Introduction
Bitcoin has been a hot topic in the world of finance and technology for the past few years. But what exactly is Bitcoin and how does it work?
What is Bitcoin?
Bitcoin is a digital currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! Bitcoin can be used to book hotels on Expedia, shop for furniture on Overstock and buy Xbox games. But much of the hype is about getting rich by trading it. The price of bitcoin skyrocketed into the thousands in 2017.
How Does Bitcoin Work?
Each Bitcoin is basically a computer file which is stored in a ‘digital wallet’ app on a smartphone or computer. People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people. Every single transaction is recorded in a public list called the blockchain.
Conclusion
Bitcoin is a revolutionary technology that has the potential to change the way we think about money. Whether you’re a seasoned investor or just curious about this digital currency, Bitcoin is definitely worth learning more about.