Transcript of video lesson.

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What is Bitcoin?

Bitcoin is the first decentralized digital currency. Bitcoins are digital coins you can send through the Internet.

Compared to other alternatives, Bitcoins have a number of advantages. Bitcoins are transferred directly from from person to person via the Net without going through a bank or clearing house. This means that the fees are much lower. You can use them in every country. Your account cannot be frozen and there are no prerequisites or arbitrary limits.

Let’s look at how it works.

Several currency exchanges exist where you [0:30] can buy and sell Bitcoins for Dollars, Euros, and more. Your Bitcoins are kept in your digital wallet on your computer or mobile device. Sending Bitcoins is as simple as sending an email and you can purchase anything with Bitcoin.

The Bitcoin network is secured by individuals called Miners. Miners are rewarded newly generated Bitcoins for verifying transactions. After transactions are verified, they are recorded in a transparent public ledger. [1:00] Bitcoin opens up a whole new platform for innovation. The software is completely open source and anyone can review the code. Bitcoin is changing finance the same way the web changed publishing. When everyone has access to a global market, great ideas flourish.

Bitcoins are a great way for businesses to minimize transaction fees. It doesn’t cost anything to start accepting them and it’s easy to set up. There are no chargebacks and you will get additional business from the Bitcoin economy. [1:30]

For more information about Bitcoins, visit weusecoins.com

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