What is Bitcoin, exactly?

When you dig into the details of Bitcoin, it’s almost an unbelievable tale about how to create money. Although it seems like fiction, it’s actually the best-known version of digital currency in use today. To help you wrap your head around what it is, what it does and how to earn Bitcoins, we pulled together this complete beginner’s guide to Bitcoin.

Bitcoin History Breakdown

Bitcoin was the first established cryptocurrency — a digital asset that is secured with cryptography and can be exchanged like currency. Other versions of cryptocurrency had been launched but never fully developed when Bitcoin became available to the public in 2009. “So, bitcoin is a currency?” — Yes! Yes it is!

So, what exactly is bitcoin and how can I make money?

Bitcoin is a digital currency, so there are no coins to mint or bills to print. There is not a government, financial institution or any other authority that controls it, so it’s decentralized. The owners who have Bitcoins in the system are anonymous — there are no account numbers, names, social security numbers or any other identifying features that connect Bitcoins to its owners. Bitcoin uses blockchain technology and encryption keys to connect buyers and sellers. And, just like diamonds or gold, a Bitcoin gets “mined.”

Sounds Good. But how do I make money?

Easy, you trade it :). ChainEX is a proudly South African private company, and currently, a South African digital asset exchange that provides a platform for South Africans to buy, sell or trade over 20 different digital assets using the South African rand as the default fiat-buying currency for some.

ChainEX provides you with a secure, online platform from which you can purchase and trade with different digital currencies and assets. More specifically, the following functionality is also supported by ChainEX:

  • The exchange between digital currencies and assets.
  • Send and receive digital currencies and assets.
  • Live and secure trading.
  • Fiat pairing.

But wait…… There’s MORE! ChainEX also offers a referral program! Earn more by referring your people to the platform too!

Have more questions?

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