Bitcoin - The Adult Bible

16 things you need to know about Bitcoin


You may have heard of Bitcoin over the years – it’s a virtual currency that was created in 2009 by a computer wiz with the screen name Satoshi Nakamoto. It is a completely digital type of cash, and plans to revolutionise the way we see and use money.

To start with, here are 16 things you need to know about Bitcoin:

1. All users are anonymous, and transactions are private. There are no banks involved

Bitcoin - The Adult Bible
Bitcoin - The Adult Bible

2. Similar to the currencies we use, the value of Bitcoin is determined by how much people are willing to exchange for it

3. It’s near-impossible to tie a bitcoin wallet to any individual

Bitcoin- The Adult Bible
Bitcoin - The Adult Bible

4. In December ’17 one Bitcoin was worth around $16,000

5. It runs on the blockchain, a decentralised public ledger run by ‘miners’

Bitcoin - The Adult Bible
Bitcoin - The Adult Bible

6. To date, there are around ten million Bitcoin transactions a month

7. The government has no control over Bitcoin, or any of it’s transactions

Bitcoin - The Adult Bible
Bitcoin - The Adult Bible

8. There are no transaction fees

9. No one knows whether founder Satoshi Nakamoto is one person, or a group – mysterious!

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10. Bitcoin is used to fund companies, invest cash and transfer money without fees, it’s also widely known to be associated with criminal activity such as drug dealing and money laundering

11. There are a selection of Bitcoin ATMs that you can withdraw cash from in a number of countries such as London, Canada and the US.

Bitcoin - The Adult Bible
Bitcoin - The Adult Bible

12. Bitcoin is accepted by a number of companies now, including PayPal and Microsoft

13. Each set of transactions processed is called a block. The block is then secured by the ‘miners’

Bitcoin - The Adult Bible
Bitcoin - The Adult Bible

14. The blockchain is like a checkbook register, or a general ledger of transactions

15. Most payments are settled within 10 minutes

Bitcoin - The Adult Bible
Bitcoin - The Adult Bible

16. The blockchain ledger with all transaction records is available to view publically

For further information head to the Bitcoin website, or if you’d like to understand more about investing elsewhere, take a look at our investment page.