What is Bitcoin and How it Works

What is Bitcoin? What is a Bitcoin Wallet? How is Bitcoin used? Why is Bitcoin price so high? Should you invest in Bitcoin? … and hundreds of other Bitcoin-related questions that if you are a newbie, you will be surprised. So in this article, I will help you have a better view of Bitcoin. This is the earliest and strongest cryptocurrency with priority trading pair at primexbt

What is Bitcoin?

Bitcoin is a digital cryptocurrency, with abbreviated symbol code BTC.Bitcoin was born in 2009 by a person or a group of founders known as Satoshi Nakamoto

Bitcoin is used as a currency, it is called virtual money, but that is the wrong way to call it, the correct call must be Cryptocurrency to be correct.Bitcoin was developed to create transactions anonymously, with no middle party control, without the intervention of a bank. In addition, international payments are easy and cheap because bitcoin is not tied to any country or subject to regulations. Small businesses may prefer them because there are no credit card fees. Some people just buy bitcoins as an investment, in the hope that they will increase in value.

What is another definition of the concept of Bitcoin?

“Bitcoin is a currency that circulates over the internet and is not regulated by any bank or government. It is forwarded from A to B without going through any intermediaries and especially this transaction is anonymous, no one knows who A is and who B is. Taking advantage of this advantage, recently internet hackers have had the opportunity to be more active because once they have hacked a bitcoin account and stole that money, that money will surely be lost and no one can. get it back to you. Note that bitcoins sent will not be refunded even the government can not control and intervene.Think if you send 2 million dollars to the US to buy a house and no one knows but you, isn't it great? That is the reason why bitcoin has increased sharply in recent times, the main reason is believed to be that Chinese people rush to buy bitcoin to send money abroad, some of them also use bitcoin to bribe agency officials. USA to buy a green card to reside in the US. The most important feature of bitcoin that makes it more valuable than gold is that it is limited to only 21 million bitcoins. 1000 years later there are only 21 million bitcoins and therefore it is not subject to inflation or massive issuance to depreciate like government paper money. You can imagine if war happens, what currency will people take to ensure trust and transactions between countries. In the history of World War II, I know that gold is the currency in circulation to ensure transactions between countries and I know a huge amount of gold has been intercepted and sunk by German submarines. tons under the sea during the 2nd world war. Do you find it dangerous to hold gold and trade with it? I don't know if war will happen but I'm sure when it happens bitcoin will be the most important currency for trade and commerce between countries. With just a few lines, you can understand why bitcoin is the trend, the development potential of the technology age and the currency of the future.” - Harry Jason

How simple is the working process of a Bitcoin?

To be able to trade Bitcoin normally a user will need to go through the following steps:

• Own Bitcoin by buying or miningOnce you own Bitcoin
• you can send Bitcoin to a Bitcoin wallet to store or send to exchanges to trade coinsAt Bitcoin wallet
• you can send and receive Bitcoin through Bitcoin wallet address