What is BitCoin and Cryptocurrency?

what is bitcoin

Bitcoin

In simplest terms, Bitcoin is just another currency. The term Bitcoin refers to the entire currency system, where bitcoins are the basic units of the currency.

as with dollars, euros, yen and gold coins, you can spend and save
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Bitcoin has become one of the most popular and fastest-growingย digital currencies in the world today. The cryptocurrency was created in 2009 by an anonymous group or individual known as Satoshi Nakamoto and operates on a decentralized, peertopeer network. By using blockchain technology, users are able to send and receive payments directly to each other without the need for the involvement of thirdparty intermediaries. Bitcoin has become increasingly popular due to its ability to store value, provide security and privacy, and offer greater transparency than traditional bank transactions. Bitcoin is available for purchase and/or trading on many online exchanges and is accepted by some businesses as a form of payment. It is important to understand that.

A digital currency is one that can be easily stored and used on a computer. By this definition, even dollars can be considered a digital currency, since they can be easily sent to others or used to shop online, but their supply is controlled by a centralized bank organization. In contrast, gold coins are decentralized, meaning that no central authority controls the supply of gold in the world. In fact, anyone can dig for gold, create new coins, and distribute them. However, unlike digital currencies, it’s not easy to use gold coins to pay for goods (at least not with exact change!), and it’s impossible to transfer gold coins over the Internet. Because Bitcoin combines these two.

Bitcoin wealth
Bitcoin wealth

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  1. It’s a digital currency
  2. Just like the mail got replaced by email, Bitcoin can one day do that to fiat money
  3. Bitcoin has a fixed supply of 21 million dollars as of now
  4. Every year less number of bitcoins are put into the pool
  5. Bitcoin has inflation, of course.
  6. Some say it is like gold, but only without defects
  7. It is not much affected by other currency
  8. It is peer-to-peer transfers
  9. There are bitcoin miners that help ensure the cryptic message transfers
  10. And these miners gain their fees via this cryptic processing
  11. Bitcoin can be converted and received via any currency there are many websites that do that
  12. Bitcoin is basically a software that deals with real money
  13. How does bitcoin inflate?
  14. Why bitcoin is not a gold standard investment?
  15. Its open source so the government cannot control it
  16. Once the money is digital that is bitcoin it cannot be traced by anyone but you
  17. So in a way, it is like a Swiss bank
  18. No banking regulation can stop you from doing it
  19. Presently we hand over the banks to make our online transactions for some fees
  20. With Bitcoin, the middleman has vanished.
  21. You handle you own money with the software tools
  22. These tools use the QR code and the money no matter in millions can be transferred in seconds
  23. Bitcoin as of 2013 has grown in value not decreased.. we are used to live ย in an currency that moves around its base value up and down, but with bitcoin it is different it has grown and a single bitcoin can cost lots and lots of dollars
  24. The good thing about bitcoin is that you can even transmit 0.0000001 or even less fractionย of money
  25. Launched in 2009
  26. People are losing faith in bank due to bank bailouts and declaring bankruptcy of banks and influential figures so bitcoin at that time got a huge hype
  27. As ย bitcoin are free of any state they cannot be traced or taxed and also free of any government or central bank
  28. I do not know why but users and creators of bitcoin are always anonymous
  29. Paypal and other websites might be due to political influence block the countries like Iran WikiLeaks and German borders but bitcoin is free of all that.
  30. Paypal has been blocked in over 60 countries.
Bitcoin
Bitcoin
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My Opinion
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  1. If bitcoins are adopted widely as local currency, then bank will begin to fail and the loans from banks will start costing more

  2. which will lead to people establishing a bitcoin loan facility which will or might be a peer to peer n rating system to put credentials and trustworthiness of lenders such a system is already present today but deals with real cash.

  3. There can be a deficit in bitcoin currency conversion

  4. The M1, M2, and M3 cash types will be unpredictable in the economy and might become more ambiguous and lessย reliable as you are uncertain of the future

  5. Why, because knowing we so don’t know what people are spending on and their trends

  6. The government will become poor, the government uses banks to invest and load money to another country M2 form of money knows that civilians are trading in bitcoins the actual cash is not in circulation leading to less money in the hands of the government

  7. The same reason is applied to the increase in loan rates in the fall of banks

  8. I am not sure about the function of the government, which is poor- has fewer capital funds/civilian

  9. In case of war, the turnout is unpredictable. there will be an army of hackers that will bring the entire nation down

Ref. Links
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Reference: https://bitcoin.org

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