Getting to grip with Bitcoin


What is Bitcoin?

Bitcoin is the first decentralised digital currency.

Bitcoins are digital coins you can send through the internet.


Why is Bitcoin unique?

Bitcoin has advantages over other coins and normal currency.

Bitcoin are transferred via a peer to peer network so they have lower fees, it can be used in any country and your account cannot be frozen or closed.


Bitcoin Mining

Bitcoin can be generated by anybody through the process called mining.

Mining requires solving a mathematical problem which helps process transactions in the Bitcoin network.

Bitcoin automatically adjusts the amount of bitcoin given to miners so this rate is predictable.


Bitcoin storage

Bitcoins can be stored in a digital wallet and when you transfer bitcoins they are sent with an electronic signature which allows them to be verified by a miner and permanently stored in a network.

Anyone can view the transactions as Bitcoin is open source.Bitcoin payments are irreversible,and if you get hacked you will lose your coins.


Bitcoin Volatility

Bitcoin, as with most cryptocurrencies has been known to be volatile .

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