Bitcoin in a Nutshell

What is Bitcoin

Bitcoin is a digital currency or cryptocurrency. It is similar to ordinary money, like the Zambian Kwacha, US Dollar or UK Pound. That is, it has no hard inner worth, only the worth assigned to it by the holder. Unlike national currencies, however, Bitcoin is issued by private entities. For the Kwacha and Dollar, the respective country's national bank stands behind the currency. This is not the case with Bitcoin. And another big difference between conventional currencies and Bitcoin is, you can't hold a Bitcoin in your hands, it's purely digital, not physical.

How do you get some Bitcoins?

Bitcoins can be bought for cash from individuals or online on a cryptocurrency exchange. You can also get Bitcoins by accepting it as payment for goods and services. Or, you can generate Bitcoin yourself through Bitcoin mining.

What do I need to do to starting receiving Bitcoins?

First and foremost you need to acquire a Bitcoin digital wallet. A digital wallet is just like an online bank account. There are many different types of wallets: mobile wallets, desktop wallets, web-based wallets and hardware wallets. It is always better to have more than 1 wallet for better security and convenience. i.e a mobile wallet for receiving payments and a desktop wallet for storing your Bitcoins.

What can I use Bitcoin for?

Bitcoin is electronic money, so it is accepted by thousands of people plus many online and offline businesses. Thus you can use Bitcoin to pay for goods and services. You can also use Bitcoin to send money to friends and family.

Last but not least, Bitcoin can be held as an investment just like Stocks.

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