Bitcoin is a digital currency based on a decentralized payment system. Strictly speaking, Bitcoin is not a currency like the dollar or the euro: nobody controls it. The price of Bitcoin is defined only by market mechanisms – the actions of its users on special exchanges.
Bitcoin is simple, friendly and cool. Here are a few reasons why we at Coinfox love Bitcoin:
You don't need a bank to open a bitcoin account. You can set it up online in a couple of minutes: no fees, no ID, all you need is to install an app or sign up through a web interface.
You don't need to provide any personal details like your name or address to open a bitcoin account. Accounts and transactions in bitcoins are completely anonymous.
Transfers in bitcoins are faster and cheaper than any bank can offer.
No national bank can control or withdraw your bitcoin funds. This means that even if it loses one of its segments, the bitcoin economy will survive.
No bank can emit bitcoins which means that the currency can't suffer from devaluation.
Bitcoin source code is open and everyone can use (or check) it. The number of bitcoins in the world is limited to 21 million, which makes the system finite, resistant to inflation and less fragile. Bitcoin is known by many names: cryptocurrency, digital currency or electronic money. Because users can easily transfer bitcoins to another, it has also been called digital cash.
The bitcoin economy is developing rapidly; there are now hundreds of companies using bitcoin in different countries including the United States, China and many in Europe. The price of bitcoins grew from $2 in 2009 to $390 by the end of 2014. Today, you can use bitcoins to buy a Dell notebook, a plane ticket on Expedia, a bungalow in Hawaii or a pair of alpaca wool sock. Wikipedia, the Red Cross and Greenpeace all accept donations in bitcoins. Richard Branson, the Soros brothers and many other business leaders are investing millions of dollars to make the Bitcoin system more accessible to users in different countries.
Bitcoin is a modern, safe and reliable alternative to money. Today, you can take advantage of this digital currency of the future. Bitcoin is simply fun. Try it, use it and help us to spread Bitknowledge around the world.