BITCOIN: The Digital Currency of The Future
INTRODUCTION
Bitcoin is a word we hear at most every day now. Some people call it. “ digital gold .” Others call it “ the future of money . Bitcoin is the first decentralized cryptocurrency based on a free market ideology.
WHAT IS BITCOIN ?
Bitcoin, the digital currency, is a type of money you can use on the internet . unlike dollars , rupees etc. Bitcoin is not printed by any government of the country .It was inverted in 2008 but use of bitcoin as a currency began in 2009 Bitcoin was created to solve a money problem making payment without a bank as a middleman . normally person , when send the money to some one person , so after person goes through a bank but bitcoin , you can send money directly to any person in anytime and anywhere faster speed.
WHY DO PEOPLE LIKE BITCOIN ?
1- FREEDOM- You can send bitcoin and receive bitcoin anytime and anywhere easily in the world.
2- LIMITED SUPPLY- There will only ever be 21 million bitcoin . This is different from regular money . where the government can print more coins whenever they want.
3- SECURITY- Bitcoin transactions are very hard to fake or hack because of blockchain technology.
4- PRIVICY- Bitcoins don’t have to share personal details like your name or address.
HOW TO GET BITCOIN ?
1- BUYING- Bitcoin can buy using regular money through as online exchange ( like coinbase, finance , or kraken).
2- EARNING- Some people earn bitcoin by selling . good or services and accepting bitcoin as payment.
IS BITCOIN SAFE ?
Bitcoin itself is very secure thanks to blockchain . However people can still get their bitcoin if they are not careful.
- LOSING YOUR PRIVATE KEYS- To access your bitcoin you need a special password called your lose your bitcoin forever.
- SCAMS- some fake websites and scammers promise to double your bitcoin or offer “to good to be true” deals. Always be careful.
WHAT CAN YOU BUY WITH BITCOIN
Today , you can buy many things with bitcoin . Some online stores, travel agencies, restaurants, and even real estate companies accept bitcoin . you also use it to donate to charities or pay freelancers however, bitcoin is still not accepted everywhere and because its price can change quickly.
THE FUTURE OF BITCOIN
Bitcoin is still young, just over, decade old. Many people believe it will become even more important in the future . Some say money bitcoin could become the main form of money online in future . Others think many countries’ governments will create their own digital currencies inspired by bitcoin.
There are also challenges , bitcoin price can rise and fall sharply, the government is still figuring out how to regulate it.