WHAT IS BITCOIN?
Bitcoin is a form of
digital currency, created and held electronically. No one controls it. Bitcoins
aren’t printed, like dollars or euros – they’re produced by people, and
increasingly businesses, running computers all around the world, using software
that solves mathematical problems.
It’s the first example
of a growing category of money known as cryptocurrency.
The best
and simplest definition for Bitcoin is this “Bitcoin is Money”. Yes, Bitcoin is
the money of our generation and the future generations. Well, in the
history of money, several object has been used to carry out transactions. Money
in itself is any clearly identifiable object of value that is generally
accepted for payment of goods and services and repayment of debts within a
market or which is a legal tender. Bitcoin fulfills all of these. In the past,
money has taken many forms like cowry shells, beads, precious metal, paper, and
in our generation it is becoming digital in form of bitcoin and other
cryptocurrencies.
What makes it
different from normal currencies?
Bitcoin can be used to
buy things electronically. In that sense, it’s like conventional dollars,
euros, or yen, which are also traded digitally.
However, bitcoin’s
most important characteristic, and the thing that makes it different to
conventional money, is that it is decentralized. No single institution controls
the bitcoin network. This puts some people at ease, because it means that a
large bank can’t control their money.
''Bitcoin could be used as a means for economic liberty, since it is easy
to use, secure and reliable for merchants. It is not only used as a world
currency, but also as a savings asset. It is the “one last economic fortress”.
What makes Bitcoin unique?
It is a digital, decentralized, cryptocurrency and a gateway to send money anywhere around the world with just the click of a mouse or the scan of a QR code to anyone with internet access. Yet, one must never take the decentralized nature of Bitcoin for granted.
What makes Bitcoin unique?
It is a digital, decentralized, cryptocurrency and a gateway to send money anywhere around the world with just the click of a mouse or the scan of a QR code to anyone with internet access. Yet, one must never take the decentralized nature of Bitcoin for granted.
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