Bitcoins (BTC) is one of the alternative currencies also known as crypto-currencies which can be used to buy goods and services in many countries all over the world. They are easy to transfer and can be sent to anyone anywhere in the world with almost no transfer fees.
What can I buy with bitcoin or crypto currencies?
These days you can buy almost anything with bitcoin! In most first world countries you can buy gas, pay for a meal at a restaurant or bar, buy clothes, cigarettes, food and pay for services. People have even sold houses for BitCoin. There are bitcoin ATMs popping up all over the world! South Africa has its first bitcoin ATM in Kyalami, Midrand! Now in South Africa many companies are accepting bitcoin.
Why bitcoin? What is the advantage?
Freedom with your own money! You can send or receive any amount of money almost anywhere in the world for very low fees. Bitcoin is accepted internationally. There are no limiting factors like banks or bank holidays. You simply have the freedom to buy, sell transfer and control your money!
What is a bitcoin wallet?
A Bitcoin, Litecoin or Namecoin wallet is software that is on your computer where you can keep your BitCoins, LiteCoins or Namecoins. It is important to remember that if you keep your “coins” in a wallet on your computer you must have a backup because if something goes wrong (computer is stolen, computer falls in the pool, hard drive crashes ect) your “coins” are lost forever! You can also password protect your wallet BUT if you forget your password there is no password recovery and your “coins” are stuck and essentially lost forever! The good part about having your own wallet is that your coins are totally under your control and are safe from any third party!
Who owns the bitcoin network?
The bitcoin network and infrastructure is not owned by anyone or any company! It is a totally decentralized network. It is similar to the internet or email, it is controlled by the people like you and me that use it. This gives us the certainty that no one can turn it off as no single company controls it!
How many bitcoins will be created?
There will only ever be twenty one million (21 000 000) bitcoins created. Which means in years to come not everyone will be able to own a full bitcoin! However bitcoins can be divided up to 8 decimal places ( 0.000 000 01 BTC ) and it is envisaged that we will use fractions of bitcoins for daily trading. This will also ensure that bitcoins don’t just lose their value as more will not be made. This idea could result in deflation as opposed to inflation…
- There will only ever be twenty one million (21 000 000) Bitcoins created.
- There will only ever be forty eight million (48 000 000) Litecoins created.
- There will only ever be twenty one million (21 000 000) Namecoins created.
You can Buy and Sell Your Bitcoins Here