Jan 24, 2021

Cryptocurrency: All you have to know about Bitcoin in 2021

Bitcoins



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/transferred 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 $32,350 USD.


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.

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Cryptocurrency: All you have to know about Bitcoin in 2021
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