Bitcoin is the Buzzword these days. This digital currency has plunged over and skyrocketed in a little span of time making it most volatile and risky.
What exactly is a Bitcoin?
Bitcoin is a cryptocurrency, or a digital currency. It uses rules of cryptography for regulation and generation of units of currency. Bitcoin is the first and most valuable among other digital currencies.
Bitcoin was invented by Satoshi Nakamoto in 2009.
The price of bitcoin skyrocketed into the thousands in 2017.
Bitcoins can be used to buy things anonymously. Payments are easy and cheap because bitcoins are not tied to any country. Some people buy bitcoins as an investment, hoping that they’ll go up in value in short time and they can reap the benefits.
How do I own Bitcoins?
Bitcoins can be stored in a “digital wallet,” which exists either in the cloud or on a user’s computer. Digital wallet is a kind of bank account that is virtual and it allows users to send or receive bitcoins.
What is Bitcoins future?
No one knows or can predict what will become of bitcoins. It is mostly unregulated, but some countries like Japan, China and Australia have begun to consider what kind of regulations can be placed. Governments are concerned how to tax Bitcoin and also they lack control over the currency.