What is Bitcoin?

[Chef]

Can someone explain to me what bitcoin is? I have no clue and cant really figure it out :(

if you can help that would be great!

Thanks

Chef

[c.pryor2223]

Its an online currency which is gaining momentum due to increased demand. The currency is generated by completing complex equations and awards 25 BTC or Bitcoins (generally called a "Block"). The most effective method to mining is using a high end graphics card/GPU to Mine for coins, however mining solo can result in very little reward. Most people use 1-2 graphics cards (ATI cards work best) and mine in a pool. A pool being lots of miners using their combined efforts to increase their overall MHash rate, therefore increasing chances of completing a valid block. Most pools distribute the 25BTC reward proportionally and equally based on the amount of effort each miner contributed to the pool.

[Hirad123]

what is the point of having bitcoins? just to have them or can they be redeemed for stuff?

[c.pryor2223]

This site shows most of the vendors who accept bitcoin ([url=https://www.spendbitcoins.com/places/]https://www.spendbitcoins.com/places/[/url=https://www.spendbitcoins.com/places/])

Also there are services which allow you to trade bitcoin (BTC) to american currency (USD) usually through paypal.

Its a currency just like a Euro, Rupee, or Dollar

[Nit3Rid3R]

Bitcoin is Internet Monies :P