What is bitcoin
Bitcoin is a from of digital currency that is created and held electronically on a computer. bitcoins are not paper money like dollars euros or yen controlled by central banks or monetary authorities. bitcoin is the first example of a cryptocurrency .which is produced by people and businesses all over the world using advanced computer software that solves mathematical problems.
bitcoin has several attributes that set it aside from traditional currencies as a pan global means of exchange central banks or monetary authorities do not control the number of bitcoin and it is decentralized making it global. anyone with a computer can set up bitcoin address to receive to transfer bitcoins in seconds. bitcoin is anonymous and the cryptocurrency allows users to maintain multiple addresses,and setting up an address requires no personal information.
How to work bitcoin
Bitcoin is a method of payment or transfer of value that is independent of governmental authorities like central banks that traditionally contral the money supply and the availability of currency in the global market. transfer are made via computer immediately with low transaction fees.
Bitcoin is a fixed asset because there are only 21 million coins. solving the advanced mathematical problems results in the mining of bitcoins however bitcoin is divisible so the growth potential for the exchange medium is unlimited. one of the most interesting inventions that came alongside bitcoin is blockchain or distributed ledger technology. DLT has amazing potential when it comes to traditional operations and settlement ramifications for businesses in the finacial as well as other industries.one of the highest value now currency is bitcoin.
Why are Bitcoins valuable why do you now
There are lots of things other than money which we consider valuable like gold and diamonds. The Aztecs used cocoa beans as money.Bitcoins are valuable because people are willing to exchange them for real goods and services, and even cash.
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Why do people want Bitcoins
Some people like the fact that Bitcoin is not controlled by the government or banks.People can also spend their Bitcoins fairly anonymously. Although all transactions are recorded, nobody would know which ‘account number’ was yours unless you told them. In an online chat with social media users in January 2021, the world’s richest man, Elon Musk, said he was a big supporter of Bitcoin.He even went as far as to change his Twitter bio to bitcoin He has repeatedly shown his support to online currencies in recent years and caused major movements in their values due to his own personal wealth and influence. how to work bitcoin
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