How does Bitcoin work?

**HWID** · 10-25-2016

Hello,

im completely new at BITCOIN i never used it but i saw you can get paid and pay anonymously is that right? Can some one explain me a bit about this payment method?

And can someone answer me the true bitcoin website? There are so much and i dont know how to register when i want to stay anonym.

Thanks in advance

**Bryan** · 10-25-2016

Bitcoin is a currency which is internet based i.e. it is stored or spent on internet only.

To be qualified as money, there are some characterstics to be fulfilled like

Durability
Portability
Divisibility
Uniformity
Limited Supply
Acceptbility

One good thing about bitcoin is that once the transaction is complete, they cannot be reversed back to the original owner who send you the bitcoins. That is why most majority of people uses bitcoin and NOT paypal.

Regards
Buddie

**blksmith009** · 10-25-2016

Right now, every payment method you use is centralized. For example, PayPal. Your money goes through them, you need to sign up with your ID, you need to pay bullshit fees, you can't do anything if they're suddenly down, and they can close your account at any moment. Bitcoin is a distributed peer-to-peer network, which means there is no central authority controlling anything. Anyone can make an address and anyone can send millions from one country to another in a second and with a fee of a few cents with no fear of their accounts being closed or whatnot.

For bitcoin, you don't need ANY details to sign up. You just make a new address and you're done - you can now receive and spend as much as you like. You can send anyone money and people can send you money and nobody will know from who or to where it's going. Also, there will only ever be 21 million bitcoins in existence, but paper money is constantly being printed. Therefore, if you hold bitcoin for a few years, odds are they will be worth thousands or even millions in the future.

I personally run a bitcoin trading service where I get people 5-10% returns on their bitcoins. Do let me know if you need any help with bitcoin in general or if you would like to use my service

**HWID** · 10-25-2016

Thanks guys for the current answers, just 1 thing how to get in with bitcoins? i dont find the original website there are so much other ones and dont know whats the true bitcoin website.

&

If i sell something with Bitcoin can i exchange that for real money? (To PayPal or somehting and if it works does this get recorded (logs etc.))?

**Pure_Purple** · 10-25-2016

basically online money but transferred into decimal values. its also safer than paypal.

**blksmith009** · 10-25-2016

Originally Posted by HWID

Thanks guys for the current answers, just 1 thing how to get in with bitcoins? i dont find the original website there are so much other ones and dont know whats the true bitcoin website.

&

If i sell something with Bitcoin can i exchange that for real money? (To PayPal or somehting and if it works does this get recorded (logs etc.))?

This is a current problem with Bitcoin - buying it requires a bit of hassle. There are two main ways:

1) buying off an established site such as Circle.com or Coinbase.com, these sites let you buy small amounts but if you want bigger amounts you will need ID verification. Coinbase also lets you sell your bitcoins for PayPal cash.

3) third-party sellers. These are easier but often charge higher fees. MPGH is a good place, but a more reputed place is LocalBitcoins

Hope I helped.