What is BTC for dummies & how can I get Bitcoins?

what is bitcoin?

What you should know about BTC to get Bitcoins for free everyday

Maybe you’ve already asked yourself “how to get bitcoins?” Or, “what is bitcoin?” Bitcoin (BTC) is the most famous cryptocurrency. A cryptocurrency is like a coin of exchange based on cryptography. Cryptography is used to secure your transactions, manage the generation of new units and to verify all transactions. Bitcoin was invented by Satoshi Nakamoto in 2008; but this was just the nickname of the author of the bitcoin white paper. Nevertheless, nobody knows his true identity.

Did Satoshi Nakamoto invent Bitcoin?
Did Satoshi Nakamoto invent Bitcoin?

In brief, Nakamoto created and deployed BTC’s original reference implementation. Like other payment systems, BTC allows you to send and receive money via internet. Another difference is the anonymity. Moreover, with BTC you can send money even to someone whose true identity is unknown. In addition, you don’t need to know bank codes, name and last name. Nor other informations regarding who send or receives payments. Most importantly, payments can be executed without you being linked to a concrete identity.


  1. Bitcoin and Anonymity
  2. How to create my Bitcoin address
  3. BTC is based on Blockchain
  4. Example about How Blockchain Works
  5. How Bitcoins are generated
  6. You have two methods to get Bitcoins without Mining: with and without investments
    1. 1st Way to Get Bitcoins For Free Using BTC Faucets
      1. The most serious and reliable BTC faucet
    2. 2nd Way to Get bitcoins with investment of few dollars
      1. The best BTC doubler
  7. Business that have been successful thanks to BTC and that you should know
    1. Silk Road
      1. Effects of Silk Road in the real world
      2. Illegal drugs? There was more on Silk Road!
      3. Shut down of Silk Road
    2. Mt. Gox
      1. The fonunder of Mt. Gox and the launch in 2010
      2. Mt. Gox ownership change
      3. Mt. Gox + Silk Road = more than 70% of all BTC transactions worldwide handled by Mt. Gox!
      4. Mt. Gox: from Exchange to Bank
      5. Fail of Mt. Gox
  8. Conclusions

BTC and Anonymity

You can use BTC without having a digital identity to link real-world identity to it. In other words, you cannot know identity of BTC addresses because is not required to link names to BTC addresses. In fact, btc keeps track of addresses where the money is and does not keep track of users. Basically btc address is composed by two keys: public key and private key. You can consider the public key like the email address; anyone can search public keys to send them money. On the other hand, you should consider the private key like the password to access to your email account. That’s exactly why is very important to keep secret your private key. The match between your private and public key is based on cryptography. Accordingly, encrypting information, you can prove to the network that you are the real owner of the private key without revealing it.

How to create my Bitcoin address?

A BTC address is an identifier of 26-35 characters composed by letters and numbers. Each BTC address begins with 1 or 3. Creating BTC address is for free. For instance, you can create BTC addresses using service like Bitcoin Core. At the same time, you can create btc addresses using exchange like CoinBase or btc wallet services. To get your bitcoin address quickly, read How to Get a Bitcoin Address in few Seconds.

BTC is based on Blockchain

Firs of all, don’t confuse anonymity with little attention to track. In effect, all BTC transactions are tracked using a global database called blockchain. Equally important, the blockchain keeps track of all transactions and new generated BTC. You can’t know who has the most money. However, also if you know the BTC address with most money, the owner’s identity is not known. Another key point is you don’t have to ask anyone’s permission to send BTC to someone. For this reason, BTC is indestructible. As long as there are 2 nodes, BTC will exist. Any computer or device that connects to the BTC interface can be considered a node. What’s more cool? 🙂

Example about How Blockchain Works

An example to show you how your BTC transaction is processed:

  1. You send money to user B.
  2. A dedicated block is created online and it rappresents your transaction.
  3. Straightaway, the block created in step 2 is broadcast to every part of the network.
  4. Those in the network approve the transaction and validate it.
  5. Thus, the block approved in step 4 is added to the blockchain which provides permanent non-repudiable and transparent record of the transaction.
  6. After that, User B receives your money.

How BTCs are generated

To create BTC you have to solve math problems. Unfortunately the difficulty of mathematical problems is directly proportional to the number of users who solve problems. Above all, considering that in the last years the interest in BTC increased, the difficulty today is very high. The activity of creating BTC is called mining and uses dedicated hardware called ASIC, application-specific integrated circuit. Chiefly, in past years traditional CPU or GPU have been used in mining, today are not enough in terms of computational power. Without doubt, ASICs guarantee better performances. The problems of the ASICs are the price and the the cost of electricity. 😭

You have two ways to get Bitcoins without Mining: with and without investments

Happily however, you can get bitcoins for free every day without mining! Without costs of buying ASIC and monthly electricity billing, you can get bitcoins in two ways:

  • 1st way: without investments using BTC faucets.
  • 2nd way: with an investment of few dollars using bitcoin doublers. The minimum investment is 0,001 BTC. To know the current value of bitcoin check on google BTC to Dollar. In this way you will know exactly how many dollars are 0,001 BTC. Alternatively, you can finance the 2nd method using the 1st method.

1st Way to Get Bitcoins For Free Using BTC Faucets

BTC faucets are websites that dispense BTCs every hour. Many of these give you BTCs every 60 minutes, some of them every 5 minutes. With BTC faucets you can earn up to 1 BTC every hour. Using BTC faucets is very simple. Since every hour you can do something like a single click, completing captcha, watching videos or taking surveys. Each of these actions will gives you BTCs! 🙂 Besides, some BTC faucets have also casinò games, lotteries and even games where you can bet on results of future events. Sport events, TV series events, BTC’s future price and much more. So, you can multiply your BTCs much faster! 😉💰

The most serious and reliable BTC faucet

Actually the best faucet to get bitcoins is freebitco.in. To quick earn bitcoins with this faucet, be sure to read this tutorial: Freebitco.in Strategy to Start Earning Seriously.

How to get bitcoins for free? Certainly, with this faucet you will get bitcoins for free quickly starting from the first click. You will have mutiple ways to earn bitcoins every hour. Don’t forget to read tutorials above and sign in today to this faucet. The price of the BTC increases every day! 😉💰 Start to get your bitcoins today!

2nd Way to Get bitcoins with Investment of Few Dollars

For the price of a beer you can start earning bitcoins every day! Read Generating passive income with bitcoins for the price of a beer. Remember that a bitcoin wallet is always necessary. Guide to have a bitcoin wallet: How to Get a Bitcoin Address in few Seconds.

Business that have been successful thanks to BTC and that you should know

The invention of the blockchain and cryptocurrencies comes from groups of people who do not like government control regarding people’s lives. Perhaps these ideals remind you of Cyberpunk movement. They created ideas like open source and projects like Linux, Firefox, Apache, OpenX, and GNU. To say nothing of famous movies like Nirvana and Matrix . What you may not know, is that they have been inspired by cyberpunk ideals.

Some business based their success on blockchain and cryptocurrencies, exceptional levers for fast growth. Take the case of Silk Road and Mt. Gox. Mainly, they were based on idea of a world where governments, police, banks cannot do anything against will of people.

Silk Road

Silk Road - the most famous marketplace of the deep web based on BTC
Silk Road – the most famous marketplace of the deep web based on BTC

Silk Road was an ecommerce based on BTC payments. BTC guaranteed the anonymity of transactions. To improve privacy, the only way to access the marketplace was using Tor. Tor is an open source browser that you can use to access into the darknet. Tor is used to protect your privacy. Your freedom and ability to share confidential communication are secured by Tor. Your internet activities are not monitored with Tor. This marketplace was created by Ross Ulbricht. After the university time, Ulbricht become interested in libertarian economic theory. Point often overlooked, in his LinkedIn profile you can read 

I am creating an economic simulation to give people a first-hand experience of what it would be like to live in a world without the systemic use of force.

Effects of Silk Road in the real world

Silk Road was launched in February 2011. Great part of transactions on this ecommerce was about illegal drugs. So, soon it was called the Amazon of the drug. Albeit, from an interesting point of view you could see it like a solution to avoid violence in the market of the illegal drugs. In fact, you were able to buy illegal drugs staying safe at your home in front of your computer. It was not necessary to go out of home in dangerous areas of the city to buy drugs. According to Ulbricht’s idea, this was a success. No control from police or governments and people could do what they wanted without violence. What emerged unfortunately is that great part of the people was interested in illegal drugs. This makes one reflect on the widespread unhappiness of people.

Illegal drugs? There was more on Silk Road!

Yep! On Silk Road products such as weapons, hacking services and cloned credit cards were for sale. But even more! Killers for sale and other thinks related to a black market.

Shut down of Silk Road

In October 2013, Ulbricht was arrested by the FBI who shut down the marketplace created by Ross. Soon was created Silk Road 2.0 but on November 2014 it was shut down by FBI. In 2017 the version 3.0 has been closed too. Notwithstanding it, many other marketplaces were created and closed in the dark web. That is to say, every day you can spend your BTCs on similar new marketplaces on deep web.

Mt. Gox

Mt. Gox is considered the first and the most famous BTC bank
Mt. Gox is considered the first and the most famous BTC bank

Mt. Gox has been another famuous business based on BTC. Without doubt, you can consider Mt. Gox like the first BTC bank that showed how BTC takes power away from traditional banks.

The fonunder of Mt. Gox and the launch in 2010

Mt. Gox where founded by Jed McCaleb in 2010 but he had already bought the domain in 2006. It remained unused until 2010. In 2010 Jeb has heard of BTC. After a while he understood that BTC exchange would be needed. Hence, on July 18 2010 the exchange was online and working.

Mt. Gox ownership change

Officially, due to lack of time, Jeb McCaleb decided to leave the project. In March 2011 the website is sold to Mark Karpelès.

Mt. Gox + Silk Road = more than 70% of all BTC transactions worldwide handled by Mt. Gox!

Success of Silk Road generated an increase in terms of BTC transactions. Accordingly, from 2011 to 2014 great part of the people used Mt. Gox to convert money in BTC and then to buy something on Silk Road. You understand the reason of the success of Mt. Gox. It was like Paypal today. How many people use Paypal to buy online? 🙂

Mt. Gox: from Exchange to Bank

After a while, people noticed that the value of BTC was increasing. So, many customers of Mt. Gox used Mt. Gox like a bank. They converted money in BTC and deposited BTCs in the bank (Mt. Gox) Then, they were waiting for the right moment to convert BTCs in money and withdraw. Soon, the amount of customers of Mt. Gox increased.

Fail of Mt. Gox

Usually, BTC transactions are in real time. In early 2014, Mt. Gox’s customers noticed that after the withdrawl, they no longer received the money the few minutes. Afterwards, the number of customers who did not receive money increased and customer complaints too. In February 2014 Mt. Gox suspended the possibility of withdrawing for technical checks. In fact, what was happening is that there were no BTCs available on customers accounts. After that, investigations revealed that there had been a BTC theft began at end of 2011. The theft had been carried out by unknown persons.

Some say that the problem was known to Mark Karpelès since the beginning and that Mt. Gox did nothing to solve it. If true, perhaps it was an underestimated problem because when the Mt. Gox was sold to Mark, the BTC’s price was under 1 dollar. Thereafter, the value of a BTC dramatically increased and so, this has widened the financial black hole of Mt. Gox. Clearly, with BTC, traditional banks cannot control activities of your money. A BTC bank is like a swiss bank in your pocket! 😄


Tu sum up, now you know what is BTC and why is important to invest in bitcoin. Above all, how to get bitcoin for free every day! 😉