The rise of cryptocurrencies such as Bitcoin has changed money and how we know it. As more and more people transact on the internet, digital assets such as bitcoins rise in popularity and value. If you are new to the whole concept of bitcoins then come along with us. We break down this massive technical term into something you can simply understand.
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What is Bitcoin – All You Need To Know
Bitcoin is a digital asset that you can use as a currency for internet-based transactions. Unlike traditional currency, bitcoin is untouchable as it exists only digital. However, you can convert Bitcoins into physical assets Many merchants accept bitcoins. A pizzeria was one of the first businesses, which accepted bitcoins.
In the meantime, Bitcoin exchanges allow the miner or investor to exchange the cryptocurrency into hard cash.
The technology that powers bitcoin is blockchain. Miners solve a cryptographically hash function in order to get the coins as a reward.
History of Bitcoin
An individual with the pseudonym Satoshi Nakamoto has developed Bitcoin. Even though blockchain technology existed long before Bitcoin, it was the first successful practical implementation of the technology.
Satoshi released Bitcoin in 2009 and he admitted that it was not his main intention to build a currency. However, the online community accepted it quickly as a means of payment.
How do cryptocurrencies work?
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