Bitcoin - Digital Money That's Private, Instant, And Free from Bank Fees
                     B I T C O I N
 Digital Money That's Private, Instant, And Free from 
Bank Fees
What is Bitcoin?
3. Bitcoin is a great alternative to 1. Bitcoin is a decentralized digital 
traditional banking systems for currency, which means that there 
those who are not happy with is no central bank or any type of 
banks and governments having body of authority that controls it.
too much control over their 
money.
2. Instead, bitcoin is controlled by volunteers and 
groups of computers scattered around the world 
which operate on blockchain to ensure 
transparency and full efficiency of this currency.
How does it work?
Step 1 There is a small number of bitcoins coined every hour 
but this process will stop once the maximum supply of 
21 million bitcoin is reached. This amount is controlled 
by an underlying algorithm instead of any body of 
authority.
Step 2 The law requires all exchanges to perform thorough 
identity checks on their customers before allowing them 
to buy and sell bitcoin. 
In that sense, even though no one can trace that it was 
Step 3 you making a certain bitcoin transaction, exchanges 
can determine whether you are a safe candidate to 
even gain access to this currency.
Step 4 Moreover, it is important to mention the immutability factor of bitcoin, which refers to the fact that bitcoin 
transactions cannot be reversed.
How does it work?
Step 5 Once a transaction is recorded on the network for 
longer than an hour, it becomes impossible to modify.
Step 6 This makes bitcoin transactions safer than fiat ones, as 
they cannot be altered or modified in any way.
Lastly, it is important to mention that the smallest unit of 
Step 7 bitcoin, known as a Satoshi, is actually a one hundred 
millionth bit of a bitcoin.
The fact that you can divide this cryptocurrency into 
Step 8 such a small unit means that bitcoin can potentially be 
used for micro-transactions, something that traditional 
money does not allow.
What Is Bitcoin Used For?
Bitcoin is used as digital money to pay for 
all sorts of transactions online.
Back in the day, you could use bitcoin only on 
certain websites to execute transactions. 
However, nowadays, companies are starting 
to integrate bitcoin as one of the ordinary 
payment methods.
Besides being used in ordinary 
transactions, bitcoin is also used to 
purchase goods anonymously or take 
advantage of the security of the currency.
Since bitcoin is not subject to regulation in 
any country, it can allow users to move 
large amounts of money without a trace.
In some cases, people only collect bitcoin 
because of its value and the hope that it’s 
worth will grow over time.
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