1.What Is Bitcoin :

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Bitcoin is a digital, or virtual, currency that allows users to conduct online transactions. Bitcoins are not controlled by a central authority and cannot be obtained from a bank. All transactions using bitcoins are done completely online and are untraceable.

2.How Does Bitcoin Work?

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Bitcoin, a digital payment system created in 2009, works by users "mining" bitcoins by solving math puzzles and encryption protocols, and then using the bitcoins as computerized currency. Bitcoins are recorded in a public ledger in a decentralized software-based operating system. Users buy bitcoins through traditional means using cash, bank accounts or credit cards. Bitcoins can then be used to buy or sell products and services online.

3.Who Invented Bitcoin?

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Satoshi Nakamoto is acknowledged as Bitcoin's creator. However, this may be the name for a group of people rather than an individual, suggests the New York Times. In October 2008, Nakamoto published a paper detailing the procedures involved in the Bitcoin peer-to-peer electronic cash system.

4.How Do You Purchase Bitcoins?

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The average person can buy and sell bitcoins through the San Francisco-based company, Coinbase, which runs a secure website that acts like a bitcoin wallet linked to the person's bank account. Through Coinbase, the public can carry out bitcoin transactions with participating merchants and send or receive bitcoins to and from anyone in the world.

5.Where Can You Get Updated Bitcoin Values?

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Two websites where users can get updated Bitcoin values is Bitcointicker and Coindesk. Coindesk treats the way the price of Bitcoin changes in the same style as the stock market deals with stock prices. Bitcointicker uses graphs to show the fluctuation of the value of Bitcoin.

6.Where Can You Find a Bitcoin Exchange Rate Chart?

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Find current Bitcoin exchange rate charts on sites such as CoinBase.com, CoinDesk.com, Preev.com and BitcoinCharts.com. The exchange rate is determined by the number of available Bitcoins in circulation and the overall faith in the currency among its users and other financial institutions.

7.How Do You Mine Bitcoins?

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To mine Bitcoins, open a Bitcoin wallet, join a pool, create a worker, download mining software and substitute your personal information in the script. Getting set up is fairly easy, but it can take a day or more. After setting up, mining requires no effort.

8.What Can You Do With a Currency Chart?

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Currency charts allow you to see the differences in values for a set denomination of money across different forms of legal tender, known as an exchange rate. Some currency charts also provide information about historical price points that aids in making investments internationally as well as predicting the economic state of a country.

9.How Do You Invest in Bitcoins?

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Bitcoin can be purchased outright from online Bitcoin dealers, invested in by trading with other investors on an online Bitcoin exchange, or bought and sold in person with local investors. Sources for each of these methods are located online. No specific amount of capital is required.

10.What Are Money Transfer Exchange Rates?

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A money transfer exchange rate is the amount the currency of one country can be exchanged for in another country. In other words, it is the amount of one currency that can be bought using a given amount of a different currency.

11.Where Can You Find Good Historical Charts of Currency Exchange Rates?

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Historical currency exchange rate charts are available from a number of currency information websites such as OANDA, Currencies Direct and OzForex. The exact process for viewing the information depends on the design of the particular Web page offering the information.

12.How Does a Bank Exchange Currency?

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Banks exchange currency by selling customers one type of currency in exchange for another, based on the exchange rate for those currencies. For instance, with a currency exchange rate from the American dollar to the British pound of 0.67, a bank sells 67 British pounds for $100.