What Is Bitcoin, How Does It Work, What Is It’s Price & Is It Safe.
Bitcoin is a cryptocurrency that uses encryption which allows users to effect transactions across the globe securely & quickly.
The popularity in Bitcoin is growing not least of all to its ever increasing value, making it an attractive investment, but also as people are beginning to lose trust in the traditional banking systems especially since the sub-prime mortgage scandal which destroyed many people.
Furthermore, all the bailouts the banks and other financial institutions received whilst clients were left to handle the fallout without any assistance lead to a general feeling of mistrust of the banking sector by the public.
It’s therefore not surprising that cryptocurrencies have seen a huge surge in popularity especially since the transaction costs are almost negligible compared to those of the banks.
Back in 2008 a Bitcoin could be bought for just a few dollars whereas almost 10 years later, just one already broken the $2,000 barrier and at the time of writing (May 2017) it’s heading for $2,500 per unit.
Having said that this cryptocurrency currency is extremely volatile and should not be invested in with your life’s savings or money that you cannot do without.
In other words do not gamble with it as it’s possible that you could lose it all, but on the other hand you could make a handsome profit.
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Not being able to hold an actual bitcoin in your hand contributes to the confusion when it comes to understanding how Bitcoin works. Furthermore, to understand how bitcoin works we’ll also need to know how the bitcoin price is determined…
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The incredible growth & perceived value of this cryptocurrency has led many people to wonder, exactly what is Bitcoin? Bitcoin is a form of digital currency using secure encryption techniques to regulate the creation of bitcoins (bitcoin mining) and to…