Solving the Mystery of Bitcoin: What Is It and Where to Buy It?

Solving the Mystery of Bitcoin: What Is It and Where to Buy It?
  • Type: infographic
  • Opening Intro -

    In the past couple of years, there's been a lot of talk about this (relatively) new cash system which aims to replace traditional money with digital.

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It’s been called “the future of money” and its main feature lies in decentralization—people can make transactions without involving banks or other government institutions.

Despite its rising popularity and the fact that it’s been around since 2009, the majority of people around the world (including business people and investors) are still not familiar with bitcoin. If you belong to this group, that’s okay—today we’re going to explain to you the story behind the world’s first cryptocurrency and where exactly you can get it.

No More Double-spending

Among other things, bitcoin was created to avoid the problem of double-spending—an issue that often occurs in the standard monetary system. What does this mean? Due to the fact that all transactions are controlled by a central authority in the traditional system, this centralized database is highly vulnerable to fraud. Because of this weakness, it can be easy to take advantage of this flaw and spend the same amount of money more than once.

Bitcoin solves this problem by using peer-to-peer technology (aka blockchain). Here’s how it works: if you decide to buy something using bitcoin, all the users in the network need to verify your transaction first if you want it to be approved. This method is exactly what eliminates the possibility of fraud in your transactions and what makes bitcoin special.

Buying and Storing Your Digital Money

Now that you have an idea of what bitcoin is, you might be wondering where you can obtain it. The answer is on digital currency exchange platforms, which there are plenty of out there at the moment. These platforms are the place where you not only buy and sell your bitcoin, but also store it using the so-called digital (or bitcoin) wallets. Once stored, your money will be completely secured and only accessible by you.

For more useful information about bitcoin, blockchain, and digital wallets, check out the infographic found below.

Image by Kriptomat

Image Credit: Pixabay

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