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index.html
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---
layout: default
title: What is Bitcoin?
active: understand
---
<div id="masthead">
<div class="container">
<div class="row">
<div class="col-md-7">
<br>
<h2>
Understanding Bitcoin<br>
</h2>
</div>
<div class="col-md-5" style="padding-top: 30px;">
<img src="http://betanews.com/wp-content/uploads/2013/04/Bitcoins-600x348.jpg" width="120">
</div>
</div>
</div>
</div>
<!-- Begin Body -->
<div class="container">
<div class="row">
<div class="col-md-3" id="leftCol">
<ul class="nav nav-stacked" id="sidebar">
<li><a href="#what-is">What is Bitcoin?</a></li>
<li><a href="#control">Who controls bitcoin?</a></li>
<li><a href="#why-use">Why would I use Bitoin instead of regular currency?</a></li>
<li><a href="#block">What is a Block?</a></li>
<li><a href="#altcoins">What are altcoins?</a></li>
</ul>
<script async src="//pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script>
<!-- Left Hand GBTC -->
<ins class="adsbygoogle"
style="display:inline-block;width:160px;height:600px"
data-ad-client="ca-pub-4585346915890056"
data-ad-slot="8916295055"></ins>
<script>
(adsbygoogle = window.adsbygoogle || []).push({});
</script>
</div>
<div class="col-md-9">
<h3 name="what-is">What is Bitcoin?</h3>
<p>Bitcoin is a new type of currency, similar to USD (United States Dollar)
or GBP (British Pound), except with some key differences. In addition
to Bitcoin there are many other new currencies that are very similar to
Bitcoin, such as Litecoin or Dogecoin. These are freqently referred to
collectively as Altcoins, and are all forms of <i>Cryptocurrency</i>.</p>
<b>Key differences between Bitcoin and Fiat currency</b>
<ul>
<li><b>Completely digital.</b> The money has no physical form like dollars or coins.</li>
<li><b>Decentralized.</b> No one party controls the creation and regulation of the coins. Instead it is performed as a shared task between thousands thorugh a process known as <i>mining</i>.</li>
</ul>
<br>
<h3 name="why-use">Why would I use Bitoin instead of regular currency?</h3>
<b>Transactions are irreversible</b>
<p>Just like a bank wire, moving Bitcoins is unrefundable. Since regular
credit (or debit) card transactions can be reversed this exposes
merchants to a certain amount of risk when accepting that form of
payment. In addition to the risk, handling the entire process of a
reversal is somewhat complicated, and incurs overhead. These costs increase
the price of goods and can make certain types of businesses unworkable.</p>
<b>Low fees</b>
<p>While this may not always be true (for reasons that are beyond this
post to explain), compared to something like a credit card transaction
Bitcoin transactions are cheap. You could send $1,000,000 USD with a
transaction fee of about $0.10.</p>
<b>Comparatively Fast</b>
<p>While a complete transfer of Bitcoin takes about 1 hour, making it
slower than using a credit card, it is still much faster than a bank wire
or ACH transfer. For businesses that cannot use credit card transactions
this speed is valuable.</p>
<br>
<h3 name="control">Who controls Bitcoin?</h3>
<p>No one central authority controls Bitcoin, and this is part of what
makes it different then other currencies. Traditional currencies like the
<a href="http://en.wikipedia.org/wiki/United_States_dollar">United States Dollar (USD)</a>
are controlled by the government. In the case of the
United States minting and circulation of new currency is controlled by the
<a href="http://en.wikipedia.org/wiki/Federal_Reserve_System">Federal Reserve</a>.</p>
<p>By contrast, creation of new Bitcoins and regulation of how they are
spent is controlled by many people through a process known as <a href="TODO">mining</a>.
</p>
<br>
<h3 name="block">What is a block?</h3>
<p>A block is a grouping of transactions. Blocks are added to the network
through "mining," which serves two purposes: minting of new funds in the
network, and confirming transactions. The "block reward" is an arbitrary amount
of funds that the block finder is awarded for their work, and is what seeds the
funds in the network. In addition to transaction information every block contains
a link that points to the block that was discovered before it. These links could
be followed back all the way until reaching the "genesis block," which is a special
block that started the network.</p>
<br>
<h3 name="altcoins">What are altcoins?</h3>
<p>When Bitcoin was created in 2009 it was the first of it's kind. The
first currency that was completely digital. Over time as it became popular
and trusted, people took the same software that runs the Bitcoin network
and created their own similar, but slightly different networks. These
different coins are often referred to as Altcoins as they're alternatives
to Bicoin. There are hundreds of altcoins. Some are completely worthless
clones, and some have valuable differences. Most (if not all) of the
information on this website that refers to Bicoin also applies to
Altcoins.</p>
</div>
</div>
</div>
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