Bitcoin: The Future of Money
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.
Why use Bitcoin?
Bitcoin is often hailed as the future of money. It is decentralized, meaning no government or financial institution has control over it. Transactions are anonymous and secure. Bitcoin can also be used as a form of investment, with the potential for high returns.
Is Bitcoin safe?
While Bitcoin transactions are secure, the cryptocurrency is still vulnerable to hacking and fraud. It is important to take precautions when storing and using Bitcoin, such as using secure wallets and keeping private keys safe.
