What is Bitcoin??? · Wealth University

Peter-John Koen

6d ago (edited) in General

What is Bitcoin???

Bitcoin hit $107,783.07 yesterday. It’s ATH. But it's still misunderstood.

Here's 10 tips to know:

1. Bitcoin Was Released In 2009. It is open-source software meaning anyone can review exactly how it works.

2. Bitcoin Is Decentralized, meaning that;

a) It operates on its own network.

b) It isn’t controlled by any 3rd party.

Bitcoin is considered a digital currency.

3. Bitcoin Uses Blockchain Technology. Transactions are recorded on a public ledger anyone can see. It is supported by computers around the world.

4. Bitcoin Is Created By “Mining” It. Computers solve complex math problems as they confirm and record Bitcoin transactions on a public ledger. Miners are rewarded with Bitcoin for their mining efforts.

5. Bitcoin Has A Limited Supply. There will only be 21 million total Bitcoins. This is one of Bitcoin's main advantages. Unlike the Dollar or the Euro, the totalnsupply of Bitcoin can’t be manipulated.

6. Bitcoin Can Be Split Into Smaller Units. A Bitcoin can be split up just like a dollar can be split up into pennies, nickels, dimes, and quarters. Smaller Bitcoin units are called satoshis. You can buy part of a Bitcoin instead of a whole one.

7. Bitcoin’s Price Can Rise Or Fall Quickly. It’s not uncommon for Bitcoin to rise or fall 10% in a single day. It’s important to understand this.

8. Bitcoin Is Stored In A Digital Wallet. After purchasing, Bitcoin is stored in a software-based wallet on your phone or desktop. Or it can be stored on a hardware-based wallet like a USB drive.

9. Bitcoin Is Highly Secure. Bitcoin transactions are secured using cryptography. This makes them resistant to counterfeiting and fraud. The identities of the sender and receiver s not directly linked to the transaction.

10. Bitcoin Halving Every 4 Years. Every 4 years the reward Bitcoin miners receive for creating new Bitcoin is cut in half. The halving reduces the supply of available Bitcoin. The last halving was earlier this year.

Bitcoin Acceptance Around The World:

Acceptance of Bitcoin has been growing over the years. Many governments, businesses, and world leaders continue to support the digital currency. 11 different Bitcoin funds became part of the stock market this year.

Any questions?

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