What are bitcoins?

21/05/2018

  • We are going to tell what bitcoins are: the crytocurrency with more supporters and detractors of all virtual currencies, and the most fashionable.

  • The fashionable currency, the definite change in the global economy or a bubble that could burst at any time? Let us explain what bitcoins are so you can decide what to think by yourself. 

  • Definition of bitcoins

  • Although it is often used in somewhat generic and wrong way to refer to all cryptocurrency, bitcoins apply only to one of them. 

    To be more precise, we must say that bitcoins are not a currency in itself, but a blockchain Protocol and the associated P2P network. 

    This decentralized system - not governed by any bank or central bank of any country - is used to allow receiving and making payments in currencies such as euros or dollars. 

  • Pros y cons of bitcoins

  • We can highlight as positive that it is a secure payment system, transactions are irreversible, thereby reducing fraud, and that is really fast to use. 

    The negative aspects are primarily its volatility, which fluctuates very abruptly, and the fact that the system is not yet fully extended as a means of payment method. 

  • How to use this virtual currency?

  • First of all you must have a virtual wallet. It is absolutely essential to store the currency and manage payments. 
    You can opt for various types of different wallets:

    • Hardware: they are USB-connected devices that, in essence, are not very different from any Flash drive, although they are much safer.
    • Mobile apps: depending on your preferences and operative system. 
    • Desktop software: you can manage your bitcoin with a program installed on your PC or Mac. 
    • Web: Of course, there are online wallets. 

    Then you will have to buy your bitcoin (or fractions). 

    To do so, you can visit a broker such as Anycoin, local vendors or even ATMs, there are not too many of them but they start to be found around the world (there are more than 3000). 

  • Where can I buy bitcoins?

  • Little by little, there are more and more stores of all kinds (eCommerce and retail) that accept this currency as payment. 

    Large companies such as Overstock.com or Expedia allow to buy furniture and travel respectively using this popular cryptocurrency. 

    If you want to learn more about bitcoins, do not miss this post about bitcoins in eCommerce. 

Laia Ordoñez


Laia Ordóñez is a copywriting & eCommerce content marketing expert. She is Content & Marketing Manager at DueHome, a copywriting & content independent advisor, and Oleoshop's blog's editor-in-chief.

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