What is bitcoin?
Is bitcoin the Illuminati?
Is bitcoin a scam?
Is bitcoin fake?
These are some if the top searches on google ever since bitcoin started. Today we will answer some of this questions and more.
So what is bitcoin?
Bitcoin is a type of digital currency that was first introduced in 2009 by an anonymous person or group of people under the name Satoshi Nakamoto. Bitcoin has no physical form and can be sent to anyone, anywhere in the world instantly without fees. Bitcoin is based on a technology called blockchain, which allows information to be distributed but not copied. Blockchain is a distributed ledger, or shared database that records transactions across many computers simultaneously. The blockchain is not owned by any one person or company; it’s decentralized and maintained by everyone in the network. Bitcoin is a digital currency that can be used for many kinds of transactions, both online and in the real world. With it, you can send funds across borders almost instantly, with very low fees. This is great if you want to send money from one country to another without having to pay significant transfer fee costs on each transaction. For example: If I’m in America and want to send $1000 back home to my family in Kenya, it would take me about four days using traditional methods like Western Union or MoneyGram (but less than two hours using Bitcoin depending on my wallet).
Bitcoin also has benefits over traditional money transfer services because there are no middlemen involved; instead, all transactions are processed directly between buyer/seller according to their agreement on how much they will exchange at each step along way until they finally meet up again somewhere else on earth where they spent some time apart before reconnecting. Bitcoin can be used to send money across the globe almost instantly and with very low fees.
Bitcoin is a global currency, so you can send bitcoin anywhere in the world. It’s also a digital currency, which means it can be used to pay for goods and services online without having to go through a third party like PayPal or Visa. Finally, bitcoin transactions are decentralized—they don’t require any kind of central authority (like an issuing bank) or middleman fees like those charged by credit cards.
Bitcoin has been around since 2009 but only recently started gaining mainstream attention after its meteoric rise in 2017, it’s still new and there have been more than 1,700 bitcoin exchanges in the world since 2010. That means there are plenty of people who’ve made money with bitcoin over the years, but it’s also possible to lose money in it. Bitcoin enthusiasts tend to think that their favorite cryptocurrency has tremendous potential and will continue growing into something huge and important. If you don’t understand the technology, if you don’t understand the risks, if you don’t understand the tax implications, then bitcoin is not for you. There are lots of ways people get scammed out of their bitcoin, so you should do your research and learn
everything you can before investing.
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