4 Fast Facts About Bitcoin (BTC) and Blockchain – Marcus Smith
Bitcoin is a massive platform, and it can be difficult to wrap your head around this digital currency that’s quickly becoming global. Other than the fact that it’s the fastest-growing cryptocurrency today, there are other interesting things you can learn about Bitcoin, which you will get after reading this bitcoin guide.
So to save you some time and the lengthy research, here are five fast facts about Bitcoin and the blockchain technology to help you understand the platform better.
The main premise of Bitcoin is it enables peer-to-peer transactions, which means that the platform bears no authority from the government or a financial institution. It’s a system that is powered solely by the blockchain technology, Bitcoin’s mothership that records all Bitcoin transactions.
It’s easier to learn bitcoin when you know what it’s used for, which is typically almost the same as spending your money on items online. Bitcoin can be used to pay and accept payments for goods and services with merchants or users who also use Bitcoin. Some prefer to use this platform because Bitcoin transactions are processed faster than most online payment channels.
As Bitcoin enters the mainstream, there are now several options for people to purchase their own Bitcoin. They can buy it from Bitcoin exchanges online, through Bitcoin ATMs, via trading, or simply accepting it from a friend or a peer.
Something that people starting to learn bitcoin should also focus on is the blockchain technology. The blockchain is some sort of a distributed ledger technology; a database that contains every single peer-to-peer transaction made in history. It’s the kind of technology that powers Bitcoin, verifies money transactions made and stores that information to a block. This block is encrypted, so a transaction made cannot be restored or undone.
Whether you’re just interested in Bitcoin or ready to start investing in it, these are the fundamental facts you should always remember. This bitcoin guide is just the tip of the iceberg, and there is a whole abyss of information waiting to be unlocked if you’re really up for the journey. Be sure to refresh this page for Bitcoin updates, insights, opinions, and more!
Published at Wed, 05 Feb 2020 06:48:43 +0000
{flickr|100|campaign}
