BITCOIN BASICS

YOUR QUESTIONS ANSWERED

WHAT I S BITCOIN?

Simply put, Bit coin is the world’ s first decentralised currency.

HUH?

Technically, Bit coin is acryp to currency and a digital payment system. In practical terms, it’ s digital coins you can trade over the internet without the need for a bank or other intermediary.

WHAT’S THE POINT OF THAT?

Well, Bit coins are‘ bank less ’. Instead of a bank recording all transactions on one centralised ledger, Bit coin operates via a decentralised ledger–it exists on all users’ computers at the same time. That means that no single party can control( or force a fee onto) a payment.

THAT SOUNDS PROMISING. WHAT’S THE DOWNSIDE?

What the internet is to publishing, Bit coin is to money. It has the power to revolutionise or perhaps destroy t he world economy.