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What is Bitcoin?

Learn about the bitcoin, need of bitcoin, how does bitcoin work?
Submitted by Vaishnavi Srivastava, on January 19, 2022

Bitcoin

To comprehend Bitcoin, it is necessary to first understand blockchain and cryptocurrencies.

Blockchain is a distributed, unchangeable ledger that makes recording transactions and managing assets in a corporate network much easier. A blockchain is a growing list of documents, known as blocks that are cryptographically linked together.

A cryptocurrency, often known as crypto-currency or crypto, is a collection of binary data used as a medium of exchange.

In simple terms, it is a digital currency in which transactions are validated and records are kept by a decentralized system rather than a centralized authority utilizing encryption.

Bitcoin is the world's first and most well-known cryptocurrency. It uses a decentralized protocol, cryptography, and a mechanism to obtain global consensus on the status of a periodically updated public transaction ledger termed a "blockchain" to enable the peer-to-peer exchange of value in the digital environment.

Need of Bitcoin

The majority of people are unfamiliar with Bitcoin. The advantages of cryptocurrency are not fully understood or even contemplated beyond the possibility of a life-changing increase in the value of coins that an investor may ride to riches on. This could very well be Bitcoin's future, thus to begin a list of reasons why you should hold some Bitcoin, start with:

  1. Bitcoin is a terrific hedge right now, especially for equities.
  2. It is a lottery ticket for a ride with a 1,000 percent return on investment, according to some.
  3. It helps in portfolio diversification.
  4. The "next big thing" is blockchain.
  5. Bitcoin is a useful form of currency.

How does Bitcoin work?

Bitcoin, like traditional currency, is created and has systems and safeguards in place to avoid fraud and ensure that its value increases. Blockchain, mining, hashes, halving, keys, and wallets are the fundamental components of Bitcoin. They're covered in depth in the next article.


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