When it comes to exactly what bitcoin is we can consider it as an online financial network that people are able to send payments from one to another. In its own unique way, the bitcoin has been structured to operate in a decentralized manner. However, there are a lot of similarities between it and other forms of conventional networks of payment such as PayPal or Visa credit cards. Bitcoin is different from all the other networks of payment in two principal ways.
First, they are decentralized. As for the companies that are profiting motive such as the visa card and others, they actually manage them so as to befit their respective shareholders. There is no particular individual that owns or controls the network. It works more on the model of peer to peer. On the other hand, there are hundreds of computers all across the globe that in a synchronized manner cooperate and work to process all their transactions.
It can be described as the first open financial network in the world. For you to be able to create a new financial services you will have to partner with the conventional banking sector and adequately meet compliance of some rules. As for the bitcoin network it has no underlying restrictions. You will not require the permission of anyone to be able to gain assistance so as to create new services based on Bitcoin financial services.
The number of merchants online who accept bitcoins have increased tremendously. You may want to spend them, all you will have to do is to get the mobile app. You will next receive a QR code that will assist you achieve you purchase. The code will have to be scanned then the app will send the required number of coins to that store. All the conversion issues and technicalities will be done using the BTCUSD converter.