a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.“bitcoin has become a hot commodity among speculators”
a unit of bitcoin.“bitcoins can be used for online transactions between individuals”
What is Bitcoin? Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation and corrupt banks. With Bitcoin, you can be your own bank.
You must download a bitcoin wallet in order to send and receive bitcoin.
Before you get a wallet you should first familiarize yourself with securing your wallet. There are two types of wallets for cryptocurrency. You can either download a wallet to your desktop or have an online wallet. I suggest to have both, and to use trusted software and trusted online wallets. For online wallets: Blockchain.info and Coinbase.
Read more about securing your wallet here: Bitcoin.org. You can also read useful information on getting started with bitcoin, as well as bitcoin wallet software for your desktop. I suggest going with Multibit. Check our forums often for new tutorials.
Bitcoin has been quickly becoming the currency of the Internet. Technology changes the world every day and cryptocurrencies are being adopted by companies all over the world. A decentralized currency ran by the people, and for the people. It can be compared to resources such as Gold because a very limited amount will ever be mined.