What is Bitcoin?
Bitcoin is a new type of digital currency that was created in 2009. It has no central authority or bank, but is managed by a group of people who use cryptography to validate transactions.
Why is it important?
Bitcoin can be used as an alternative form of money for payments, online shopping and other things like sending money to friends or family members.
How does it work?
To make a transaction with bitcoin you will need to have a bitcoin wallet. This is a piece of software that stores your bitcoins. You can then send them to anyone else’s wallet. To get bitcoins you can either buy them from a vendor or trade other currencies for bitcoins.
Where do I find a bitcoin wallet?
There are many websites that offer free bitcoin wallets. They usually provide instructions on how to set up a wallet. Some of these sites also provide tutorials and tips for using the bitcoin wallet.
How do I find a bitcoin vendor?
There are many vendors that sell bitcoins. Some of them are online while others are offline. The most popular ones are Mt. Gox and Bitstamp. There are also several other vendors. You can check out their websites for more information.
How do I know if the vendor is legit?
You should check the website of the vendor before buying bitcoins from them. Make sure they are a reputable company. You should also check the reputation of the site. You can find this information by searching Google for reviews about the vendor.
What is a bitcoin exchange?
A bitcoin exchange is a place where you can buy and sell bitcoins. Some exchanges allow you to buy and sell bitcoins directly. Other exchanges will require you to transfer funds to their account first. After you transfer the funds to the exchange you will be able to buy or sell bitcoins.
What are some common bitcoin exchanges?
Bitstamp is one of the biggest bitcoin exchanges. It has a very good reputation and many people trust them. They have been around since 2011. They offer both direct trading and exchanging.
Mt. Gox is another large exchange. They also offer both direct trading and exchanging of bitcoins.
Are there any fees?
Yes, there are fees for using the bitcoin exchanges. The fees depend on the exchange. Most exchanges charge a flat fee of $5 or less per transaction. If you are selling bitcoins, you may also have to pay a small transaction fee.