What

Bitcoin is digital currency of the future because it is independent of the central authorities; transfers are carried out quickly and with minimal costs, irrespective of the value of transaction. It can be sent over the internet and without intermediaries to other people around the world since bitcoin is a global currency. Executed transactions are irreversible. Total number of bitcoins in circulation is limited and defined in advance. In 2140 the mining of new bitcoins is to be stopped. By then a little less than 21 million bitcoins will be mined. 

Bitcoin is an open source "peer-to -peer" network, which uses cryptographic signatures for transactions between users, therefore it is seen as a decentralized digital cryptographic currency. Bitcoin users communicate with each other on the basis of Bitcoin protocol, open code software system based on mathematical rules. After several years of optimization the Bitcoin protocol came to life for the first time on 3 January 2009. The author has remained anonymous, his pseudonym is "Satoshi Nakamoto".

Why

Because it is a completely decentralized currency that is not controlled by any institution. 

Because Bitcoin system allows for easy, quick and favorable trade among people all over the world, because the system of the Bitcoin network replaces all the expensive infrastructure of financial institutions; transactions are carried out extremely fast and with low, almost negligible cost (both in the case of microtransactions as well as of large sums anywhere in the world for less than a cent). 

The amount of bitcoins in circulation was limited in advance, so unlike other world currencies it is not subject to systematic devaluation.

How

Your bitcoins are stored in a digital bitcoin wallet, which works much like online banking. When we receive or transfer bitcoins, the transaction gets digital signature. It is certified in a very short time and permanently stored in the network. 

However, if we want to have bitcoins stored as a long term investment, they can be completely secured by downloading them from the Internet in the so-called paper wallet, which can be safely stored (eg. safe).




Advantages



Benefits of Bitcoin encompass different categories. To put it simply, bitcoin is a digital currency system which allows quick and favorable exchange between people around the world. The most important advantages are:

decentralization
Bitcoin network is not controlled by any central authority



ease
Bitcoin address is very easy to create

semi-anonymity
users can hold more bitcoin addresses which are not linked to names, addresses or other personal information, however, it guarantees …

… complete transparency
all transactions are public and forever stored in the network in the so-called blockchain. If bitcoin address is publicly known, everyone can see how many bitcoins are stored in a specific address



fees for transactions are minimal
banks can charge EUR 15 , - or more for international transactions, bitcoin does not. The transfer price is negligible, whether it is a microtransaction or a transaction of larger amount



speed
bitcoins can be sent anywhere in the world within a few seconds!



irreversibility
when the bitcoin transaction is carried out, it can no longer be canceled. In the event of errors the recipient must arbitrarily make a new transaction and sent back the received bitcoins.

What

Bitcoin wallet does not keep your bitcoins but your private keys and your public addresses. The private key is required to prove ownership and to sign outgoing transactions, the public address is required to receive bitcoins and check the status. There are several different types of wallets, designed for a variety of devices:



online wallet acts as a service on the network,


mobile wallet is installed on the owner's mobile device,

software wallet is installed on the owner’s personal computer.

While storing wallets measures to protect against misappropriation or disclosure must be met. Money remains entirely under the control of the owner, its storing is the individual's responsibility. You can also use the so-called paper wallet, which allows to completely avoid the retention on the computer, and thus on the web. The latter is one of the so-called "cold wallets", which are the safest.

List and review of all wallets:

https://bitcoin.org/en/choose-your-wallet


Why

Bitcoin wallet is needed for storing, receiving and transferring bitcoins. The wallet stores all transactions and protected digital private keys for access to the bitcoin address and to carry out the transactions.

How



Depending on your preferences and knowledge select the type of wallet you want to use (mobile, web, paper or software).

Create your wallet represented by your private key and public key (wallet address – represented by QR code or sequence of letters and numbers, for example 1JSGFyR4iweYM73Ub7mrx2pVEMi4HySL1Y.

Your private key must be safely stored or protected, depending on the type of the wallet (password, encryption, 2FA, safe), since you only need it to send bitcoins. On mobile devices, the access to the wallet should be protected using two factor authentication code – provided by Google Authenticator.

https://support.google.com/accounts/answer/1066447?hl=en

If you do not use a mobile wallet, save the image of QR code of the public address on your mobile device. You can show the public address to anyone, to receive donations, tips or spending money. 

DO NOT SEND OR SHOW YOUR PRIVATE KEY TO ANYONE! In the bitcoin world it is similar to leaving your wallet at the railway station. On the floor. In the rush hour.

Advantages

The use of bitcoin wallet is no more difficult than the use of online banking. Upon check-in you can access your current balance and see all your transactions. For the first time in history of financial transactions bitcoin allows sending money safely, quickly and anywhere in the world. Despite the absence of central authority the system can be completely trusted. The use of unlimited number of bitcoin wallets is free!

Scan your bitcoin address

To buy bitcoins scan your public address QR code of your digital wallet which is installed on your mobile device (Bread, Mycelium, Blockchain.info ...) or printed on paper (paper wallet).

Insert banknotes

Insert one or more euro banknotes.

Complete the purchase

After you inserted the desired number of euro banknotes confirm the purchase by tapping SEND BITCOIN.

To exchange bitcoin for euros choose I want cash

Click on right side of the screen to sell bitcoin.

Choose amount in EUR

ATM pays out only banknotes, that is why you need to define exact amount in denomination of 20 or 50 eur (20,40,50,60,70,80,90,100,120,140 ...).

Insert Phone number

In case of higher amount of euros ATM will ask for your mobile number. On telephone number provided it will send you text when money is ready to be cashed out. Normally it takes 5 - 20 minutes if, miners fee is not too low. To avoid waiting for confirmations, we recommend you send us transactions with high priority fee.

Scan QR code and send transaction

When ATM shows you address to which you send bitcoins to get euros, you must check in your bitcoin wallet* if the amount in your wallet is equal to amount displayed on ATM screen (ATM shows amount without miners fee included). Cash machine will not cash out if the amount of bitcoins is too low. Press Send. *Bitcoin wallet that allows sending out transactions is needed.

ATM dispenses demanded amount of euros

Do not forget to take your money from slot below the screen = )