Bitcoin is a new decentralized currency. It works by storing all the transactions in a database called the “Blockchain.” Instead of a central authority, such as a bank, the database is shared among the Bitcoin users via peer-to-peer connections. When making a purchase in Bitcoin it is similar to Paypal, an address and an amount is provided.
One of the most common uses of Bitcoin is to accept small donations or sell low-cost items. Small payment are impractical or impossible with other payment methods. A 99 cent donation is almost worthless to the recipient because most of funds will be taken in fees. Some parts of the world are completely cut off from traditional payments systems and Bitcoin can be their way of participating in world commerce.
Donations can be accepted by anyone, anywhere in the world and no bank account is needed. See how with this 1-minute video:
HELP.org provides free support for getting started with Bitcoin. Submit your questions below. For general questions about Bitcoin Ask Milly Bitcoin!
For More Bitcoin Resources see The Bitcoin Information Center
Milly Bitcoin’s Blog is at CoinText.com