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BTC 101

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Written by   14
1 year ago

Hello my people, this is a short series about Bitcoin. It consists of different parts, my intention is to educate about Bitcoin. Most people know about Bitcoin, we use it in fact, but do we actually know Bitcoin, well this is just the introduction, I'll keep updating the article and posting more about it as time goes by. So enjoy this very short intro for now.

Recently a lot of payments are made using Bitcoin. Bitcoin (BTC) is a crypto currency that allows transactions to be carried out without using a middle man such as financial institutions. It is digital and allows instant and swift payment. There are no physical bitcoins only ledgers that contains transactions and balances. It is a virtual currency that uses peer to peer network. In a peer to peer network, files can be transferred from each peer to another without the need of a central server because each peer can act as both a server and a client.

Benefits of Bitcoin include: Versatility, it can be used to purchase items, exchanged with other users, it can even be swapped with other currencies, User Identity Protection, it facilitates fast, easy and reliable payments, low cost transaction, easily accessible, it is not easily traceable.

While Bitcoin has a lot of benefits and the benefits are what majority of us focus on, it has it's own disadvantages too because everything that has has an advantage comes with a disadvantage too. Disadvantages of BTC include: Bitcoin can not be used for transactions in physical stores because it has no physical form, except the physical store supports online crypto currency payment, BTC can't be used, if perhaps you buy BTC and the seller doesn't provide the full BTC or something occurs Along the way, there is no refund process, hence no buyer protection, you can be exposed to scammers and fraudsters. While it's harder to steal BTC than cash, it doesn't mean it doesn't occur, wallets can also be lost. While the fluctuating price of BTC can be an advantage it can also be a disadvantage, it's all determined by the side you fall into.

Although BTC has it's disadvantages, they are disadvantages faced by other transaction currencies too. Investing in BTC is one of the greatest financial decisions you can ever make. As this short series go longer, I'll be talking about investment options and trading options. Next on our short series is to talk about how BTC works.

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Written by   14
1 year ago
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