How it Works
- Before you start any transaction, take time to educate yourself.
- There are several exchanges through which you can buy or sell bitcoin for euros, dollars pounds, etc.
- Usually you are being asked to provide your passport ID and a bill that proves your place of residence.
- Your personal information does not appear anywhere on your transactions, but account’s verification is necessary to safeguard the network from malicious use, money laundry, illegal drug trade, etc..
- Bitcoins are stored either on a paper wallet, a service provider of your choice or in your digital wallet (eg. A flash drive, your computer or even your mobile phone etc.). Learn more about how to insure your bitcoin.
- Sending bitcoin is easy as sending an email
- Transactions with bitcoin are anonymous. Anybody can have one or more digital addresses.
- You can purchase anything with bitcoin
- Your transactions are secured via the bitcoin network, thanks to its vast computing power, provided by thousands of people scattered around the world. These people are called miners.
- Miners are rewarded with newly generated bitcoins, for verifying transactions in the bitcoin network.
- Transactions take at least 10’ to be verified, and are recorded in a transparent public ledger that anybody can download. The software is completely open sourced and anyone can review the code.
Important Notice: Take time to educate yourself
Bitcoin is different from what you know and use every day. Before you start using Bitcoin for any serious transaction, be sure to read what you need to know and take appropriate steps to secure your wallet. Always remember that it is your responsibility to choose your wallet carefully and adopt good practices in order to protect your money. Source: bitcoin.org
A community website sponsored by Bitcoin Community Greece © Bitcoin Community Greece 2015