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The coin that revolutionized the digital currency – IN SCHOOL



Bitcoin has made a name for itself as the most popular cryptocurrency in the world since it arrived ten years ago.

However, the functioning of the leading digital cash system remains a mystery to the general public. [19659003] What is Bitcoin?

Bitcoin is a decentralized virtual currency created by computer code in the wake of the 2008 global financial crisis.

Unlike a traditional currency such as the dollar, euro or yen, Bitcoin has no central bank and is not backed by any government.

Instead, the unit is controlled and regulated by its community of users, who argue that this is more efficient than traditional currencies.

There are about 1

7.3 million bitcoins in circulation, the total can never exceed 21 million

How does it work?

Bitcoin uses peer-to-peer blockchain technology to instantly create and trade worldwide.

A blockchain is extremely cure-ledger for recording transactions accessible to all users.

Transactions occur when heavily encrypted codes are transmitted over a computer network.

The network as a whole monitors and verifies the transaction in an intended process Make sure that no Bitcoin can be issued in more than one place at a time.

And as with traditional currencies, bitcoins can be exchanged for goods and services – provided the counterparty accepts them.

Buy Bitcoin

Like other virtual entities, Bitcoin can be manufactured or "mined" by computer banks that solve complex algorithms.

Highly invasive currency mining, however, can be very expensive as it requires cutting-edge technology and enormous technology

Bitcoin can also be purchased using traditional currencies via online trading platforms.

Users keep the cryptocurrency in a protected virtual wallet and can then send it to others Another use of the blockchain technology

But serious security issues persist after it has succeeded in hijacking Bitcoin from some online wallets in countries like Stealing Japan and South Korea.

How much is a Bitcoin worth?

Birth, Bitcoin was set at virtually zero before experiencing amazing growth in 2017, peaking at $ 19,500 by the end of the year.

However, investors feared a speculative bubble and since then plummeted to around $ 6,400 apiece following months of less volatile trading. AFP


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