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Bitcoin is a virtual, digital currency with a real value. Can you imagine a financial system without any delays, no fees or hidden costs, able to surpass any country borders without limitations? A system that doesn’t require logging to your bank account or typing in your card number?
A system, which operates 24 hours a day, 7 days a week without any banking system or any other government supervision? A system, that ensures transaction anonymity and maximum security, so only you have the acces to the information about your funds and transactions? That’s what bitcoin is.
Using bitcoins doesn’t require any highly sophisticated technical skills. Actually, you will get to know that using bitcoin is even easier than online banking or paying with your credit card. Millions of people have already decided to use bitcoin and the numbers are rapidly growing with each passing day. If so, it can’t be complicated.
In order to make payments with bitcoin, you need to buy some bitcoins of your own. The easiest and fastest way to get your bitcoins is getting them at an online exchange website. You will receive your bitcoins to the bitcoin address you specify. Where to store a virtual currency? You keep your cash in your wallet, same applies to bitcoin. The difference is, that a bitcoin is an application installed on your pc or an account in one of the wallet-providing services like the popular blockchain.info. The second method allows you to acces your bitcoins from any place, all you need is a device with internet access.
Your traditional wallet doesn’t have an addres, that’s obvious. Your bitcoin wallet does. Using an analogy to a traditional bank account number, your bitcoin wallet address is exactly the same thing. If you want to receive some bitcoins from a friend, you need to give him your wallet adress. To make things even simpler, you can even generate a QR code with your wallet’s data. Sticking up with the previous analogy, bitcoin wallet adress = bank account number. But there’s a catch – you can have any number of bitcoin adresses. You can generate a new, unique bitcoin address for each transaction. This way, you further ensure your anonymity. All the payments you receive to the adresses you’ve generated will be summed up and available in your wallet, there will be no need for merging them manually.