With Bitcoin rising in value and crossing the $8,000 mark recently, there are many people asking themselves what is Bitcoin and what does it do. Today, we are giving you a full explanation of the leading cryptocurrency.
To begin with, the best way to describe what is Bitcoin is as a digital currency that lets you buy clothes, groceries and anything else – just as you would with any other local currency. However, Bitcoin is digital which means that you cannot store it in your pocket or put it in your wallet. Instead, you need to use a digital wallet to store your Bitcoin.
When it comes to Bitcoin’s structure, the leading cryptocurrency is divorced from any governments or central banks. In other words, it is decentralized and organized through a network known as the blockchain, which is an online ledger that keeps a secure record of each transaction in one place. This means that anytime someone buys or sells bitcoin, the swap gets logged in the ledger.
With no one controlling these blocks, Bitcoin is fully independent. Anyone can use it on any computer or device that has a Bitcoin wallet – which you can only get if you buy bitcoins.
Since it is open, decentralized and flexible, Bitcoin is quicker, cheaper and more reliable than any form of payment. On top of this, it is the only form of money that can be theoretically “mined”.
But even if you don’t mine Bitcoin, you can buy or sell it – typically through the most popular online exchanges such as Coinbase, CEX, and LocalBitcoins.
In the end, the best thing about buying Bitcoins is the fact that their price is constantly on the rise. For example, if you bought 3 Bitcoins at a price of 0 in 2012 (0 total), now you would have ,000.
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No one knows how Bitcoin will perform in the future – but from what we have seen so far- experts believe that it could rise to $20,000 for 1 BTC. For that manner, Bitcoin is also seen as a form of an investment nowadays.
We hope that we answered your ‘what is Bitcoin’ question and helped you decide whether you want to have this cryptocurrency or not.
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