What is Bitcoin?

 INTRODUCTION TO BITCOINS

Created in 2009, Bitcoin is a digital asset that uses a peer-to-peer network to facilitate the transfer of value without the intermediary of banks or central authorities. Bitcoin is a physical currency with no physical bitcoins available for use. Bitcoins are created by validating transactions on the Bitcoin network, through a process called mining. Those who perform this validation are called miners. Currently, when miners successfully verify a group of transactions, they receive 12.5 bitcoins for their work, as well as the transaction fees associated with each transaction. The miners follow a set of cryptographic rules that keep the network stable, safe and secure. Bitcoin transactions are recorded and verified on a digital public ledger called the blockchain. There are currently around 17 million bitcoins that have been mined. It is estimated that in 2140 there will be 21 million Bitcoin, which is the finite amount allowed in the system. So how do you get bitcoin? There are several ways a person can acquire Bitcoin. You can buy them on an exchange using a traditional payment method.They might be moved to you by someone else or substance. Before owning bitcoin, one must have a bitcoin wallet. Secure bitcoin wallets can be downloaded and set up on a PC, cell phone or other cell phone. Each bitcoin wallet stores an individual's private key, which the wallet owner can use to sign transactions that send bitcoin to other parties. Why should you be interested in owning bitcoin? Individuals and businesses can use bitcoin to pay for goods and services. There is a growing number of retailers accepting Bitcoin and commercial use continues to grow. Bitcoin can be used as a currency for international transfers. Bitcoin can also be used as a form of investment.It tends to be possessed or utilized as a tradable instrument . It can be bought or sold in exchange for a fiat currency such as the US dollar. Bitcoin rewards vary from currency to currency, creating arbitrage opportunities. Bitcoin is the most liquid of all cryptocurrencies and its acceptance by individuals and institutions is constantly evolving.