Bitcoin Explained in 2 Minutes Atlantic City Bitcoin Bitcoin Explained in 2 Minutes Bitcoin is both a currency and payment system (like Paypal) rolled into one.

Bitcoin Address/Email Address E-mail – You have a public e-mail address and you use an e-mail program or web site to send and receive e-mail. Your secret password allows you to send e-mail. Bitcoin - You have a public Bitcoin address and you use a Bitcoin program or web site to send and receive bitcoins (Bitcoin wallet). Your secret password (private key) allows you to spend bitcoins.

Bitcoin is Decentralized Bitcoin works by sharing the transaction database by peer-to-peer connections and is secured by mathematics and the large number of users using the system. Transactions are done person-to-person. Nobody central authority is in charge and no way to force a refund. This concept takes time to sink in!

Bitcoin “Mining” Records Transactions “Bitcoin Miners” are specialized computers that record the transactions and adds a section to the database (“blocks”) about every 10 minutes Miners keep the transaction fees and new currency is issued as “block rewards” as Miners add new blocks

Don't Need to Know Everything to Spend You don't need to explain how the Federal Reserve and Central Banks work to be able to spend money.