What is Bitcoin? All You Need To Know About Bitcoin
Oct 14, 2019 22:43
Bitcoin was created in 2009. By October 2017, it’s value was around £5000 - now it's worth just a little more. It is rapidly becoming a cryptocurrency exchange landscape that has evolved significantly in 2019
Confused? Let’s start from Beginning!
What is Bitcoin?
Bitcoin, which is also called a cryptocurrency is a completely virtual currency. It is completely digital. You can use it to purchase services and products online, though not many shops accept bitcoins and some of the countries have simply banned bitcoins.
How does Bitcoin work?
Each Bitcoin is a computer file that is stored in a 'digital wallet' app on a smartphone or computer.
People can send Bitcoins to your digital wallet, and you can send Bitcoins to other people.
Every single transaction is recorded in a public list called the blockchain, which makes it possible to trace the history of Bitcoins to stop people from spending coins they do not own, making duplicate copies or undo-ing transactions.
How to get Bitcoins?
So, here are some of the ways to earn Bitcoin!
You can buy Bitcoins using 'real' money.
You can sell things and let people pay you with Bitcoins.
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Are bitcoins really valuable?
This is a question in many people’s minds. The answer is yes. There are many things in this world more valuable than money like gold and diamonds.
Bitcoins are valuable because people are willing to exchange them for real goods and services, and even cash. So, there you have your answer! Bitcoins are indeed valuable.
Why do people want Bitcoins?
Some people like the fact that Bitcoin is not controlled by the government. People can also spend their Bitcoins fairly anonymously. Although all transactions are recorded, nobody knows which 'account number' was yours unless you tell them.
Is it secure?
The best part of bitcoins is that every transaction is recorded publicity. It is almost impossible to copy bitcoins and make fake ones, unlike money. Though bitcoins are digital it is not that easy to spend one that is not yours! so, it will not be wrong to say that bitcoins are super secure.
Though it is possible to lose your Bitcoin wallet or delete your Bitcoins. There have also been thefts from websites that let you store your Bitcoins remotely.
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