When it comes to Bitcoin, there is a lot of confusion out there. Is it a cryptocurrency? Or is it a digital currency? Well, the answer is both.
Let’s take a closer look.
Bitcoin is a decentralized peer-to-peer electronic cash system that doesn’t rely on banks or other financial institutions. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.
As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
NOTE: WARNING: Bitcoin is a decentralized digital currency, not a cryptocurrency. Cryptocurrency is a type of digital currency that uses cryptography for security and verification purposes. It is important to understand the difference between the two when considering investing or using either type of digital currency.
Bitcoin is often referred to as a digital currency or cryptocurrency because it can be used as a medium of exchange and can be bought with fiat currencies like the US dollar. However, unlike traditional currencies, bitcoin is not regulated by any central authority.
This means that there is no one in charge of overseeing transactions or ensuring that they are valid.
The value of bitcoin has fluctuated wildly since it was first created in 2009. At one point in 2013, one bitcoin was worth more than $1,000.
But then the value crashed and it was worth less than $200 by early 2015. The value has since rebounded and as of July 2018, one bitcoin is worth around $8,700.
While the volatility makes bitcoin risky for investors, it also creates opportunities for traders who are willing to take on the risk. So whether you see bitcoin as an investment or as a currency, there’s no denying that it’s here to stay.
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