For those of you who don't no about Bitcoin here πŸ‘‡πŸ‘‡is everything you need to know.

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Bitcoin is a digital currency (also called crypto-

currency) that is not backed by any country's

central bank or government. Bitcoins can be

traded for goods or services with vendors who

accept Bitcoins as payment.

Bitcoin-to-Bitcoin transactions are made by

digitally exchanging anonymous, heavily encrypted

hash codes across a peer-to-peer (P2P ) network.

The P2P network monitors and verifies the transfer

of Bitcoins between users. Each user's Bitcoins are

stored in a program called a digital wallet , which

also holds each address the user sends and

receives Bitcoins from, as well as a private key

known only to the user.

The Bitcoin network is designed to mathematically

generate no more than 21 million Bitcoins and the

network is set up to regulate itself to deal with

inflation. Bitcoins can be spent by initiating a

transfer request from a Bitcoin address in the

customer's wallet to a Bitcoin address in the

vendor's wallet. As of this writing, one Bitcoin

(also called a BTC) is worth $104 -- but just as

with stocks, the value of Bitcoins can fluctuate

quickly.

In the United States, Bitcoins are controversial

because they can be used to anonymously transfer

illicit funds or hide unreported income from the

Internal Revenue Service (IRS). Bitcoin policy now

requires transactions that involve traditional,

government-backed currencies to be attached to

an identity.

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