Bitcoin is a digital currency that allows for peer-to-peer transactions without the need for a central authority or intermediary. It’s like digital cash that you can use to buy things online or even in some physical stores.

Now, imagine Bitcoin as a giant piggy bank that everyone can see. Except instead of a physical piggy bank, it’s a digital one and it’s called the “blockchain”. This blockchain keeps track of all the Bitcoins in existence and all the transactions that have ever been made.

When it comes to getting your hands on some Bitcoin, there are a few ways to do it. One way is to mine it. Just like digging for gold, Bitcoin mining involves solving complex mathematical equations to “dig up” new Bitcoins. But instead of a pickaxe, you’ll need large computing power.

Another way to get Bitcoin is to buy it from an exchange, Bitcoin ATM, or online platform like Coinstream.

Once you have your Bitcoin, you’ll need a place to store it. This is where “wallets” come in. Just like a physical wallet, a Bitcoin wallet is where you keep your digital cash. You can choose from different types of wallets, such as a software wallet on your computer or a hardware wallet that’s like a USB drive.

Now, let’s talk about spending your Bitcoin. Just like cash, you can use Bitcoin to buy things online or in some physical stores. But instead of handing over a dollar bill, you’ll be sending a digital transaction to the seller’s Bitcoin address.

As with any new and emerging technology, there are risks associated with Bitcoin. The value of Bitcoin can be highly volatile and the platform is still relatively new and untested at scale. Check out some of our other posts about Bitcoin scams, and tips on how to avoid them.