Thursday, January 20, 2022

What is Bitcoin?

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To put it simply, Bitcoin is a currency. BTC is the abbreviation of this currency. But unlike traditional fiat currencies, there is no central bank controlling it. Each Bitcoin unit is unique, cannot be copied, destroyed, and runs on a distributed network maintained by thousands of computers worldwide. Bitcoin is a decentralized peer-to-peer network. A single institution or individual does not control it. Bitcoins cannot be printed, and the number is limited – only 21 million Bitcoins can be produced in total. Bitcoin was first introduced as open-source software in 2009 by an anonymous programmer or programmers nicknamed Satoshi Nakamoto. While there have been many rumors about Bitcoin’s creator, he did not admit that Nakamoto mentioned these rumors. For many, Bitcoin’s main advantage is that it is independent of governments, banks, and companies. No authority can interfere with Bitcoin transactions, charge transaction fees, or seize the money. Moreover, Bitcoin transactions are highly transparent – all transactions are stored on a massive distributed public ledger called the blockchain. While bitcoin can be purchased from exchanges, it can also be purchased directly from other people in the markets. When buying bitcoins, you can pay with cash, credit or debit card, or even other cryptocurrencies.

What is blockchain?

Imagine that you live in a primitive community that does not use money; instead of cash, they trade by swap. If you have ten pigs and sell them for one cow and if it is taken records that everyone can see, it means that you can not sell the same ten pigs for something else to someone else. If youı do so, it can be seen, and people would be aware of your fraud in this sense. The blockchain system works more or

less this way. Every transaction and exchange is taken as records so that online coins can have value, and no fraud can happen. All of the details are publicly available to everyone, and the people cannot change or take back the earlier transactions.

What is Cryptocurrency?

A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions and control the creation of new units of a particular cryptocurrency.

What is the Price of Bitcoin?

The current price for Bitcoin is 10,550 Us Dollars by the time this article is written.

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