WHAT IS A BITCOIN IMPROVEMENT PROPOSAL (BIP)?

Bitcoin Improvement Proposals, or BIPs, are the standards by which changes to the Bitcoin protocol are recommended. They can include very significant protocol changes — including updates that require soft forks or hard forks — or changes to software implementations or the BIP process itself. BIPs were introduced…

WHAT ARE BITCOIN FORKS?

The word “fork” is somewhat confusing because there are different kinds of “forks” that can mean very different things. CODEBASE FORK A codebase fork is a copy of the code of a software implementation. A codebase fork typically makes tweaks to the original codebase. In the context of…

IS BITCOIN LEGAL?

In a technical sense, bitcoin can be used anywhere that the Bitcoin network can be accessed (essentially, anywhere with internet access), and governments or authorities would have a difficult time restricting their citizens from doing so. That said, governments could make using bitcoin an illegal act, and some…

HOW DOES BITCOIN COMPARE TO TRADITIONAL ASSETS?

Many people who accrue bitcoin don’t necessary “do” anything with it other than hold (or “HODL”) it as a long-term investment or savings. The bitcoin price relative to fiat currency has been very volatile, but has been trending up over the years. Some users also describe bitcoin as…

IS BITCOIN A GOOD INVESTMENT?

Questions about the value of bitcoin as an investment will likely differ depending on who you ask. Those with a vision of a fully-distributed future in which the lack of a centralized overseer becomes key to an asset’s value will tell you that, yes, bitcoins are poised to…

HOW CAN I USE BITCOIN?

Once you’ve joined the revolution by getting your hands on some bitcoin, you may be wondering how exactly you should use it. There’s no prescribed way to make the most of your bitcoin, but there is an increasing number of options. MAKING PURCHASES WITH BITCOIN A growing list…

HOW CAN I BUY BITCOIN?

Though new bitcoin are minted through mining, and bitcoin can of course (like any other money) be accepted in trade, another easy way to get bitcoin is to buy it with fiat currency. BITCOIN EXCHANGES Most people purchase bitcoin through online exchanges. The majority of bitcoin exchanges operate…

HOW DOES BITCOIN WORK?

Bitcoin is a form of electronic cash. Where most digital forms of money rely on a central party to make it work, like a bank or a payment processor, Bitcoin is maintained by a network of users. As an open network, anyone can become a user by simply…

WHAT IS BITCOIN

Bitcoin is digital money that isn’t controlled by any bank or company or person. Bitcoin was invented in 2008 by a pseudonymous programmer called Satoshi Nakamoto. The volunteer network went live in 2009, and people around the world have been contributing to this open-source project ever since. If…