ALL YOU WANT TO KNOW ABOUT BITCOIN

🗃ALL YOU WANT TO KNOW ABOUT BITCOIN 🗳

✳️ What is bitcoin?

🔹 Bitcoin is just a currency/money like ur own country’s currency. It is not a liquid cash but more like a virtual money can be accessed/transfered online. This is generally called as cryptocurrency which is created in 2009. Marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies. Now there are many wallets offering trading services.

✳️ Creation

🔹 Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto.
🔹 Transactions are made with no middle men – meaning, no banks! Bitcoin can be used to book hotels, shop for furniture ,buy Xbox games and where ever it is accepted. But much of the hype is about getting rich by trading it. The price of bitcoin skyrocketed into the thousands ($) in 2013 Nov. And FYI, the price of 1 bitcoin today is 27720 $.🤩

✳️ Why bitcoin?

🔹 Bitcoins can be used to buy merchandise anonymously. In addition, international payments are easy and cheap because bitcoins are 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 bitcoins as an investment, hoping that they’ll go up in value.

✳️ Buying bitcoins

🔹 Many marketplaces allow people to buy or sell bitcoins 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 better one by doing researches online.

✳️ Bitcoin wallet

🔹 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 bitcoins, pay for goods or save their money.

✳️ Transfers

🔹 People can send bitcoins to each other using mobile apps or their computers through wallets. It’s similar to sending cash digitally.

✳️ Mining bitcoins

🔹 People compete to “mine” bitcoins using computers to solve complex math puzzles. This is how bitcoins are created. Currently, a winner is rewarded with 12.5 bitcoins roughly every 10 minutes.

✳️ The anonymity of bitcoin

🔹 Though each bitcoin transaction is recorded in a public log, names of buyers and sellers are never revealed – only their wallet IDs. While that keeps bitcoin users’ transactions private, it also lets them buy or sell anything without easily tracing it back to them. That’s why it has become the currency of choice for people online buying drugs or other illegal activities.

Jonny Richards

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