in the world. With this freedom comes the great responsibility of not having any central authority to complain to if something goes wrong. Just like physical cash, don’t let strangers hold your bitcoins for you, and don’t send them to untrustworthy people on the internet.

HOW CAN ONE ACQUIRE BITCOINS?

·       As payment for goods or services.

·       Purchase bitcoins at a Bitcoin exchange.

·       Exchange bitcoins with someone near you.

·       Earn bitcoins through competitive mining.

While it may be possible to find individuals who wish to sell bitcoins in exchange for a credit card or PayPal payment, most exchanges do not allow funding via these payment methods. This is due to cases where someone buys bitcoins with PayPal and then reverses their half of the transaction.

This is commonly referred to as a chargeback.

BITCOIN EXCHANGES

There are several ways to buy Bitcoin, but trusted exchanges are a great way to acquire Bitcoin. Because there are inefficiencies in the traditional banking system, exchanges will sometimes have slightly different prices. If the difference is too great, traders will buy low on one an exchange and sell high on another and close the gap. If an exchange constantly has substantially different prices than others, it is a sign of trouble and that exchange should be avoided. As with everything else, do your research and find an exchange you can trust. It’s also a good idea not to use an exchange as a wallet. Move your Bitcoin to your personal wallet so that you have control over your funds at all times. 

BITCOIN AND OTHER CURRENCIES 

Bitcoin is different than any currency you've used before, so it's very important to understand some key points. unlike government issued money, that can be inflated at will, supply of bitcoin is mathematically limited to twenty one million bitcoins, and that can never be changed.

bitcoins are impossible to counterfeit or inflate. you can use them to send or receive any amount of money, with anyone, anywhere in the world, at very low cost. bitcoin payments are impossible to block, and bitcoin wallets can't be frozen. short of turning off the entire world's internet, and keeping it turned off, the Bitcoin network is unstoppable and uncensorable.

while Bitcoin brings unparalleled freedom, it also requires increased user responsibility, but the rewards are well worth your time.

CHOOSE WALLET 

hoosing a wallet is easy, but there are lots of different options. the most important distinction is whether you control your own bitcoins just like a physical cash wallet or you have to trust someone else to hold your bitcoins for you. there are advantages and disadvantages of both approaches, but in general we think it is best for users to hold their bitcoins themselves. you can have as many different Bitcoin wallets as you want, but it's easiest to get started with a wallet for your iPhone or Android device so you will have your bitcoins with you wherever you go Choose your wallet here. 

SECURE YOUR WALLET 

There are several different types of Bitcoin wallets. but the most important distinction is in relation to who is in control of the private keys required to spend the bitcoins. some Bitcoin "wallets" actually act more like banks because they are holding the user's private keys on behalf. if you choose to use one of these service, be aware that you are completely at their mercy regarding the security of your bitcoins. Most wallets, however, allow the user to be in charge of their own private keys. this means that no one in the entire world can access your account without your permission. it also means that no one can help you if you forget your password or otherwise lose access to your private keys. if you decide you want to own a lot of Bitcoin it would be a good idea to divide them among several different wallets. As they saying goes, don't put all your eggs in one basket.

The most prominent bitcoin wallet that approves majority of the countries active and most recognized by all is Blockchain.