Bitcoin Explained: A quick and simple guide to Bitcoin

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This is a quick guide to Bitcoin.
Struggling with the highly detailed breakdown of Bitcoin and crytocurrency? Want to get in on the action but don’t know where, or even why to start? We break it down for you in our Bitcoin explained guide.

How can I buy Bitcoin? Or other Cryptocurrency?
You can buy them with more traditional currency. During our test run we found Coinbase to be the best method. It’s very secure and you can track everything in an app on your phone. You can also drop and withdraw money whenever you feel like it.

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What is Bitcoin?
Bitcoin is the first decentralised digital currency. They are simply digital coins you can send through the internet. You send them directly, from person to person without going through a bank. So, less hassle, less fees and no restrictions (such as country). Your bitcoins are kept in a digital wallet – no bank needed. They are a global currency and can be spent anywhere on anything.

What can I buy with Bitcoin?
Anything, theoretically. As long as they have a wallet to receive the Bitcoin. Purchasing with Bitcoin is a great way to minimise transaction costs. There are no fees. It’s also very quick and easy to set up, unlike your last bank account.

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How are Bitcoin produced?
Bitcoins are produced by a network called “miners”. Miners are rewarded newly generated Bitcoins for verifying transactions. Once the transactions are verified they are recorded in a public ledger with a unique code. The software is completely open source, and anyway can see the code.

What is Bitcoin doing to finance?
Well, it’s certainly changing finance. It’s doing it in a similar way to how the web has changed publishing. It’s allowed everyone to have access to a global market, just as everyone has access to publish content to a global audience.

What’s next for Bitcoin?
Well, it’s opened up a whole new platform for companies, businesses and people to innovate from. There are unique opportunities that Bitcoin and cryptocurrency have now opened up that haven’t even been explored yet. These opportunities could lead to further growth of the value of Bitcoin, or indeed they could stump it. It’s hard to see where this will lead. We’re not going to pretend to have those answers.