What is Bitcoin?
Bitcoin is a digital currency that has been invented without any country ‘s central bank or government in other words, bitcoin is not regulated by any government or central bank.
its was invented in 2008 by an unknown person using the imaginary name satoshi nakamoto’.the currency came into use in 2009 through a digital app.
How does Bitcoin work?
Bitcoin is basically a computer file which is stored in a digital wallet app people can send bitcoins to your digital wallet and you can send bitcoins to other people.
How does Bitcoin make money?
Bitcoin are generated by a competitive and decentralized process called mining is done by the individuals and they are rewarded by the network for their services. Bitcoin miners receive Bitcoin as a reward for completing blocks of varified transaction which are added to the blockchains.
Why are the prices of Bitcoin going so high in recent time?
- Since there are around 21 million Bitcoins in total there is less circulation of the market currency as the reward decreases and as more people become aware of the asset’s scarcity more demand rises .resulting in a higher prices.
- Bitcoins popularity is making investors believe there is further upside.
- many companies purchasing bitcoin shows a high level of confidence in its appreciation and given increased merit to the concept of bitcoin.