What is Bitcoin?

Bitcoin is a form of money that operates through the internet. It is entirely independent of governments, banks, corporations or organisations; the system runs automatically on a vast network of unrelated computers across the world. New bitcoins are generated at a predictable rate that can never be increased. Since its inception in 2009, Bitcoin has grown to become a serious financial and economic system that anybody can be a part of.

Bitcoin allows money to be sent directly from one person to another person, bypassing banks or currency exchange. As one Bitcoin is the same no matter which country you go to, it’s shaping up to be the first true global currency.

Bitcoin is:
  • Used in nearly every country
  • Independent of governments or banks
  • Very quick to send, even internationally
  • Easy to use
  • Able to be stored on your phone, tablet, PC or secure hardware wallet
  • Highly valuable
  • Unbreakably secure
  • Recognised by the governments of most countries, including Australia and New Zealand

 

Many media reports and ill-informed commentators have given people the wrong idea about Bitcoin. Bitcoin is not:
  • Illegal
  • “pretend-money”
  • Worthless
  • Mostly used for illegal purposes
  • A scam or Ponzi scheme
  • Controlled by its founder
  • A corporation
  • Reliant on the Bitcoin Foundation to operate
  • Untracable money

 

Why is Bitcoin useful?

asian woman studying in the library
“I use Bitcoin to send money back to my family. I buy bitcoins here, transfer them to my family’s wallet, and they sell them on their local exchange. The total fees are 3%. I used to use other remittance services but they charged 12%.”
 aAdventurer “Actually I’m lucky I took some bitcoin with me. I lost my credit card to a pickpocket on the second day. My laptop had my bitcoin wallet and I just went to a local bitcoin trader to cash it out for the local currency.”
 aRuth “I take Bitcoin with me wherever I travel. Some countries have so many shops that take Bitcoin, I can almost avoid the local currency. When I don’t need to pay foreign exchange fees I can go to that nicer restaurant or get a better hotel room.
 aCypriot “My country [Cyprus] allowed the banks to take money from my bank account, everybody’s bank accounts… we were devastated at losing money, but at least the government and the bank couldn’t touch my son’s bitcoins. I want you to tell Australians to start saving bitcoin.”
 Young professional business man sitting in front of computer in office “Major companies have admitted to being hacked by credit card thieves, though there could be thousands more businesses that don’t realise they’ve been hacked – or won’t admit it. Consumers who purchase online with Bitcoin are completely unaffected by these hacks.”

You can use Bitcoin as anything you want – it’s limited only by your imagination. Reimbursing your friends but you don’t have cash? Send them some bitcoin. Want to give a dollar to a blogger for an interesting article? Tip them in bitcoin.

Bitcoin is speedy, cheap, easy, flexible and worldwide – the possibilities are endless.

Getting started is easier than you think. It takes no special knowledge to use Bitcoin. Get started today.
A world of shopping and entertainment with Bitcoin. Find out where to spend your bitcoins in Perth and beyond.

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