What Is Bitcoin?

Here's our guide to Bitcoin and what you can do with it.

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BITCOIN BASICS


Bitcoins are digital coins you can send via the internet


Bitcoin is a digital currency also known as crypto-currencies, designed to be sent via the internet. Bitcoins are produced by miners who can be any one from individuals to large corporations, by solving mathematical equations. There will only ever be 21 million bitcoins, currently there's around 14 million, however they become harder and harder to mine as time goes on.

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HOW DOES BITCOIN WORK?


Buy Bitcoins From People or Exchanges


Buy bitcoins at an exchange such as coincorner by opening a free account, depositing funds and buying bitcoin.

Your Bitcoins are Stored in a Digital Wallet


The easiest way to use your bitcoins is by keeping them in your CoinCorner digital wallet, however you are free to send them to an external or offline wallet.

Sending Bitcoins


Make payments to friends, participating stores and online retailers anywhere in the world. Made even easier by our mobile bitcoin wallet.

Why bitcoin transactions work:

  • Simple - Unlike a credit card you don't need to fill out the number, expiration date, name or CVV.
  • Low transactions fees - Typically bitcoin transactions cost a fraction of a % compared to the 2-3% for card transaction fees.
  • International currency - Instant overseas payments.
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ADVANTAGES OF BITCOIN


Decentralized Currency

You can transfer bitcoin from person to person no matter where they are in the world, without the need for a middle man, all you need is an internet connection and a wallet address.

Lower Fees

Without having to rely on banks or card companies, bitcoin fees are extremely low or non existant, this includes transfers, point of sale and overseas payments.

Global Currency

Bitcoin is a borderless currency, it has the same value in every jurisdiction as well as much easier overseas payment mechanism.

Be Your Own Bank

You can control bitcoins with your own bitcoin wallet or coincorners trusted third party service.

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