Bitcoin is a revolutionary form of digital money (think e-dollars, e-dinars, e-dirhams, e-liras etc.) designed for a world where physical borders matter less and less, and where the Internet plays an increasingly central role.

In case you’re wondering how Bitcoin works, here’s a high level overview to wet your appetite. At its core, Bitcoin has 4 main parts: Addresses, The Block Chain, Transactions, and Miners.

A lot of Bitcoin’s benefits discussed apply anywhere around the world. More specifically, Bitcoin holds many promising and impactful applications for the Middle East.

Bitcoin eliminates the transaction fees, charge-backs, and delays of traditional payment options. It offers an easy-to-use payment solution that’s cheap and accessible all over the world. Merchants everywhere are already accepting Bitcoin for payment, from corner street coffee shops to big online businesses.

A Bitcoin wallet is where you can store, receive, and send bitcoins. It’s like your own “bank account”. All wallets have a Bitcoin address (also known as a public key). Your Bitcoin address is like your email address; it’s what you give out to people to be able to receive bitcoins.

Like any other currency, there are 3 major ways of getting bitcoins: exchanging them with another person, going to a money exchanger, or selling products or services paid for in bitcoins.

Bitcoin is fairly new. As a result, some ways of using Bitcoin are still not ready for mass adoption.

We’ve already talked about why it’s a great idea to accept Bitcoin. Here, you’ll find the two main ways to get set up.