Bitcoin is a digital currency that was created in 2009 by an unknown person using the name Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! Bitcoin can be used to book hotels on Expedia, shop for furniture on Overstock and buy Xbox games. But much of the hype is about getting rich by trading it. The price of bitcoin skyrocketed into the thousands in 2017.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
Research produced by the University of Cambridge estimates that in 2017 there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.
How does Bitcoin work?
Each Bitcoin is basically a computer file which is stored in a 'digital wallet' app on a smartphone or computer.
People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people.
Every single transaction is recorded in a public list called the blockchain.
This makes it possible to trace the history of Bitcoins to stop people from spending coins they do not own, making copies or undo-ing transactions.
Why do people want Bitcoins?
Some people like the fact that Bitcoin is not controlled by any government or bank - this means that it's immune from inflation!
Some people like the anonymity: you can use Bitcoin without revealing your identity.
And some people just like the idea of owning something that isn't controlled by any government or corporation!
Where do I get Bitcoins?
Bitcoins can be bought from various sources. You can purchase them online using an exchange or brokerage service that will enable you to buy Bitcoin with fiat currency such as USD or EUR via credit card payments. You may also choose to purchase them through an ATM machine located around your area.
Additionally, bitcoins can be obtained through mining if one has access to sufficient computing power; however this method requires significant technical expertise.
What determines its value?
The total value of all bitcoins combined has been estimated at $15 billion dollars currently according to CoinMarketCap.com
Bitcoin doesn't have physical denominations but rather exists exclusively within digital wallets owned and managed independently by individual investors who hold their private keys; therefore having complete control over their funds including what they spend them on whilst remaining anonymous.
As per supply-demand principles when demand increases so does price due scarcity thus leading up until now always remained deflationary asset unlike traditional currencies where central banks print money continuously devaluing purchasing power overtime creating inflation while reducing real wealth held by population due erosion purchasing power increasing living costs among others factors leading up towards loss confidence trust monetary system itself impacting negatively economies global scale ultimately undermining social cohesion stability affecting everyone within society at large regardless income bracket socioeconomic status ethnicity nationality alike all being impacted equally without discrimination leading rise inequality disparities poverty among populations different countries worldwide particularly underdeveloped nations lacking adequate infrastructure educational resources required compete technologically speaking developed world.
Is it safe?
Investing time effort researching securing personal information securing assets prior investing cryptocurrencies general remains crucially important protecting against potential cyber threats security breaches involving malicious actors attempting steal data hijack accounts etcetera
A wise investor would never invest more than they're willing lose taking into account market volatility inherent nature cryptoassets plus lack regulation coupled constant technological advancements threatening safety integrity assets exchanges storing handling processing sensitive information day day basis ultimately posing risks investors alike only proper planning preparation taken consideration beforehand providing added layer protection personal financial wellbeing long term investments overall investment strategy should undertaken risk management approach way minimize exposure potential losses whilst maximizing returns higher gains if successful avoiding falling prey common pitfalls mistakes new inexperienced investors commonly fall victim too rushing blindly without proper understanding underlying technology concepts economics psychology involved complex dynamic ecosystem comprising individuals entities globally contributing towards growth development innovation adoption mainstream acceptance cryptocurrencies overall.
In conclusion
Bitcoin represents groundbreaking innovation ushering era decentralization democratization traditionally centralized systems institutions throughout human history establishing level playing field anyone everyone participate accordingly removing barriers entry historically impeding progress prosperity society large we've seen rapid expansion usage adoption past decade despite setbacks challenges continuing evolve adapt changing circumstances presenting opportunities challenges alike ultimately standing test time proving skeptics critics wrong along way revolutionizing finance forevermore redefining boundaries possibilities achieving remarkable feats unthinkable mere years ago today realities reshaping transforming our world right before very eyes future holds store undoubtedly bright promising those willing take leap faith embrace change adapt emerging technologies trends shape direction travel towards next chapter human evolution history books await us eagerly yet unwritten still few pages left fill exciting journey ahead awaits us all together let's explore discover together endless possibilities awaiting exploration realization true potential lie beyond horizon beckoning us ever closer each passing moment full excitement wonder awe anticipation excited see unfold watch play vital role shaping destiny humanity entire planet earth itself better tomorrow starts today make count start exploring cryptoverse today find out why so many already joined ranks believers become part movement shaping writing next chapter economic financial landscape bright future beckons us let's make happen!
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