✳️ What is bitcoin?
Bitcoin Bitcoin is just a currency / currency like your own country's currency. It is not cash, but more like virtual money can be accessed / transferred online. This is generally referred to as cryptocurrency which is created in 2009. Markets called "bitcoin exchanges" allow people to buy or sell bitcoins using different currencies. Now, there are many portfolios offering trading services.
✳️ Creation
Bitcoin Bitcoin is a new currency which was created in 2009 by an unknown person using the alias Satoshi Nakamoto.
Transactions Transactions are carried out without intermediaries - which means, no banks! Bitcoin can be used to book hotels, buy furniture, buy Xbox games, and anywhere it is accepted. But a lot of the hype is about getting rich by the trader. The price of bitcoin skyrocketed into the thousands ($) in 2013 Nov. And for the record, the price of 1 bitcoin today is $ 27,720.
️ ️ Why bitcoin?
Bitc Bitcoins can be used to buy goods anonymously. Moreover, international payments are easy and cheap as bitcoin is not tied to any country or subject to regulation. Small businesses may like them because there are no credit card fees. Some people just buy bitcoin as an investment, hoping it will increase in value.
️ ️ Buy bitcoins
🔹 Many markets allow people to buy or sell bitcoin using different currencies. Coinbase is a leading exchange, along with Bitstamp and Bitfinex. But security can be a concern: Bitcoins worth tens of millions of dollars were stolen from Bitfinex when it was hacked in 2016. So choose the best by researching online.
️ ️ Bitcoin Wallet
Bitc Bitcoins are stored in a “digital wallet”, which exists either in the cloud or on a user's computer. The wallet is a kind of virtual bank account that allows users to send or receive bitcoin, pay for goods, or save their money.
✳️ Transfer
People can send bitcoin to each other using mobile apps or their computers through wallets. It is similar to sending cash digitally.
️ ️ Mining Bitcoins
People people compete to "mine" bitcoin using computers to solve complex mathematical puzzles. This is how bitcoins are created. Currently, a winner is rewarded with 12.5 bitcoins roughly every 10 minutes.
️ ️ The anonymity of bitcoin
🔹 Although every bitcoin transaction is recorded in a public log, the names of buyers and sellers are never revealed - only their wallet IDs. While this keeps bitcoin users' transactions private, it also allows them to buy or sell anything without easily finding them. This is why it has become the currency of choice for people who buy drugs online or other illegal activities.
Well articulated