What is Bitcoin? How does it work?

Definition: Bitcoin is a cryptocurrency, an electronic cash. It is type of crypto currency in which you cannot find the exact location of the sender

If you want to know what Bitcoin is, how to get it, and how it can help you without getting stuck in technical details, this guide is perfect for you. It will explain how the system works and how to use it to make money and avoid fraud. It also directs you to resources that can help you store and use your first digital currencies. If you are looking for more details, check out our blockchain course on Bitcoin.

Bitcoin Expert

  • BTC is one of the top ten cryptocurrencies and is one of the oldest cryptocurrencies. It has the largest community of developers and investors to support its further development.
  • All top exchanges and wallets are supported, and even for beginners, buying Bitcoin is easy.
  • Bitcoin is being adopted in the mainstream economy. Bloomberg, Microsoft, Overstock.com, Expedia.com and many other companies have started accepting BTC payments.

 

Disadvantages of Bitcoin

  • The transaction speed is very slow, and Bitcoin faces huge challenges in terms of expansion. Bitcoin transactions take about 10 minutes, and its network can only process about 7 transactions per second.
  • For any cryptocurrency, mining is an important activity, and for Bitcoin, mining has become very energy consuming. Bitcoin mining is now possible only with expensive and powerful hardware that consumes a lot of power.
  • The transaction fees for sending bitcoin also hit a record high, making it less feasible.

 

Historical performance

  • In 2010, you could get 1 Bitcoin (BTC) for less than $ 1, and in December 2017, the price of one BTC reached a high of $ 17,900. BTC Expand itself by 2000% after 2017
  • Like all other top ten cryptocurrencies, BTC also experienced a significant decline in the first quarter of 2018 and has been volatile since then. Its price fell again sharply in December 2018.

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