Bitcoin can mean a lot of things to different people. means different things to different people. For some, they consider it as free, moving currency that is untied to any bank. While for others, they look at it as a digital entity with questionable and uncertain origins. But what is bitcoin really?
In most cases, bitcoin is described by many as a digital currency. But in reality, bitcoin is a lot more complicated than that.
If you really want to know and understand bitcoin, how to get it, and how to enjoy its benefits without having to delve into its technical details, this article will help you out. We will explain to you how bitcoin works, how to take advantage of it to earn a profit, how to avoid scams.
Cryptocurrencies: What is Bitcoin in a Nutshell?
Bitcoin is new to the scene. It first emerged as a small wonder back in 2008 when after Occupy Wall Street accused many establish banks for misusing borrower’s money, rigging the banking system, charging astonishing fees, and duping clients. It was then when bitcoin pioneers decided to put the seller as in charge while eliminating the middleman (usually financial institutions such as banks), make all transactions transparent, and cancel all interest fees, to ensure that there is no malicious activity and to cut costs. This resulted in a decentralized system where users can control their own funds and know what’s going on with it.
Although it is relatively new to the scene, bitcoin has come far for just a short time. It is now accepted and used by many people all over the world. Even the billion-dollar businesses such as Dell, IBM, Microsoft, PayPal, etc. is now accepting bitcoin. Even websites promote bitcoin and other cryptocurrencies. There is even a publication called Bitcoin Magazine that regularly publishes the latest news, discussions, and trends in cryptocurrency. Bitcoin also has it owns exchange rate, price index, an application programming interface (API).
There are also issues that you have to deal with bitcoin. This can include hackers, transaction delays, and high volatility which makes some people doubtful about the true value of bitcoin and other cryptocurrencies. On the other hand, bitcoin has been considered as the most reliable channel for giving or receiving money, especially in third world countries.