What is Bitcoin?
Bitcoin is a cryptocurrency, a type of cash which uses cryptography to command its development and direction, instead of relying on fundamental authorities. Not all of the technologies and theories which make up Bitcoin are new; the presumed pseudonymous Satoshi Nakamoto (the originator of Bitcoin, see below) incorporated many present notions in the cypherpunk community when creating bitcoin.
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Where can I spend bitcoin?
Many large online businesses accept bitcoin (largest and most well-known digital currency), such as Overstock, Expedia, Dell, Microsoft Accept Bitcoin and TigerDirect. Non-profits such as Wikipedia and the United Way also accept bitcoin donations. Look for a bitcoin payment option at many of your favorite websites and you'll be surprised how many accept bitcoin!
What is a Bitcoin wallet?
Similar to a traditional wallet you may carry in your pocket, a bitcoin wallet is used to store money. The difference is that instead of storing a collection of bills and cards, a bitcoin wallet stores a collection of bitcoin private keys. Typically a wallet is encrypted with a password or otherwise protected from unauthorized access.
Unlike the Bitcoin network, a Bitcoin wallet is controlled only by its owner (it's not distributed and shared like the blockchain). It's important to keep your bitcoin wallet safe by either setting a strong password or otherwise keeping it out of reach of malicious individuals.
Getting a Bitcoin address with a Coinbase wallet is as easy as 1,2,3!
- Sign up with Coinbase here: https://www.coinbase.com
- Go to the Addresses Section here: https://www.coinbase.com/addresses
- Click 'Create New Address'