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Cryptocurrency Bitcoin (BTC)

Bitcoin(BTC):

Bitcoin often described as a cryptocurrency, a virtual currency or a digital currency - is a type of money that is completely virtual. It's like an online version of cash. You can use it to buy products and services, but not many shops accept Bitcoin yet and some countries have banned it altogether. It allows people to send or receive money across the internet, even to someone they don't know or don't trust.

Why was Bitcoin created?

Some people like the fact that Bitcoin is not controlled by the government or banks. People can also spend their Bitcoins fairly anonymously. Although all transactions are recorded, nobody would know which 'account number' was yours unless you told them.

Who created Bitcoin?  

Satoshi Nakamoto in 2008

Which technology is used?

Using blockchain technology, Bitcoin allows users to make transparent peer-to-peer transactions. 

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.

What problems does Bitcoin solve?

The problem that Bitcoin solves is the reversibility of electronic payments. Bitcoin solved the reversibility problem by eliminating the need for a trusted third party that could willingly or unwillingly reverse transactions. In place of a trusted third party, a chain of cryptographically-signed transactions secured by proof-of-work to order and validate payments are used. And thus, the blockchain was born.

Is Bitcoin anonymous/safe?

  • One of Bitcoin’s biggest drawbacks is a lack of standardized policy for chargebacks or refunds, as all credit card companies and traditional online payment processors have. Every transaction is recorded publicly so it's very difficult to copy Bitcoins, make fake ones or spend ones you don't own. 
  • It is possible to lose your Bitcoin wallet or delete your Bitcoins and lose them forever. There have also been thefts from websites that let you store your Bitcoins remotely. The value of Bitcoins has gone up and down over the years since it was created in 2009 and some people don't think it's safe to turn your 'real' money into Bitcoins.

What makes Bitcoin Special?

Bitcoin offers an efficient means of transferring money over the internet and is controlled by a decentralized network with a transparent set of rules, thus presenting an alternative to central bank-controlled fiat money. Bitcoin will continue to be different because unlike centralized coins, it's market-driven, immutable and unseizable.

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