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Bitcoin is a distributed peer-to-peer digital currency that can be transferred instantly and securely between any two people in the world. It's like electronic cash that you can use to pay friends or merchants. How bitcoin works under the hood http: Bitcoin is one of the first implementations of a concept called crypto-currency, which was first described in by Wei Dai on the cypherpunks mailing list.
Building upon the notion that money is any object, or any sort of record, accepted as payment for goods and services and repayment of debts in a given country or socio-economic context, Bitcoin is designed around the idea of a new form of money that uses cryptography to control its creation and transactions, rather than relying on central authorities.
In , the first Bitcoin specification and proof of concept was published in a cryptography mailing list by a member under the pseudonym of Satoshi Nakamoto. Towards the end of Satoshi left the project saying he had moved on to other things. The creator of Bitcoin never revealed his identity and simply left his invention to the world. The origin and the motivation behind Bitcoin is still today a great source of mystery. Since , the Bitcoin community has grown with many developers working on the project.
During June and July , Bitcoin suddenly gained media attention leading to a massive buy rally. The price is determined on several markets exchanges as buyers and sellers are matched and swap bitcoin for other currencies. This has made it popular with investment speculators, despite its primary use as a currency. Google has the current rate. Today, the Bitcoin economy is developing quickly with new users and merchants joining every day, including Dell, Expedia, Overstock, Newegg, Cheapair and many local shops on Coinmap.
In Bitcoin ATMs became available — usually allowing the purchase of bitcoin with cash, and sometimes allowing the 'withdrawal' selling of bitcoin to get cash. These rules are enforced collectively by the network.
While they will not change for Bitcoin, other digital currencies using the same technology may change them to suit their needs. The network has been running for more than 45 months, yielding some impressive security features. There has been especially significant growth over the last year. As of February , here are some statistics.
The three basic steps to start using Bitcoin are as follows: Can I get any free coins? Not in a large quantity though, small amounts for testing through 'faucets' — http: Can I purchase Bitcoins with Paypal or credit card?
As transactions can be reversed credit cards but not with Bitcoin, it will be unlikely you will find many traders willing to take the risk. WeUseCoins — Good place to start — https: Which wallet you choose depends on how you are planning to use it — i.
Here are the simplest options:. Hive wallet — Mac, iOS and Android — simple to use https: Online wallets are web-based and you rely on the host to keep your wallet secure. Some have mobile clients but your wallet is still stored online. Bitcoin Wallet — https: Hardware wallets store your coins in cold storage. Hardware wallets have an advantage over regular cold storage since the private keys are internally stored on the trezor device and only actual transactions are broadcast — eg. All transactions are completed on the trezor device itself and then it will broadcast only the completed transaction.
Trezors can even be used on fully compromised machines and you'd still be protected. BTC Markets — https: Buy Bitcoins today via POLi and bank transfer. Also trade Ethereum and Litecoin. Independent Reserve — https: You can find a full list of Australian exchanges here: Pooled mining explained — https: Find them here — http: Bitcoin is not recommended by or affiliated with Whirlpool, this is simply a guide for those that are interested in learning more.
Technical features These are the basic features of Bitcoin Bitcoins can be transferred between arbitrary 'accounts' addresses on the network. The network is spread around the world on many bitcoin computers — a bit like the world wide web — there is no organisation, bank or company that runs the whole thing Once a transfer is made, there is essentially no "charge-back" fraud possible, unlike credit cards The holder of the addresses transfers funds using a special code like a PIN called a private key Addresses and private keys are kept together in software called a 'wallet' Transactions are irreversible — like handing someone cash Double spending is prevented by using a blockchain public ledger.
Transactions are broadcast within seconds can usually be used within seconds and verified within 10 to 60 minutes — e. Mining also secures the network. Transactions can be received at any time regardless of whether your computer is turned on or off. Transactions can even be sent to a 'paper wallet'. A paper wallet is an address and private key like a PIN written on paper, instead of in a computer. Fees are tiny e. It's possible to send a transaction without a fee but it may take a couple of days to go through The fact that a transaction went through can be verified by anyone, and cannot be forged without the sender's private key The basic unit is called the 'bitcoin' BTC or XBT.
However unlike dollars and cents, it can be split up into a million 'bits', with satoshis. The smallest payment is therefore a tiny fraction of a cent. Economic rules These rules are enforced collectively by the network. Hard limit of about 21 million bitcoins. Bitcoins are divisible to 8 decimal places yielding a total of approx. Transactions are cheap, and mostly free. Statistics The network has been running for more than 45 months, yielding some impressive security features. Long block chain more than , blocks.
A very detailed guide to get you started is here — https: Here are the simplest options: Buy Bitcoins in Australia CoinLoft — https: Easy to use https: Exchanges BTC Markets — https: