What is BitCoin?

As you can see, the short video above is the shorten explanation of  where  Bitcoins came from and how it is done to get a Bitcoin. Now the question is, how  could  people like me who cannot do this kind of operation that is called "mining" or  the process to create new Bitcoins. The creation and transfer of  Bitcoin is based on a cryptographic protocol. So when Bitcoin came to life in January 2009, a lot of people tried to learn it and they gained many many bitcoins. But since it was only new that time, the bitcoin value wasn't  big than  what  it is  right now. Bitcoin  now belongs to digital currency such as e-gold and all other digital currencies people use online for payment transactions and belongs to other type of digital  currency which is called Cryptocurrency.

"A cryptocurrency is a digital medium of exchange. The first cryptocurrency to begin trading was Bitcoin in 2009, since then numerous cryptocurrencies have become available. Cryptocurrencies are at bottom specifications regarding the use of currency which seek to incorporate principles of cryptography to implement a distributed, decentralized and secure information economy. When comparing cryptocurrencies to fiat money, the most notable difference is in how no group or individual may accelerate, stunt or in any other way significantly abuse the production of money, instead only a certain amount of cryptocurrency is produced by the entire cryptocurrency system collectively, at a rate which is bounded by a value both prior defined and publicly known. Most cryptocurrencies are designed to gradually introduce new units of currency, placing an ultimate cap on the total amount of currency that will ever be in circulation. This is done both to mimic the scarcity (and value) of precious metals and to avoid hyperinflation.^[7][8] As a result, such cryptocurrencies tend to experience hyperdeflation as they grow in popularity and the amount of the currency in circulation approaches this finite cap. ^[9] Compared with ordinary currencies held by financial institutions or kept as cash on hand, cryptocurrencies are less susceptible to seizure by law enforcement.^[7][10] Existing cryptocurrencies are all pseudonymous, though additions such as Zerocoin and its distributed laundry feature have been suggested, which would allow for anonymity.^{[11][12][13][14]}" ~source - http://en.wikipedia.org/wiki/Cryptocurrency

Here are some actual photos on how bitcoin mining is being operated.

                               This tablet shows the statistics and status of a bitcoin pool mining.

  Mining card is a hardware used to mine to get new bitcoins. It is installed in high end computer devices.

        Seems this illustration explained it all. No wonder, a lot of countries and still the number is  growing,  already accepted and welcomed Bitcoin as one of the easiest, cheap and convenient payment tool in many businesses online and offline. As of this writing right now, maybe only few Pinoys are already participating in bitcoin mining and bitcoin trading. But I am confident that very soon, Bitcoin will be on top of the line choice of many Pinoys specially the Filipino overseas workers who are sending local and International remittances to save fees, and that Philippines will also become part of those countries who accepted Bitcoin.