What Is Bitcoin - How To Use It

Easy explanation

Crypto Currency Trader, 23.04.2020 |  0 |  343

Bitcoin is like money, it have a value and you can buy with bitcoins all things which you can also buy with money.

The amount of bitcoins, how much you have, is written into a open order book, the so called blockchain.

Everybody hoe want to owne bitcoins can open a account, a so called wallet. This account is simular like a bank account, but you dont need a bank for it, you just need somethink like a password, the so called private key. With this password you can send your bitcoins to other bitcoin accounts and it is the same like sending money from one bank account to another. But you are independent of banks and governments, nobody can block your account, it is your money and you are the only one hoe have authority about it.

Bitcoin is like a world currency, it can be used everywhere and the fees which you pay for transfer are small. If you want to send for example 1 million worth of bitcoin you can do it for example 1 dollar fee but if you would send with a bank such a big amount you would pay maybe more than 10.000 dollar fees and it would take also few days. But a bitcoin transfer can be done in couple minutes for low fees.

So overall it have some advantages against normal fiat money.