What is Bitcoin? BTC
Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain.
Cryptocurrency has the same characteristics as fiat currency.
- Durability. Objects used as money must withstand physical wear snd tear.
- Portability. People need to be able to take money with them as they go about their business.
- Divisibility. To be useful, money must be easily divided i nto smaller denominations , or units of value.
- Limited Supply Acceptability.
What can you buy with Bitcoin?
Acceptance by merchants
In 2015, the number of merchants accepting bitcoin is Over 100,000 merchants worldwide accept BTC. Notable ones include Microsoft and Expedia, as well as the online electronics retailer Newegg. Instead of 2–3% typically imposed by credit card processors, merchants accepting bitcoins often pay fees under 2%, down to 0%.
How much is a Bitcoin Worth?
If you have been following the news, you know that the price of a bitcoin is extremely volatile.
Current price BTC
Where do you store your Bitcoin?
In your crypto wallet. A wallet stores the information necessary to transact bitcoins. While wallets are often described as a place to hold or store bitcoins,due to the nature of the system, bitcoins are inseparable from the blockchain transaction ledger. A better way to describe a wallet is something that “stores the digital credentials for your bitcoin holdings” and allows one to access (and spend) them. BTC uses public-key cryptography, in which two cryptographic keys, one public and one private, are generated. At its most basic, a wallet is a collection of these keys.
Popular Youtube Videos on Bitcoin.
How Bitcoin Works in 5 Minutes
Since the start of the year, bitcoin has lost about 26% of its value, with renewed concerns about regulation haunting cryptocurrencies. However, a noted bull for bitcoin, Tom Lee, managing partner and head of research at Fundstrat Global Advisors, has predicted that the cryptocurrency will revisit record highs by July 2018.
Read: Coinbase admits glitch that overcharged crypto customers, promises refunds
In fresh research, Lee examined 22 pullbacks of more than 20% for BTC, finding that recoveries tend to take about 1.7 times the duration of a pullback. He said $9,000 should mark the major low for BTC.
“In general, we see 2018 being a strong year but we see the larger and more established blockchains growing in dominance in 2018—hence, better upside for ETH and BTC over the FS CryptoFX indices,” Lee said [Source]
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