"Bitcoin is a peer-to-peer payment network and digital currency based on an open source protocol, which makes use of a public transaction log. Bitcoin was introduced in 2009 by pseudonymous developer Satoshi Nakamoto. It is called a cryptocurrency as it uses public-key cryptography. When paying with bitcoin, there will be no exchange of digital notes or tokens between buyer and seller. Instead, the buyer requests an update to a public transaction log, the blockchain. This master list of all transactions shows who owns what bitcoins currently and in the past and is maintained by a decentralized network that verifies and timestamps payments. The operators of this network, known as "miners", are rewarded with transaction fees and newly minted bitcoins"
- Bitcoins are sent easily through the Internet, without needing to trust any third party.
- Are irreversible by design
- Are fast. Funds received are available for spending within minutes.
- Cost very little, especially compared to other payment networks.
- The supply of bitcoins is regulated by software and the agreement of users of the system and cannot be manipulated by any government, bank, organization or individual. The limited inflation of the Bitcoin system's money supply is distributed evenly (by CPU power) to miners who help secure the network.
"Your Bitcoin wallet is what allows you to transact with other users. It gives you ownership of a Bitcoin balance so that you can send and receive bitcoins. Just like email, all wallets can interoperate with each other."
You doesnt need the following links if you are using the online wallet from the quick links - in my oppinion its much better cause i get percentages of my stored bitcoins paid back monthly; for free!
1 mBTC = 0.001 BTC (milli BTC)
1 uBTC = 0.001 mBTC (micro BTC or millionth of BTC)
1 satoshi = 0.01 uBTC (smallest unit of divisibility, hundred milltionth of a Bitcoin).