The Do's and Don'ts of Bitcoin

 What is Bitcoin?

Bitcoin is a digital currency created in January 2009 according to the ideas outlined in an official document under the mysterious pseudonym Satoshi Nakamoto. The identity of the person or people who created the technology remains unknown. Transaction fees compared to traditional online payment mechanisms and, unlike government issued currency, are managed by a decentralized authority.

Bitcoin is a cryptocurrency. There are no physical bitcoins, only balances stored in a public ledger that everyone has transparent access to. All Bitcoin transactions are verified by a large amount of computing power. Bitcoin is not issued or approved by any bank or government, and individual Bitcoin is not priced as a commodity. Despite the fact that bitcoin is not legal tender in most countries of the world, bitcoin is very popular and triggered the launch of hundreds of other cryptocurrencies, collectively known as altcoins. this is “BTC.

Noteworthy Points

1. Bitcoin, launched in 2009, is the world's largest cryptocurrency by market capitalization.
2. Unlike paper money, bitcoins are created, distributed, processed and stored using a decentralized accounting system known as blockchain.
3. During its relatively short life span, it has experienced several boom and bust cycles. As the first virtual currency to achieve widespread popularity and success, Bitcoin has inspired many other cryptocurrencies since its inception.

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