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What is Bitcoin?
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What is Bitcoin?
Bitcoin (BTC) is the first and most well-known cryptocurrency, created in 2009 by an anonymous developer or group of developers under the pseudonym Satoshi Nakamoto. It operates on a decentralized blockchain that records all transactions, enabling simple and secure financial transactions without intermediaries like banks.
Bitcoin serves as both a digital currency and a store of value, similar to gold. It is decentralized, meaning it is not controlled by any central authority or government. Bitcoin has a limited supply of 21 million coins, making it a limited resource.
How Bitcoin Works?
Bitcoin transactions are recorded on a public digital ledger called the blockchain, which keeps everything transparent and secure. It has solved the problem of double-spending, making it possible to send Bitcoin directly from one person to another without a third party. The network uses a system called “proof-of-work", where people called “miners” solve complex math problems to approve transactions and create new Bitcoins.
Buying And Storing Bitcoin
You can buy Bitcoin on various cryptocurrency exchanges like CryptoUnity, bitcoin ATMs, Binance, Coinbase and many more.
Bitcoins are stored in digital wallets, which work similar to online bank accounts.
Bitcoin As An Investment
Bitcoin is seen as a good investment and a hedge against inflation, much like gold. Its limited supply, growing acceptance, and foundational technology make it a popular choice for investors.
Bitcoin has become synonymous with cryptocurrencies and continues to play a crucial role in the digital economy.
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What is Bitcoin mainly used for?
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What makes Bitcoin different from traditional currencies?
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How can you store Bitcoin securely?
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