Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need
to give your real name. More merchants are beginning to accept them. You can buy webhosting services,
pizza or even m Buy on an Exchange. Bitcoins are stored in a “digital wallet,” which exists either in the
cloud or on a user’s computer. The wallet is a kind of virtual bank account that allows users to send or receive bitcoins, pay for goods or save their money. Unlike bank accounts, bitcoin wallets are not insured by the FDIC. Though each bitcoin transaction is recorded in a public log, names of buyers and sellers are never revealed – only their wallet IDs. While that keeps bitcoin users’ transactions private, it also lets them buy or sell anything without easily tracing it back to them. That’s why it has become the currency of choice for people online buying drugs or other illicit activities.
Exchange Bitcoins:
Several marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies. Mt. Gox is the largest bitcoin exchange.anicures.
Transfer:
People can send bitcoins to each other using mobile apps or their computers. It’s similar to sending cash digitally.
Mining:
People compete to “mine” bitcoins using computers to solve complex math puzzles. This is how bitcoins are created. Currently, a winner is rewarded with 25 bitcoins roughly every 10 minutes.
Symbol:
Ƀ is not a logo but a symbol: Unicode Character U+0243 can be used any Unicode text editor. This unicode character was originally used as a phonetic symbol to represent or transcribe the sound [β]. Thus the context of this use does not allow any confusion with the Bitcoin currency.
Facts: The baht (sign: ฿; code: THB) is the currency of Thailand. Thailand’s population is 67 million people (vs. Bitcoin’s debated 1–4 million users) and they’re not really cool with the community trying to “steal” their sign.
Unit: Unit Value in BTC
BTC 1
mBTC 0.001
uBTC 0.000001
Satoshi 0.00000001
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