BITCOIN EDUCATION

Bitcoin is online money that enables instant payments. Free for anyone, anywhere in the world to use at any time. It uses peer-to-peer technology (like torrents) and can be used without any permission from a government or central authority. It cannot be stopped or censored. Its rules cannot be changed, no matter how rich or powerful a country or person is.

A blockchain is a distributed database, also referred to as a distributed ledger, that’s shared between many nodes on a network. They are most commonly used in cryptocurrency networks, but they have been used for other things too. The data that’s stored in a blockchain is immutable, meaning that it can never be changed.

A Bitcoin wallet is simply software (sometimes paired with hardware) that:
– Manages your Private Keys which gives you access to spend your bitcoins
– Generates new Bitcoin Addresses so you can receive bitcoins
– Creates and broadcasts transactions to the network so you can spend your bitcoins

Bitcoin transaction costs only depend on how big in bytes your transaction is. The more inputs and outputs you have, the more expensive your bitcoin fee will be. A simple transaction usually costs around 200-2,000 sats or $0.06-$0.60 USD. You can also pay virtually zero transaction fees by using the Lightning Network.

Satoshi Nakamoto is a pseudonym for the person or persons that invented Bitcoin and introduced it to the world back in 2008. They authored and released the first copy of the Bitcoin Whitepaper titled Bitcoin: A Peer-to-Peer Electronic Cash System.